Resources
Resources
Resources
Is Your Spouse The Perfect Business Partner
Viewed: 16618 Times

Choosing a business partner for a new business is a huge responsibility and will have a large impact on the success of the new business. Therefore, entrepreneurs need to take time over the decision.

Often, an entrepreneur who is not really well versed in the area in which the set start-up business is being established will try and hire a partner who has intimate knowledge of the area. This improves the new business venture's chances of success and also makes for a more impressive corporate bio that the entrepreneur can use to raise funds.

Most business investors, especially venture capitalists, are very weary of lending money to entrepreneurs who do not have any experience in the industry. Venture capitalists prefer to invest in business proposals that have been able to elicit positive responses from top management people.

A lot of entrepreneurs who are starting a family business, such as a new restaurant, consider taking their spouses as business partners. This is a difficult decision and one that needs to be given careful consideration.

Before deciding on whether to take a spouse on as a business partner for the new business, entrepreneurs need to consider the personalities of the two individuals. If both individuals are opinionated and temperamental than it could spell trouble for the new business as well as for the home.

Another consideration that an entrepreneur needs to make before taking on a spouse as a business partner is whether the family is willing to "put all its eggs into one basket." Establishing a new business is a risky business and requires a lot of financial commitment. Most families prefer to have one partner working a regular job while the other works on stabilizing the new business.

While choosing a business partner for the new business, the entrepreneurs also need to take into consideration the structure of the business. Some structures work better than others.

An entrepreneur also needs to consider whether he or she wants a working business partners or capital partners. Capital partners are like other business investors. They have a say in major decisions that the company makes however they do not concern themselves with the day-to-day operations of the new business.

 Digg It    Stumble It    Deli.icio.us

Related Articles