At their best, business partnerships can enrich your organization and your life. At worst, they ruin your business and drain your energy.
What makes a good partnership? What have been your best and worst partnerships—and what did you learn? Kym Huynh, founder of WeTeachMe and a member of EO Melbourne, recently surveyed a handful of entrepreneurs to glean their insights.
Plan as though it will fail because the odds are, it will.
Many business partnerships are formed because your partner is your friend. Imagine you’re 21 and you’re considering partnering with a person who’s your buddy. The odds are against the partnership surviving. There are two inherent problems: