It seems every young educated person I meet simply can’t wait to start their own business. Working for an employer for only a 10th of the time our parents have worked in the system is excruciating for us and we just want to own the fruit of our efforts and believe we can do it all on our own.
Problem is, no man is an island and that independent attitude can prove to be a handicap in the world of entrepreneurship. The truth of the matter is while you do get the benefit of ‘owning’ your efforts you will still work for someone or another (clients can be more demanding than bosses) and you will most certainly need to work with someone or another so the idea that running your own business gives your all the power is extremely romanticised.
In my opinion some of the most successful entrepreneurs are humble to the core and more focused on producing good work than claiming complete glory for the works produced. A good entrepreneur is cognisant of the fact that they are not able to do all things at all times. They are aware of their strengths and weaknesses and if they are smart they partner up to fill the in the gaps.
If you’re thinking of starting your own business remember that you may need to partner with at least the below listed people:
- a financial adviser – being innovative does not equate to being good with numbers, budget forecasts, debt collecting and taxes
- a lawyer – too many independent contractors get taken for a ride because they don’t have somebody to back up their agreements, or worse, they don’t have written agreements in place at all
- a marketer/publicist – ok I may be punting this because it’s the service my business provides but… depending on your business this may be vital
- an industry network – this is not a person but a collective of people who are affected by and affect your industry, these are not your friends per se but can prove to be just as important. If you don’t know how to network you need to learn as this network can be the key to the longevity of your business.
Let me know if you think there are any other partners one might need when starting their own business? I look forward to sharing more learnings with you as time goes by, and thank you for reading.