Now that I have learnt from my previous mistakes in entrepreneurship, I’m trying to get a new business going.
One of the mistakes I made was to work alone.
It’s true that you can succeed alone. Especially if you can afford to outsource everything you can not do.
However, every little success becomes meaningless if it can’t be shared.
My new venture involves a partnership and the 50/50 share was a big issue.
50/50 gives everyone the same importance. Nobody feels left behind and the commitments should be equal. As well everyone keeps control of the company.
If the partnership goes bad, then the company is paralyzed. And that’s more common that you might think it would happen.
Planning for that is like planning for a wedding. You should start planning as if anything could go bad and imagine very possible cases. It’s not the most pleasant part of the process, but it should be done.
As the say, plan the for the worst, hope for the best.