🚨 70% of Business Partnerships FAIL - Here's How to Beat the Odds
Ever wondered why so many business partnerships crash and burn? I've been thinking a lot about this lately, especially after making one of the most critical decisions in my business journey - choosing my business partner. The statistics are brutal: 70% of business partnerships fail in the US. That's worse than the divorce rate! But here's what I've learned - most entrepreneurs treat choosing a business partner like picking a lunch buddy instead of what it really is: one of the most critical decisions that will make or break your business. The Partnership "Marriage" Reality Check I've come to realize that choosing a business partner is like getting married. You're committing to someone who will have massive influence over your financial future, your daily stress levels, and potentially your entire life trajectory. Yet most people spend more time researching which Netflix show to binge than vetting their potential business partner. 🤯 The Framework That Helped Me Choose My Partner: 4 Critical Questions Here's the framework that helped me choose my partner Ron (someone I'd known for 15 years before partnering): ⁉️ Question 1: "What are your reasons for NOT partnering with me?" I learned to flip the typical question. Instead of asking why they SHOULD partner with you, ask this. This question: - Forces brutal honesty - Reveals potential red flags early - Shows if they can think critically about decisions - Protects you from emotional bias ⁉️ Question 2: Do our skillsets complement (not compete)? I handle marketing, sales, operations, and branding. Ron excels at business development hiring agents, and asset protection. We're not stepping on each other's toes or fighting for the same territory. Red flag: If you both want to be the "face" of the business or both hate operations, you're setting up for conflict. ⁉️ Question 3: Do our personalities actually work together? This isn't about being best friends. It's about: - Communication styles that mesh - Shared work ethic and values - Complementary strengths and weaknesses - Ability to handle stress together