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please only first hand experience, no books or blogs.

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3 Answers

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I think that 'good' is kind of subjective, for me it means someone who puts in the agreed amounts of money on time and actually works to advance the company with the least amount of conflict as possible.

I've always been a few fries short of that particular happy meal. What I was fortunate enough to find is someone who was willing to trust me with a little bit of money, which came back, then more, and more. In that regard, its more like having an absentee boss than a partner, but it does have its perks.

In my experience, equal partnerships almost never work. The chain of command is unclear, you find employees running to their 'favorite parent', vendors become partial to one or the other, it just gets sticky.

What I'm working on now is getting something off the ground and structured administratively prior to offering a less than equal partnership to someone else. I know that I can not (practically) single handedly build every part of the company on my own and then open the doors to employees that I can't possibly manage on my own. But, at least for me, I'm enjoying my solitude while getting the crucial seeds planted.

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Great partner > single > lousy partner.

It's the same thing as relationship. It's better to be single, if you can't find great one.

Yes, having a great partner contribute A LOT. You need someone to bounce the idea. It's easier to find your blind spots by bouncing the idea around.

The only time i regret was when i knew some people weren't the right partners, but pretend they were because things feel easier to have 'co-founder'. Except, i'll learned that having a lousy partner probably waste more of my energy managing the team-dynamics.

I failed fast in the early days of my venture. I probably have killed about 3 teams, before i finally found working one. Most people do not have founders-mentality. It's crazy, it's risky and it expects you to be ridiculously self-motivated (then, you'll find out that you're the minority in this world, rather than majority - except, maybe in Silicon Valley)

Few tips that i learned from experience:

  1. Test if your potential partner is a follower or 'leader'. My way, I'll pitch you the idea, then, i'll leave you alone for the next 2 weeks. If you never come back to me, that's the first sign it's not a right partner. In early days, you don't want 'follower'. You want someone who can motivate themselves and work even without you pushing them all the time.
  2. Clarify everything and document it INFORMALLY. Especially worst-case scenario. 'What happen if you or the partner decide to move on after 1.5 years?'. 'What is the exit goal? To build 100 million business or build 1 million?'. 'Is it fair to split by 50-50?', 'Who will run what? Who will do CEO job?' etc.

Hope that helps.

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I have a great business partner. I regret that I am unable to contribute as much as he. Until we get to revenue only one of us can afford to work full time with no income. From discussions with him I am told that he has no problem with the scenario and knows I am doing all I can with the time I do have.

I have another idea for a business and would love to get partners for it as well.

The right partners are a huge help.

I think you are missing the point here - your question should have a follow-up with "why" or "explain" and "what would you do differently".

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