Manage Pandora Subscription Partnering With Other Entrepreneurs – Pros and Cons

Partnering with another entrepreneur means sharing ownership, responsibility and trust. Should you find a partner? Is it better to partner with a friend? For some people, it is a “no” because they are afraid of losing their friendship due to having money involved. For others, it is a “why not do business together?” This seems to keep the friendship one step ahead of the game. They might feel more comfortable to work with someone they already know and trust.It is hard to say if partnering is a good option depending on the business industry, financial situation, and many factors. Let’s ask some critical questions:1. Is the business your sole idea or with someone else? Does he or she have any business knowledge in this line of work or passion. Do they have the same goals as you have?2. What type of business do you have or want to create? Is this a product or service business? What responsibilities or licenses should both partners need to obtain? Who is responsible for getting needed documentation or licensing?

3. Do you need to partner with someone to run this business because you cannot afford to hire people or for financial reasons?4. What partnership will agree to be? 50/50? 60/40 or 70/30 etc.?5. Entrepreneur needs to understand that business is a long-term commitment. It is a long run from startup to harvest. What is the exit plan for a partner if needed and how to settle?6. Do you have the ability to manage this business?These are some vital questions that entrepreneurs should ask before creating partnership.I have spoken to many entrepreneurs and did some research. Here are some advantages and disadvantages about partnering:• Ownership:Pros: Pride of ownership, freedom from others control, time invested will show higher return, flexibility to make decisions.Cons: You never know when you can invest 40 hours or 80 hours into the business this week. Having to compete with other companies. No guarantee of success.If partnering just for capital, an entrepreneur may think twice. Partnering mistakes are costly because a partner may not have any expertise for the business or not willing to invest the same amount of time.• Control:When it comes to partnering, a lot of people immediately think about 50/50, so everyone can have equal control. You need to avoid this because “there are too many cooks in the kitchen.” There needs to be a person who can make the last decision. Research shows it is best to go into a partnership of 60/40 or 70/30. Every business needs a person who has an overall control and accountability. This way employees will not be confused in knowing who the boss is.

• Personality:Pros: different and more diverse characters may benefit in various tasks such as finance, people, product, marketing management, etc.Cons: Facing the same issues but two people may react in different ways.• Partners vision:Pros: It is best if having a partner who has the same vision, passion, and goal as yours.Cons: Partners many times see the same product going in two different directions.• A mix of generations:Older partner: Lifetime experiences, knowledge, and more flexible work hours but not much energy and might be considering retirement soon.Younger partner: They are savvy with new technologies and full of energy. Eager to work but lack of real-world job experiences or some specific skills needed. Less flexible work hours or not fully committed to the job.Think long and hard before you invite a partner into your dream!

Why Is the Blockchain Technology Important?

Let’s say that a new technology is developed that could allow many parties to transact a real estate deal. The parties get together and complete the details about timing, special circumstances and financing. How will these parties know they can trust each other? They would have to verify their agreement with third parties – banks, legal teams, government registration and so on. This brings them back to square one in terms of using the technology to save costs.

In the next stage, the third parties are now invited to join the real estate deal and provide their input while the transaction is being created in real time. This reduces the role of the middleman significantly. If the deal is this transparent, the middleman can even be eliminated in some cases. The lawyers are there to prevent miscommunication and lawsuits. If the terms are disclosed upfront, these risks are greatly reduced. If the financing arrangements are secured upfront, it will be known in advance that the deal will be paid for and the parties will honour their payments. This brings us to the last stage of the example. If the terms of the deal and the arrangements have been completed, how will the deal be paid for? The unit of measure would be a currency issued by a central bank, which means dealing with the banks once again. Should this happen, the banks would not allow these deals to be completed without some sort of due diligence on their end and this would imply costs and delays. Is the technology that useful in creating efficiency up to this point? It is not likely.

What is the solution? Create a digital currency that is not only just as transparent as the deal itself, but is in fact part of the terms of the deal. If this currency is interchangeable with currencies issued by central banks, the only requirement remaining is to convert the digital currency into a well-known currency like the Canadian dollar or the U.S. dollar which can be done at any time.

The technology being alluded to in the example is the blockchain technology. Trade is the backbone of the economy. A key reason why money exists is for the purpose of trade. Trade constitutes a large percentage of activity, production and taxes for various regions. Any savings in this area that can be applied across the world would be very significant. As an example, look at the idea of free trade. Prior to free trade, countries would import and export with other countries, but they had a tax system that would tax imports to restrict the effect that foreign goods had on the local country. After free trade, these taxes were eliminated and many more goods were produced. Even a small change in trade rules had a large effect on the world’s commerce. The word trade can be broken down into more specific areas like shipping, real estate, import/export and infrastructure and it is more obvious how lucrative the blockchain is if it can save even a small percentage of costs in these areas.