Dear Aunty B,
I am starting a new business with a business associate.
I want to start it small and stay small for a few years, but he wants to take in money and start bigger, as it will mean we get a salary and bigger offices.
He believes our business has an edge on the competitors and will grow quickly.
I am more cautious. Am I just scared? What do you advise?
D (new to the game),
It is good you are talking about this now. You may well find your growth ambitions vary widely, which means you should not go into business together.
In most business segments you are better to start small so that a profitable pattern emerges from practical everyday experience and you don’t run out of money!
Also I am afraid your partner is making a crucial error. Many failures are caused through the belief that entrepreneurs can run a business as well or better than competitors. Never underestimate successful competitors even if they are large, arrogent and out of touch. They already have the business. You are unproven.
So trust your instincts, and either convince your partner, find another one, or do it yourself.
Your Aunty B.
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