INSTANT MBA: Don't Rush Into Business Partnerships

Geri Stengel

Photo: Youtube/ericssonmultimedia

Today’s advice comes from Geri Stengel’s column at Forbes:“Partnerships can be wonderful things for an entrepreneur: additional financing, someone to brainstorm with, extending a relationship with a friend or relatives, shared angst, adding needed skills.”

But most of these reasons — with the exception of the addition of needed skills — aren’t good reasons to enter into a business partnership, says Stengel. And even the need for other skill sets shouldn’t necessarily push you to seek out a partner since you can often fill gaps easily with outside contractors. 

A business partnership is a marriage of sorts so before you take that major step, you should give it some serious thought. 

Like a husband or wife, a business partner should share the same values and goals, according to Stengel, the founder of Ventureneer, a firm that provides advice to “socially-responsible” small businesses and nonprofits. 

“Transparency, accountability, and trust: If you don’t have them, you shouldn’t be partners.”

Want your business advice featured in Instant MBA? Submit your tips to [email protected]. Be sure to include your name, your job title, and a photo of yourself in your email.

NOW WATCH: Ideas videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.