Trusting My Business Partner

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Trusting My Business Partner

It is hard to run a business on your own, but it is also hard to pick a business partner that you can trust. And even then, sometimes you find out you didn't know them as well as you thought you did. How do you choose and how do you protect yourself?

Run Your Business Alone or With a Partner? 

Running a business is extremely hard whether it is a new business or a going concern. A single person really cannot keep up with everything that needs to be done. This is why many people start a business with a business partner.
It seems like a simple solution. Work with one or more partners. You can share the load. And the expense. And the liability. And the idea is a good one, except when it doesn't work.

The Hardest Factor to Judge--Trust 

The single key to partnerships within business and without is trust. To share business responsibilities with someone you have to be able to trust them. And the older a person gets, the harder it is to trust another person.
Why is that? The reason is simple. They have been burned before.

How to Trust 

Learning to trust in all relationships.

The Courage To Trust: A Guide To Building Deep And Lasting Relationships

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Things to Help Your Partnership 

Make Partners Not War - Military, War and Peace BBQ Apron

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Pearls of Wisdom II, The Systems Thinking Approach (How to Work with Executives-Becoming a Valued Business Partner)

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Work With a Partner or By Yourself? 

Do You Like to Work Alone or With a Partner?

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With a Partner

Ayaimmortal says:

Business partner all the way. You get so much more done with a partner then if you do it on your own

Ayaimmortal says:

I agree, With a partner for sure

OhMe says:

I always need all the help I can get so would have to say with a partner.

On My Own

 

Things That Go Wrong 

There are so many things that can go wrong in a partnership. We would like to think that our partner is honest, fair, and hardworking.
We liked them to begin with, maybe they were a friend or a relative or a well known acquaintance.
I am here to tell you that no matter who they are, they can potentially betray you and destroy both your personal finances and your business.
It is crucial when going into business with anyone, even a relative, to make sure you are protected with a contract, legal protection, and regular audits of your books, to make sure your business is going the way it should.

Blog Posts on Working with a Business Partner 

Taking on a Business Partner
Find a partner who complements you, not one who is a clone of you. Make sure that you and your potential partner share the same values. Find a businessperson you feel that you can trust and with whom you feel you are on ?the same ...
The Ultimate Guide to Spot Fake Chinese Wholesalers | How To Stop Spam
Checking reviews won't help you decide right away which wholesalers you should buy from, as it calls for further evaluation to choose your business partner, but it gives you clues which wholesalers you should dismiss. ... Many would trust wholesalers or suppliers on B2B portals and take it for granted all suppliers on these portals are trustworthy simply because these portals are real. Not like that. B2B portals are the most abused web resources by bad guys, ...

Do You Think I Am Negative? 

Well maybe I am, but if so, it is because of experience. I had a business partner, actually two business partners. One of them ended up lying to us, stealing from us, and selling items out from under us. Before this, she was a cherished friend for over 5 years.
Since that happened to me, I have heard many stories that are similar. I am just saying, protect yourself.

If You Can't Please Your Partner Any Other Way. . . 

Rockers - 25th Anniversary Edition

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What is Your Experience with a Business Partner? 

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    OhMe OhMe Jun 20, 2009 @ 8:57 am
    I have been fortunate to have wonderful business partners that made the venture fun for everyone. This is a very good lens with great advice.

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The trusting is the hard part; everything else needed to build a business around a body of music, can be learned. When choosing business partners, trust carefully, and when you do, trust totally. Posted by Hartmann at 9:28 AM ...
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