#JerrysNotes 16 – All Eggs in One Basket

By Jerry | Jerry's Notes

Jan 30

One of the most common advice given to young entrepreneurs is to get a partner.

Get a partner so that you will have another pair of hands to work on the business. You will have someone who will complement your weaknesses. That’s all great and I agree with it!

However, you also need to make sure that the partner you are getting has the same values as you when it comes to money, work, family, and fame. He has to have the same vision where you want to take the company 5 or 10 years from now.

Otherwise, you’ll realize one day that the partnership has given you more headache than comfort, and that it was not meant to be, in the first place!

And one of the great advice I got when it comes to forming partnership is make sure that every partner “put all their egss in ONE basket!”

What does it mean?

It means that partners are not allowed to start another business during the life of the company. They have to put all their energy, effort, and mind into this ONE basket only.

That means no distractions and no misalignment of priorities! Everyone is equally motivated to make it work because that’s the only basket they have!

What about you? What are the 1-2 lessons you learned about partnership?

Please comment below to share your thoughts.

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