Should I take him as a partner or start business induvidually?
I have no business degree and want to start a business. I do have basic business education, a burning desire to start a business, and some cash, enough for the kind of business I plan to start.
The problem is this: I have an uncle whom I thought would be a mentor to me. But he wants to / hints that he wants me to start the new venture (mine) in partnership with him. He aint a bad guy…but mom tells me otherwise not to involve biusiness with relationship. She knows my uncle (her brother), more but sometimes her dicissions are emotional rather than logical . Uncle has been in business for more than 17 years.
What do I do. Should or shoudnt I make him my partner.
By the way Im 23 and I live in India whereas my uncle lives in America. I want to establish the business in India.
Thanks u guys! What informative and thoughtful answers. Before I was about to ask I was apprehansive about how could anyone understand my situation but now I know I did the right thing 
Bes of luk to both Samir and edouble!
P.S: thats what I like so much about the business community.
Partnerships can be tricky in the best of situations, with an older relative half way around the world, it could be pretty tough.
If you think he may try to dominate the partnership claiming his many years experience versus your lack of it, you could end up very unhappy.
Business experience is a funny thing, I bought my company two years ago and took it from a company that wasn’t making money to one that’s making quite a bit of money. How did I do that? well the former owner despite the fact that he had worked in the field his whole life, over forty years, and ran the company for twelve, had allot of gaps in his general knowledge of how to run a business.
His years of experience weren’t worth much, they just kept him afloat.
You seem to be an intelligent person, you don’t need a degree in business to be successful in business. Keep your eyes and your mind open, and your cost low and you’ll do fine.
Tell your uncle you value his advise and hope he will help you but you need to do it yourself, make your own mistakes, that’s the only way to learn.
Good Luck
October 24th, 2009 at 7:10 am
Partnerships can be tricky in the best of situations, with an older relative half way around the world, it could be pretty tough.
If you think he may try to dominate the partnership claiming his many years experience versus your lack of it, you could end up very unhappy.
Business experience is a funny thing, I bought my company two years ago and took it from a company that wasn’t making money to one that’s making quite a bit of money. How did I do that? well the former owner despite the fact that he had worked in the field his whole life, over forty years, and ran the company for twelve, had allot of gaps in his general knowledge of how to run a business.
His years of experience weren’t worth much, they just kept him afloat.
You seem to be an intelligent person, you don’t need a degree in business to be successful in business. Keep your eyes and your mind open, and your cost low and you’ll do fine.
Tell your uncle you value his advise and hope he will help you but you need to do it yourself, make your own mistakes, that’s the only way to learn.
Good Luck
References :
October 24th, 2009 at 7:34 am
Sometimes starting a business with a relative can be a good decision. It all depends on how much you can trust your uncle. If you feel that there is a chance of possible problems you might want to start it yourself or a friend. If you decide to start it yourself makes sure you do good research.
But if you think that there will not be a problem that you should start it with him and make sure to keep the relationship professional.
Starting a business is all about your call,you make the decisions.
I too am an Indian living in America, so i can relate to what you are asking.
Good luck
References :