Important Lessons Before Becoming an Entrepreneur


 Many individuals starting their first business first look to friends as co-founders. What could possibly go wrong? You know your friend well, have socialized with him or her for years and the kids go to the same school. But do you really know the "business side" of your friend? Before you act, it is a good idea to take a step back and assess your decision before embarking in a new business with them. Would you want to work with this person if they were not your friend? Also assess your friendship. Are they trustworthy and loyal? Will they help broaden your network to help with the amount of connections you will have for your business. Having individuals above you to learn from is also important, as well as building a business with people who will be dedicated to work full-time. You have to convince individuals to take a chance on your by selling key positions within the company.

Assess the work style of your potential partner and whether it is a good match for you. Assess their aversion to risk and their willingness to take a leap of faith. Do you both have the same passion to succeed? Are you equally situated financially? After you think through these questions, talk to a lawyer to determine what type of business structure you need to put in place - an LLC, a corporation or a partnership?

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