Three of seven businesses I’ve started failed because of this…
Not because of a bad idea, lack of funds, execution, or lack of customers…
They failed because of incompatibility.
…We could predict enough fireworks that would lead to business failure!
Most of the problems I've experienced with co-founders could have been avoided if I had been more attentive to who I was starting the company with.
Problems are commonly not due to work skills, but because of obvious incompatibility of personalities.
- Don't EVER ignore your intuition when dealing with business partners!
- It's much easier to fix problems BEFORE the company is started. Once you’re active, it’s too late.
- Don’t include people in your startup just because they may feel left out.
- Never start a company with someone you dislike! Never! I don’t care how many millions you could make… it’s NOT going to happen!
- Don’t start a business with someone who demands more than they deserve. Clear sign of nightmares ahead!
- Don’t make business partners just because they have some skill you need and you worry you won't find anyone else to do that.
People are the most important ingredient in a startup — don't ever compromise!