Of the many great insights gleaned from rap lyrics, few are as applicable to startup success as The Notorious B.I.G.'s 10 Crack Commandments.
Business partners frequently enter the relationship far too lightly, without sufficient discussion, as a matter of convenience, with rose-colored glasses, and without consulting with legal counsel.
If you can avoid teaming up with a bad partner, you'll reduce the chances of having a failed business, and the amount of stress and frustration that these poor partners cause you during all of the years of your partnership.
Going into business with the person that you married may seem like a great idea but it doesn't always end up in happily ever after. Some recent high profile divorces and business splits may make you think twice before you tie the co-working knot.
What's one tip for ending a business partnership gracefully (or at least, without lawsuits)?
Access to experienced mentors, capital, customers and collaborators separate successful startups from those that fail. For startups, collaboration often takes shape in two ways: internal-facing activities and external-facing activities.
It is easiest to have a "relationship of mutual advantage, characterized by humility" with a peer company. But when a giant company interacts with a small one, everything can become skewed.
Sure, starting a business is scary and financially dangerous. But that doesn't mean entrepreneurs should take on a partner just to hold their hand and put a few dollars in the equity pot. Thankfully, there are alternatives formal partnerships.