Working with a business partner can give you an advantage as long as you can pool experience, share resources and clearly communicate objectives.
| 1. Business partnerships aren’t exactly popular—but that’s all the more reason to have them. Somewhere between 50 and 60 percent of start-ups are founded by just one person, according to research cited by Scott Shane, A. Malachi Mixon III professor of entrepreneurial studies at Case Western Reserve University, in his recent book The Illusions of Entrepreneurship. But what’s more, they like it that way: One study he mentions says that 63 percent of entrepreneurs say that other people are helpful to them in their work, compared with 74 percent of people in general. The kicker, however, is that Shane goes on to show evidence that most entrepreneurs make the wrong decisions—they make decisions that make their businesses less likely to succeed. In the case of business partners, Shane says the evidence shows that businesses founded by teams of entrepreneurs are more likely to succeed than those founded by a single entrepreneur. |
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