1. new frontier s e r v i c e s PARTNERSHIP

2. 2 new frontier s e r v i c e s TABLE OF CONTENTS 1.START A BUSINESS ALONE? 2.ADVANTAGES OF BEING ALONE 3.DISADVANTAGES OF BEING ALONE 4.PARTNERSHIP 5.ADVANTAGES OF HAVING PARTNERS 6.POSSIBLE CONFLICTS 7.SUCCESSSFUL PARTNERSHIPS 8.REFERENCES

3. 3 new frontier s e r v i c e s 1. START A BUSINESS ALONE? How am I going to be more successful? Is it essential that I work alone? Is it vital that I work with partners? (The Wall Street Journal 2010) Pros and cons

4. 4 new frontier s e r v i c e s 2. ADVANTAGES OF BEING ALONE Sole proprietorship More control and decision-making Quantity and quality: not everyone has the same working style and standards (Complete Business Start-up 2008) Tax benefits Less bureaucracy If failure it is easier to dissolve (Essortment 2005)

5. 5 new frontier s e r v i c e s 3. DISADVANTAGES OF BEING ALONE More risks and responsibilities Bare all the financial costs (Essortment 2005) Lack of objectivity Size restrictions: it might be more difficult for one person to organise and manage very big projects

6. 6 new frontier s e r v i c e s 4. PARTNERSHIP Written legal agreement: rules, roles, responsibilities, salaries, exit closes, expected behaviours Get to know your partner(s): values, personality, priorities... Pre-test your partnership: launch a small project. This depends on your time availability! (The Wall Street Journal 2010) Be careful when working with friends, friendship and/or business can get damaged Some good ideas fails because of the wrong mix of people

7. 7 new frontier s e r v i c e s 5. ADVANTAGES OF HAVING PARTNERS Share of risks (i.e. financial costs) and responsibilities (i.e. holidays, sick, maternity leave) Heterogeneity in ideas Innovative approaches More support, suggestion, recommendations and advice (Watters 2010) Additional skills and knowledge Possibility to rectify: being aware of individual mistakes, as other members may notice and let you know (Garvin 2010) More motivated staff: some people tend to be more motivated when they work for themselves (My Own Business 2010)

8. 8 new frontier s e r v i c e s 6. POSSIBLE CONFLICTS Financials, expenses, managing money: one of the most important reasons why business fail (Lehavi 2004) Different working style Ethics Goals (The Wall Street Journal 2010) Clarity, organisation and communication are essential to avoid conflicts! (Banker 2010)

9. 9 new frontier s e r v i c e s 7. SUCCESSSFUL PARTNERSHIPS Some examples of successful partnerships: Bill Gates and Paul Allen: Microsoft Warren Buffett and Charlie Munger: Berkshire Hathaway Corporation Steve Jobs and Steve Wozniak: Apple Niklas Zennström and Janus Friis: Skype

10. 10 new frontier s e r v i c e s 8. REFERENCES (I) Banker, M. 2010. Business Know-How.How to Resolve Business Partnership Issues [Online]. Available from: http://www.businessknowhow.com/startup/partnershipissues.htm Complete Business Start-up. 2008. Starting up Alone or with a Partner [Online]. Available from: http://www.completebusinessstartup.co.uk/starting-business/alone- partner.html [Accessed 17 November 2010]. Essortment. 2005. Advantages and disadvantages of a sole proprietorship. [Online]. Available from: http://www.essortment.com/career/advantagesdisad_smvq.htm [Accessed 17 November 2010]. Garvin, J. 2010. Gaebler.com Resources for Entrepreneurs. Why You Need Business Partners. [Online]. Available from: http://www.gaebler.com/Why-You- Need-Business-Partners.htm [Accessed 17 November 2010].

11. 11 new frontier s e r v i c e s 8. REFERENCES (II) Lehavi, D. 2010. The Seven Cs : Partnership Danger Signs. [Online]. Available from: http://www.powerhomebiz.com/vol145/partnership3.htm [Accessed 17 November 2010]. My Own Business. 2010. PowerHomeBiz.com. Should You Have a Partner? [Online]. Available from: http://www.myownbusiness.org/s4/#1 [Accessed 17 November 2010]. The Wall Street Journal. 2010. How to Start a Business with a Partner [Online]. Available from: http://guides.wsj.com/small-business/starting-a-business/how-to- start-a-business-with-a-partner/ [Accessed 17 November 2010]. Watters, A. 2010. Read Write Web. Going Alone: Thought on the Single-Person Startup. [Online]. Available from: http://www.readwriteweb.com/start/2010/07/going-alone-thoughts-on-the-si.php [Accessed 17 November 2010].

12. 12 new frontier s e r v i c e s Legal disclaimer: The sole responsibility for the content of this presentation lies with the authors. It does not necessarily reflect the opinion of the European Union. Neither the EACI nor the European Commission are responsible for any use that may be made of the information contained therein.