Unless you have been hiding in a cave for the last couple of years you know Greece is on the verge of economic collapse on the scale not seen before. The unemployment rate is a staggering 22% and they are expected to default on their loans unless they receive yet another round of financial help from their neighbors and EU partners.
While it may be tempting to think of Greek situation as unique, it is not far-fetched to think of an analogous scenario for small businesses. After all, as we show below the reasons behind Greek crisis are prevalent in many of the businesses – both large and small. That’s why Greek crisis holds important lessons for business owners in how not to get into the financial disaster. Below is our attempt to explore reasons behind Greece’s failure and how they apply to small business owners.
In most budding small business owners’ mind, the important thing needed to start a business is money. We think that this is really a misconception. Because of this misconception many good, passionate entrepreneurs are discouraged because they don’t have enough cash to start a business. In fact, we are working with one such individual who is passionate about music and wants to start a music themed coffee shop; but is struggling to find money to do it.
The good news is you can start a business with little money. There are ways by which you can get started as long as you have passion to put everything you have in it. The key is to start small and not go for a big bang as well as have a well-thought plan to achieve your grand vision even while taking baby steps.
The failure rate of businesses with partnership is much higher than those managed without partnership. So why would anyone want to get in the partnership? Despite what statistics shows there are some valid reasons why you should consider establishing partnership. As I mentioned in my previous blog there are pros and cons of partnerships. As long as you take steps to make it work you can get what you want out of partnership.
Here are 5 reasons why you should consider getting into partnership. In some cases there may be multiple scenarios depending on the situation and number of partners involved.
Many people would love going in the business with a partner for variety of reasons. At the same time you will find equal number of others who hate the idea of working with a partner and losing independence. What is it about the partnership that brings different reactions from different sets of people? In this article we will highlight the pros and cons of being in a partnership.