In my daily life, I often work through decision-making processes with clients. One of the common issues is uncertainty about making potentially risky decisions, especially in business.
One thing we usually discuss is that there is really no such thing as business opportunity without risk. Have you ever heard an enthusiastic startup claim that they have a huge opportunity with hardly any risk or competition? In my experience, this isn’t usually accurate.
The general rule with any business is that either you have a strong market for an idea, therefore you probably do have competition, or you’re headed into murky waters without a clearly defined market. Either way presents a risk. Essentially, risk and opportunity are two sides of the same coin.
So how do you decide which opportunities are worthwhile?
The nature of entrepreneurship is that you often enter into situations that...
The health of business partner relationships can make or break a business.
Most of the time, your business partnership begins full of optimism. You have hopes for building a wildly successful business and you see many possibilities.
However, there will always be ups and downs in business and this is where those partnerships are truly tested. It’s easy to work harmoniously while things are going well, but business or personal challenges can cause relationship strain.
It's easy to find examples of very public falling-outs between business partners. In fact, data suggests the business partner “divorce rate” is as high as 80%!
Ideally, you don’t want to be in a position where there are “irreconcilable differences,” so it’s important to work on building healthy partnerships in the first place.
Talk to any...