Easy-to-follow video tutorials help you learn software, creative, and business skills.Become a member
Jeff: What are some of the biggest mistakes that you have seen entrepreneurs make? Dave: One of the first biggest mistakes I have seen comes down to partnerships, and I would include in this family partnerships. It is very common for people to feel like because they are not going to have enough time to get everything done; I need a partner; I need to bring someone in. Unfortunately, most of the time partnerships are ill conceived and not documented very well. It's sort of let's just go in to business together and see if we succeed, but they don't clearly define what the rules are.
They don't have a contract. They don't have buyout clauses. What happens when someone gets hurt or incapacitated? What are we going to do? All of these things come into a partnership. You know what's the decision-making process the partners are going to follow? So honestly I advise people to try to avoid having a partnership if possible, but if they are going to have a partnership, to clearly document it, to clearly have a division of labor, to have a contract spelled out, and get everything in writing.
It's easy to be really friendly and feel like oh you know we are just friends, we are just in this together, when there is no money being made. The moment money starts to get made in the business that's when things start to get a little strange. So if you can get it in writing in advance, you are going to find that the partnership goes much more smoothly.
Get unlimited access to all courses for just $25/month.Become a member
Access exercise files from a button right under the course name.
Search within course videos and transcripts, and jump right to the results.
Remove icons showing you already watched videos if you want to start over.
Make the video wide, narrow, full-screen, or pop the player out of the page into its own window.
Click on text in the transcript to jump to that spot in the video. As the video plays, the relevant spot in the transcript will be highlighted.
Your file was successfully uploaded.