Shanli Liu, a CPA, breaks down how to pick a business partner after nine failed partnerships of her own. A viable partner must bring one clear resource you lack: money, experience, or time. Don't partner out of insecurity or to protect what you already have.
If you work with a partner or decide to partner up with somebody, one of your friends, one of your coworkers— this is coming from somebody who has 9 failed partnerships and now have successful partnerships— a partner needs to have one of these 3 things that you do not have. They either have to have money that you don't have, and then the clear contribution is that money. They need to have experience you don't have, and the clear contribution is that experience. Or number 3, they have time and energy that you don't have, and the clear contribution is that time and energy. In other words, don't bet what you have and need for something you don't have and don't need. I've lost much money in partnerships. A big part of it was I was insecure and I thought I just had to have somebody else because I was afraid to do it on my own.
