Choosing a wrong business partner

Hello guys,

Do you have a business partner? Okay, I’ve a business partner or more likely describe as sleeping partner. Not like usual sleeping partner that still useful but this is the bad sleeping partner. Why I said that?  I just share my own story about get the bad business partner.

partnership-ben-yelling-mark3

If you follow this blog, you will found that I’ve make an agro business. I just plant a pineapple farm. It is not big, just 1 acres but still a lot of money involved (in my latest calculation about RM 4,738.00 spend for this project). And 99% of the money comes from me ( 48% of the money from my friend – not the sleeping partner). I know it is my fault to trust my office mate. At first he swears that he will give 100% commitment to the project and I just give the capital. Yes, in the early project he also involved in the project. Go to related government agencies to get advice and help but at the process he look lazy. The commitment becomes slow. How come we want to success if he don’t commit. Badly, the project is in his father’s land.  The work to get labor and called the agencies has been back to me. When I call to help me at the farm, there many excuse. When he comes, it is more than an hour after I came.  Sometimes, I feel angry and want to give up but I’ve motivate myself. I need to do this project till finish. This project maybe my biggest project and I want to gain as many experience about the pineapple farming. While doing it, I check whether there’s other opportunity to make the farm at my village. And if the commitment of my partner not changes, I could make my own farm without depend on him. Syh.. Don’t tell him. It is my future plan.

Okay, let’s back to the topic. As my experience to get a bad business partner, in this entry I’ll share my thought of the wrong business partner:-

  1. I’ve choose he as my business partners because he is a friends that I trusted. This is not a good indicator to choose business partner. After get this problem,  I realized that a good friend’s not enough to become a business partner. The ability is the priority to choose a business partner. Isn’t it? I think it is better to avoid friend as a partner. Maybe a family is reliable.
  2. Get a proof that he/she could commit to the project. I just based on the friendship. Commitment is important. Make sure he can come in time while you do any others meeting, work. You will frustrate if your partner is late people.
  3. Make a legal agreement. It is hard to make agreement. I’ve make a lease agreement with the landlord but not with my partner. So, he just doesn’t really care about the project. Make properly agreement. If possible, get a lawyer for your safety.
  4. Share the capital. Even though you can afford all of the capital you still need money you’re your partners as a commitment capital. Your partners have the commitment and don’t want to lose the money to you.
  5. Get a partner with people that has an experience on business. That’s will help you a lot.
  6. Be professional. Make a business is about your money. You need to be professional. Throw them if you think you can’t work with them,

 

Okay that’s all. Maybe the early content is a bit personal. I hope my partner could change.  If you have any experience to get wrong business partner let’s share with me. Maybe it will help a  lot.

 

Do you own small business? Always losing money without realizing about it? Sometimes the problem
Nowadays, business is one way to increase income. Just depend on salary is not enough.

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