Many people think it's a bad idea to go into venture with a co-owner because you have to split the ownership and profits. However, having a venture companion can increase your profits and overall venture success. Many of the most successful companies were based on a co-ownership. Having a small business enterprise partner can substantially increase the overall success of your venture because a co-owner can offer their connections, expertise, and skills the venture needs in becoming successful.
Co-owners can be family members, and this is the case in some small and medium-sized firms. Family members are made co-owners for several reasons. Of course, the major reason is that the venture continues to remain in the family even after the death of its initial owner or one of its owners. Secondly, the tax paid by the venture is reduced when there is more than a single owner.
What are the pros and cons? The pros include having a co-owner is cheaper than the companies since there are fewer overheads, running a venture on your own can be a bit scary, so having a co-owner can give you moral support. There is also someone to share the financial and emotions burdens.
Choose a co-owner that is complementary: It may be tempting to choose someone who is just like you, but this will not make a venture successful, as you want someone who can bring different skills, experience and know how. No person is a master of all things, if you are skilled in finances, you may want to choose a companion who is skilled in sales and marketing. The combining of different skills allows for greater innovation, more ideas, better planning and a greater chance that your venture will be successful. As the popular saying sates; two minds are greater than one.
However, co-ownership also presents its own bottlenecks. To put it crudely, you may not get along. Having a co-owner can be like some marriages; you may not be a match made in heaven. Suppose if you find a co-owner who is dishonest and devious. Money comes in, but too much goes out, into your co-owner's pocket without you being aware of it!
Today a venture co-owner can be a supplier, a customer, an intermediary, or a vendor. Resellers and agents are described as venture co-owners. Complimentary vendors are those who depend on each other to sell their products, like a hardware manufacturer and a software supplier.
You suddenly realize that you're not your boss. Is that the real reason why you started up your own venture? Or was it just to make money? Do you want to run your venture like being on a rollercoaster with nothing in the way to stop the ride and the feeling of complete exhilaration?
Look for a companion that does not come with baggage: A companion, who is dependable, will be able to dedicate tremendous commitment and energy to the venture. You can't afford to have a co-owner who has a lot of personal issues or problems, as this will interfere with the ability for the firm to grow.
Co-owners can be family members, and this is the case in some small and medium-sized firms. Family members are made co-owners for several reasons. Of course, the major reason is that the venture continues to remain in the family even after the death of its initial owner or one of its owners. Secondly, the tax paid by the venture is reduced when there is more than a single owner.
What are the pros and cons? The pros include having a co-owner is cheaper than the companies since there are fewer overheads, running a venture on your own can be a bit scary, so having a co-owner can give you moral support. There is also someone to share the financial and emotions burdens.
Choose a co-owner that is complementary: It may be tempting to choose someone who is just like you, but this will not make a venture successful, as you want someone who can bring different skills, experience and know how. No person is a master of all things, if you are skilled in finances, you may want to choose a companion who is skilled in sales and marketing. The combining of different skills allows for greater innovation, more ideas, better planning and a greater chance that your venture will be successful. As the popular saying sates; two minds are greater than one.
However, co-ownership also presents its own bottlenecks. To put it crudely, you may not get along. Having a co-owner can be like some marriages; you may not be a match made in heaven. Suppose if you find a co-owner who is dishonest and devious. Money comes in, but too much goes out, into your co-owner's pocket without you being aware of it!
Today a venture co-owner can be a supplier, a customer, an intermediary, or a vendor. Resellers and agents are described as venture co-owners. Complimentary vendors are those who depend on each other to sell their products, like a hardware manufacturer and a software supplier.
You suddenly realize that you're not your boss. Is that the real reason why you started up your own venture? Or was it just to make money? Do you want to run your venture like being on a rollercoaster with nothing in the way to stop the ride and the feeling of complete exhilaration?
Look for a companion that does not come with baggage: A companion, who is dependable, will be able to dedicate tremendous commitment and energy to the venture. You can't afford to have a co-owner who has a lot of personal issues or problems, as this will interfere with the ability for the firm to grow.
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Get a list of ways to find a small business enterprise partner and more info about The Labor Compliance Managers services at http://www.thelaborcompliancemanagers.com right now.
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