When Business Turns Bitter
| March 18th, 2008Today we have another guest post by Kelly McCausey. Remember if you’d like to make a guest post here simply contact us. We’ll work something out!
Having developed some amazing relationships and partnerships that have had a positive impact on my online business, I am very much a fan of networking and partnering with other business owners. Still, I can’t say that all of my business relationships have been win-win.
Failed partnerships and issues of broken confidence have left many with a bitter taste in their mouth.
There is always some element of risk involved when opening up to others about your business plans and dreams. You’ve heard horror stories about business ideas stolen during a networking situation and tales of business partnerships gone bad. There’s no doubt bad things can and do happen between people in business. I just believe the potential benefits far outweigh the risk.
Bitter business situations are often born from…
Sharing too much too soon.
The internet opens easy doors for interaction among home and small business owners all over the world. You can log into a forum or join in an online web conference any day of the week and meet with peers.
I’m not sure if it is the sense of safety that comes from sitting behind your own computer desk but some behave differently in virtual networking situations than they would have if they were in a face to face environment.
Whatever the cause, the free flow of ideas and information that occur online is both exciting and a tad bit foolish when ideas are shared at the wrong stage of business development.
Trusting the wrong people.
Most newcomers do make an effort to locate and network with trustworthy people. They look for signs of experience and success. When they think they’ve found someone who could be helpful, they make them a confidant, sharing ideas and dreams.
The trouble comes in knowing what ‘experience and success’ looks like on the web. In a virtual environment, someone can appear more established than they have the business background to back up. It’s important to remember all that glitters is not gold.
You could end up getting terrible business advice or worse, find out your chosen mentor has taken your treasured ideas and used them for themselves.
Overestimating commitment level.
Joint Ventures and other partnerships on the web are usually simple handshake agreements. I have seen two or more people link up to create a project with little more than a ‘Hey, that sounds like fun, I’m in!’ exchange of emails.
In the work at home community, the most common partnership break up story I hear start something like this: “We were all so excited in the beginning, but after awhile I found myself doing most of the work for only part of the profit.”
Then feelings get hurt…
Whether or not harmful intentions are involved, a broken trust or crumbled partnership can lead to feelings of betrayal and personal rejection. If finances and professional reputation is perceived to have been damaged in any way, it goes way past hurt feelings to real animosity and bitterness.
Steps you can take to avoid bitter breakups…
Take your time.
If you will only slow down and take more time getting to know the people you choose to confide in, you are less likely to fall prey to careless networking situations or malicious business predators.
Get legal.
If you decide to enter into a joint venture or long term partnership, put things in writing. Outline every detail including division of labor and profits. Fax a copy to one another and exchange signatures. It’s a simple step that will provide peace of mind later if you ever have to deal with a break up.
If you’re bitter now…
Put on your big girl panties. (or um.. your big boy pants will do too)
Time for a reality check. You are in BUSINESS. You have to realize that there are bad people out there who do bad things. There are also good people who make mistakes. If you get smart and take more care with future relationships you can expect better results but you’ll also have to watch out for potential issues.
As much as we would like everyone to play by a nice set of rules, it isn’t going to happen so we may as well get used to it.
Let it go and move on.
I’ve seen entrepreneurs with huge potential crippled by a failed business partnership. I’ve also seen people with brilliant ideas crumble and give up because just one of their ideas was stolen. This is a terrible shame.
If someone has hurt you, it really is time to let it go and move on with your business. Don’t let the past keep you from exploring all that you have ahead of you. You’ve learned a lot from your experiences. Consider it a valuable degree in the business school of hard knocks and get back in the game.
Kelly McCausey, host of Work at Home Moms Talk Radio, has enjoyed a very positive business partner relationship with Nicole Dean and together they have shared their partnership experiences and perspectives in a complete resource designed to teach others how to find and develop great online partnerships. Easy Partnerships will open your eyes to the partnership possibilities around you. http://www.easypartnerships.com
I had a few bad experiences with online artist groups when I started selling my art online. I got so discouraged and allowed it to affect me far more than I should have. I no longer belong to any online art groups because of it, which I now know probably closed a lot of good business conncections. I look back and realize that these persons that hurt me were probably just insecure and felt threatened by my talent and business savvy. I trusted too fast too soon. I won’t allow that again. It’s hard when you feel the person was a friend, but you have to move forward and let go of that pain or in the end you will be the one getting in the way of your own success.
“I trusted too fast too soon. I won’t allow that again. It’s hard when you feel the person was a friend, but you have to move forward and let go of that pain or in the end you will be the one getting in the way of your own success.”
I totally agree with you / hear you there. Make sure you don’t close yourself off though. Be open to opportunity but wade into the water instead of dive
.
Thanks for the comment; Kelly wrote a great post.
This was a great article Kelly. Let me say that I am so weary of doing joint ventures. I came online skeptical and I still rely on my “skeptic wit” to guide me before I say Yeah or nay to any possible JV.
Great advise, I’ve yet to really venture into a partnership or joint venture, but I’m glad to get this advise BEFORE doing so.
Don’t be scared off though! Joint adventures can be great! It’s just like anything, use caution, but not too much caution, or could completely miss out on some awesome opportunities!
Great post Kelly! While I can only speak for myself, I think sometimes I’ve jumped “too fast” into something and having way too much on my plate in the beginning, along with not (focus) planning ahead, has caused some unstable projects. I’ve learned and am still learning from those with much more experience than I could ever give myself credit for. It’s the straight up, no nonsense content like this that keeps me balanced. Thanks
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