ShareThisDear Professor Bruce: I am about to start my own small business. There are so many things to know and do that I am considering a partner. What do you think?Answer: According to Fernando Trias de Bes, author of "The Little Black Book of Entrepreneurship" (Ten Speed Press), "choosing partners is like choosing the crew for a round-the-world voyage in a submarine. In a submarine, space is very tight and you will soon come to know all the idiosyncrasies of your fellow traders." So examine:- Values -- Look for people whose moral and ethical principles are similar to your own. A lasting relationship with partners requires responsibility, generosity and trust. Surround yourself with healthy, honest people who share your values in life.- Compatibility - You don't want to join up with someone whose character is too similar to yours. Research, notes Trias de Bes, indicates that the two businesses that prosper are made up of people with different but complementary personalities. One might be analytical and patient; the other instinctive, nervy and creative. The same is true of areas of talent. In order for a partnership to work, you need diversity of talents.- Competence - Choose someone who adds value - someone with greater knowledge, higher performance and better ideas. Your partner should be someone whose opinion you respect.- Shared goals - Once the three previous criteria are met, you will have to ask some concrete questions: What are your business objectives? How much money do you aim to make? How many employees do you want to have? Are you starting a business to sell it later? How far do you want to go? Take the time to define your goals and make certain that your objectives are the same as your partners' before starting out.Bruce Freeman, The Small Business Professor, is president of ProLine Communications, a marketing and public relations firm in Livingston, N.J., and co-author of Birthing the Elephant (Ten Speed Press). E-mail questions to Bruce(at)SmallBusinessProf.com.
To partner or not? That is the business question
Submitted by SHNS on Wed, 11/19/2008 - 11:06
Paying taxes unites us. It also divides us. People can pay five and even six times more in state and local taxes than other folks in similar circumstances making similar incomes.
Who's got your number?
In one of the fastest-growing forms of identity theft, crooks are stealing tax refunds by swiping personal information and using it to trick the Internal Revenue Service.
