HOW TO START A SUCCESSFUL BUSINESS WITH YOUR PARTNER.
Starting a business with a spouse is without a doubt one of the most nerve-wracking adventures a couple could go on. A business partnership with a husband or wife is a terrific way to turn a shared passion into a physical reality. Moreover, it allows you to synchronize work schedules and gain financial independence. If done right, it can also grow and deepen your relationship.
However, owning a business with a spouse adds more complexities to your daily lives, since both livelihoods will depend on the success of a single business. Besides risking your personal finances, business conflicts and the proximity of your professional and personal lives can make things difficult for the marriage.
You love spending time with your other half, but is starting a business with your spouse a bad idea?
Watch Enterprise Uganda – EUG Executive Director Charles Ocici explains how you can successfuly start a business with your husband or wife.
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Starting a business can be one the most exciting things you'll do in life. It can also be the scariest. According to the latest statistics on the percentage of businesses that fail in the United States, we see that of the 678,135 new businesses that were started in 2015, more than one-fifth (20.4 percent) closed after their first year in operation.The percentage of businesses that fail increases to 30.9 percent in the second year and 38.6 percent in the third year. By the fifth year in 2020, the new business failure rate reaches 50.0 percent. Needless to say, it's hard! The ones that succeed do so not only because they work hard and get lucky. These entrepreneurs spend an immense amount of time creating a plan and execution strategy. It takes a lot of discipline to overcome the challenges. In this episode I'll discuss the basic questions you want to ask yourself when starting a business.
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