I struggle to understand people. I don’t know why exactly, but it can be difficult. Thus, I am weary to enter into partnerships with other people because I second-guess myself, and I don’t trust my ability to judge a person’s true character. I think this is because I’ve misjudged some people in the past. This is why I found Pamela Slim’s post on Escape from Cubicle Nation so intruiging today.
The post is entitled “The delicate are of business partnering.” In it, Pam has a lot of interesting points about the personality traits to beware of when considering a business partnership as well as some of the various legal structures that can be employed, and their related pitfalls.
Her list of items to consider when choosing a partner is:
1. Legal structure
2. Money matters
3. Market reputation matters
4. Communication style
5. Shared values
If you and your partner’s views align, more or less, in these 5 categories, your chances of success will be elevated.
Personally, I am struggling with this right now as I have two potential partners for REI. My wife, and a close friend. However, there is so much to determine before entering a partnership, that I will certainly take this advice to-heart, and make careful considerations before making a final decision that could affect my business and success for years to come.
Escape from Cubicle Nation was featured here before. I recommend it for anyone looking for advice on entrepreneurship.