A lot of entrepreneurs are confused about starting a business. They have a great idea, but they don't know the next step. They think that they need something, but they don't know what they need. In frustration, they bring in a partner. Typically, they bring in the wrong type of partner.
A business partnership should be like a potluck dinner. Only invite people that bring something to the table that you need.
1) Capital: If they have capital, they are always welcome. You need capital to start the business, get it running, and pay overhead while you are getting up to speed. You need to be very careful to make sure that you don't give up too much control. Consult a professional to make sure that you know the parameters of a proper venture capital arrangement. (I recommend Pete Lorins of Brainstorm Capital Group).
2) Expertise: If you have never started a business, you want to have someone that has some expertise to help you avoid the pitfalls. If you have never run a particular TYPE of business, make sure that you bring in someone that knows that industry, if that is what they are bringing to the table. If you bring in someone that doesn't know anything to help you run your business, you are setting yourself up for failure.
3) Integrity: Can you trust them? The best way to insure that you are protected is to have the legal documentation to protect you, your invention, or investment. If you think that you don't need to worry about such things, remember the fate of Nikola Tesla, the inventor of electricity generation, and the richest man in the world. Wait a second-he died penniless. Ooops, he didn't protect himself. Don't set yourself up for failure. Make sure that you have the legal documentation to not get ripped off. See the story of Nikola Tesla here:
4) Marketing: You could have a partner that has no money, no ideas, and no expertise in running the business...but they can sell. If you can sell, all of the little problems solve themselves. The best way to know if someone can sell is to see if they have sold in the past. Have they sold your type of product? Is it similar, and can they use the same techniques. (A person that sells on tv, might be terrible at selling via seminars, or directing a sales force.) Get the right marketing skill sets.
If you have a partner that has: Capital, Expertise, Integrity, and Marketing knowledge they can help you move your business from a vague idea...to reality. The reality can be exciting.
