I am successful as an Analytics consultant. I'm conservative but not so social. I'm a dreamer and see opportunity in everything around me, but O bet on those which I have great probability of success. I have taken the risk of quitting my job and invested in one of my ideas. I then realized the partner I chose ( a classmate of mine) is not upto my expectation and suffered as I have to hustle alone and his skills/willingness no where near to the business demand. After 1 year I am still in business (loss making) but able to take him out, now in dielamma who can I trust on? After this experience, I am weary of sharing the responsibilities of running this company. I'm seeking advice on choosing right partner / steps...Thanks for your time
I've gone through this exact experience 2 times. It can be hard to figure out if someone is going to do everything they say they will if you haven't already worked with them.
One of the most important skills an entrepreneur can learn is how to pick amazing people to join them. Otherwise a company will be mediocre like most out there.
It's really hard to build a company on your own. I've done it a few times now and I would advise you to be open to others helping you. It makes the road much easier and more fun. There are plenty of trustworthy, hardworking people out there. You just need to understand how to find them and set expectations.
If someone is interested in working with you, start with a trial period to test them out before getting far into an equity split (assuming you don't have the capital to pay a salary).
Can you presale any customers to get funds?
If it's a employee, they need to vest over time. 4 years is typical. This protects you if they don't work out.
Let me know if you'd like to talk through this more.
Answered 8 years ago
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