Six months ago I started an online web solutions business with a business partner. I look after getting business while he is supposed to look after technology development and delivery. My business partner has his own small business (different products) and I thought that teaming with someone who has experience in running a business would reduce the risk of failure.
But he has not really delivered on what he was supposed to and has sold some of his own products to the sales pipeline I have built. I am beginning to think that I need a different partner who is more committed to our company. Do you think I should wait till I can find a suitable business partner or part ways right away, which will slow my business plans?
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Congratulations on starting your own business! However a word of caution about business partners. They can be the greatest source of trouble for start-ups. In fact ,a favorite entrepreneur fantasy is to take hold of their business partner, tie them onto a raft, set it alight and float it off down the Ganges!
Your business partner is holding you back. He is also taking advantage of you, building his own business on the back of yours. Get rid of him as quickly as possible. Any start-up with your kind of structure, needs business partners totally committed to the business,
Finally, do you really need a business partner? Could you not bring in an employee and give them options so you don’t have to pay them a big salary? Can you work it that way?
Your Aunty B