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After watching an interview with one of the most accomplished entrepreneurs of our time,
Bill Gates, it became clear to me that starting a business alone was not only unrealistic, but dreadfully unexciting. You must realize that the
sum of two individuals' work efforts far exceeds the output each could accomplish alone. Gates also pointed out that the idea of making millions
of dollars wasn't what motivated him to succeed. Instead, he realized how rewarding it is to work with individuals he enjoys spending time
with. Entrepreneurs who start in college reach a true level of success when they are able to graduate self-employed. Success is often
accompanied by hard times, which is why having a business partner to push you forward is extremely rewarding. Following a similar trend to
the entrepreneurial process, selecting a partner is a step that should be taken early and with due diligence. The following are suggestions
to keep in mind when selecting a business partner.
- Consider the “roommate” approach. Recall how important it was for you to find the best roommate(s)
to live with. Naturally, you thought your best friends would make the best roommates. A year later though, some of your
former best friends are now miserable roommates. This unfortunate transition is the product of people interacting differently in
different environments. Prior to living with these friends, you only saw them in a social atmosphere. You enjoyed one another’s time
while going out at night, shopping at the mall, or studying together. Living together introduces new, unknown elements to your
relationship. This mistake is common, but it provides good experience you can apply towards finding the right business partner.
Selecting a business partner is not exactly the same as finding a roommate. Keep these thoughts in mind and be honest with yourself.
Fortunately for you, I have compiled a helpful list of criteria to address when selecting a business partner.
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