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When structured properly, a strategic partnership with a large company can catalyze a small firm's growth. In establishing a partnership, entrepreneurs should focus on how their product will be sold, who will sell it, and how the partner will facilitate sales growth.
Careful measurement and management of your partnerships can protect entrepreneurs from entering into agreements with the wrong strategic partners, and it can provide a sound basis for making the most of productive partnerships.
Richard Jarman sees entrepreneurship as the backbone of the American economy, and he's doing his part to help by mentoring up-and-coming entrepreneurs.
Not so fast, Martha Stewart.
OK, you're special. You are talented and one of the best at what you do. But that doesn't mean that you're equipped to run your own business--even one within a field or industry you've been working in or following for years.
To wit: 627,200 new businesses opened in the U.S. in 2008--the same year 595,600 businesses shuttered and 43,546 filed for bankruptcy, according to the U.S. Small Business Administration (SBA). Likewise, 30% of small businesses fail within the first two years and half close shop within five years, according to the SBA.
The fact of the matter is that far too many people launch their own companies for all the wrong reasons and without the tools it takes to succeed. Before handing in your notice and signing a lease on an office, it's imperative you take a hard look at yourself in the salaried eye and ask yourself a few critical questions that could mean the difference between a fulfilling life as your own boss and speed-dialing a bankruptcy lawyer.
At age 25, Laura Sanko was a founding member of a startup that raised $3.5 Million from some world-famous investors and the Founder’s Fund. The business model was simple: a website that rented high-end jewelry for special occasions for a fraction of the retail value of each piece. Three years later, the investment money was all gone and while the site continued to operate, it had failed to meet the investors’ expectations.
Whether a company is built with 50/50, majority, or minority partners, the author shares key lessons learned about buy-sell agreements as his companies grew and became more sophisticated.
A media entrepreneur advises joining and utilizing peer-to-peer groups that are selective to build the human capital that enables the building of companies.
The author discusses how to get the most from a buy-sell agreement, encourages entrepreneurs to detail very specifically what happens when ownership changes occur, and elaborates on the language required for valuation of the shares.
Baseball legend "Shoeless" Joe Jackson said "If you build it, he will come" -- a quote made famous by the Kevin Cosner movie Field of Dreams. A lot of companies take this approach when it comes to public relations.
With the recession lifting, returning to normal (even if it's a new normal) will take some time. The economy is recovering, and business growth is beginning to resume.
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