How to Avoid Mistake

What I learned later was that partnerships by nature rarely work. The better your friendship or relationship is, the worse it will turn out in the end. Instead, look at the alternative of building many joint ventures. This enables you to do projects on a deal-by-deal basis. You do a deal, if it works out, you do another and another and so on. That way, you're not bound by a partnership, and you're not obligated to each other's personal finances. When you outgrow the relationship, you simply move on to new joint ventures.

Realize that there will never be true equality in a business partnership, so protect yourself and your would-be partner by setting up joint ventures instead. It will save business relationships and friendships. (To download a sample joint venture agreement, visit www.yamon.net)

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