Startup Success Make Sure Youre Compatible With Your Business Partner

Startup Success Make Sure You're Compatible With Your Business Partner Nearly two-thirds of high-potential startups fail because of conflicts between co-founders, says Harvard Business School professor Noam Wasserman. Make sure you know these things about a prospective partner: How does he respond to adversity? With a startup, “the highs are high, but the lows are very low,” says Eric Del Balso, founder of Ignite Advisors. Ask the person’s friends, family, and former co-workers how he handles letdowns and curve balls. What are her goals for the business? Discuss key decisions you’ll make togetherâ€"like, Will you raise outside money? Pay top dollar for talent or hire temps? “If you can’t resolve those, there is a high likelihood the team won’t be aligned,” says Wasserman. How does he handle money? An overspender may burn through funds before you find revenue. But a timid spender can hold you back. Pull a credit report on your compatriot. Then discuss “what you each think is worthwhile to spend on and what’s lower priority,” says Wasserman. More on starting your own business: How to Build a Million Dollar Business The 4 Essential Traits You Need to Run Your Own Business How to Fire Your Boss and Break Free of the Corporate Grind