Taking on a Partner

by Robert Dempsey on July 21, 2009

I was having dinner with Dan Kinchen the other night after filming what should be another great episode of Rock the Job (Dan gives great tips here so you’ll want to watch it). He and I are both entrepreneurs, so the ideas were flying as well as the stories of what’s been working, what hasn’t, and what sounds cool to try. One of the things we discussed was taking on partners – how to find a partner, and the benefits of doing so.

In the past I have thought about taking on a partner, however I have never done so.

The reason I gave Dan for this is work ethic.

Both Dan and I love to work. I, as many people do, measure myself by my accomplishments. I learn from my failures and keep moving forward. I am always working. I am fond of saying that there are only two directions you can move – forwards or backwards. If you aren’t moving forwards, then you are going backwards. Which do you choose?

There is no off switch.

In talking with other successful entrepreneurs, I have found that they have no off switch either. I think this is rare.

This is why I have not taken on a partner. To be sure, I have encountered many hard working people who do fantastic work. However, are they blogging, Twittering, networking, reading, and continuously educating themselves in addition to their daily work? Are they involved in their community, and helping others to learn what they have learned? Are they continuously looking at the trends, trying to determine where to go next, unsatisfied with the status quo?

This is the type of person that I would want as a partner.

Do you have a partner? Any advice for those seeking one?

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  • John
    Partners are a lot of work, just like marriages. I am reminded of the blog post of the outspoken Joel:

    Number Two. Don’t start a business by yourself. I know, there are lots of successful one-person startups, but there are even more failed one-person startups. If you can’t even convince one friend that your idea has merit, um, maybe it doesn’t? Besides, it’s lonely and depressing and you won’t have anyone to bounce ideas off of. And when the going gets tough, which it will, as a one-person operation, you’ll just fold up shop. With two people, you’ll feel an obligation to your partner to push on through. P.S., cats do not count.
  • Nick Coyne
    What I've learnt:
    * make sure you and your partner both have the same goals
    * make sure your expectations of your partner are realistic based on the time they have available for the business, especially if they have family or other commitments
    * best to have a partner with complimentary skills. That way you rarely step on toes and can both get on with things
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