David Deeds, entrepreneurship professor at the University of St. Thomas Opus College of Business, recently provided insights to the Minnesota Star Tribune on what makes successful business partnerships.
From the story:
Starting a new business might inspire visions of launching the next Microsoft or Apple.
But the image of the heroic solo entrepreneur, though often romanticized, is largely a myth. The reality is that success more often comes from working with a business partner or a team of partners. Bill Gates had Paul Allen and Steve Jobs had Steve Wozniak, after all. ...
If a business partnership is comparable to a marriage, founders shouldn’t overlook the equivalent of a “pre-nup” — a partnership agreement that spells out the ownership and compensation structure of the venture.
Simply put, don’t start a business without a partnership agreement, said David Deeds, Schulze professor of entrepreneurship at the University of St. Thomas’ Opus College of Business.
“No matter what, I tell my students every time, I will hunt them down if they do this,” Deeds said. “Never, never start a partnership without a signed and agreed upon partnership agreement.”
