In this year’s Outstanding Entrepreneurs issue, you’ll meet a variety of professionals who have found success whether they launched their venture solo or with the help of others. It’s one of the first crucial decisions one makes when beginning their business, so we asked these two experts for their opinions about the pros and cons.
Frank S. Keith
Director, Economic Development and Business Incubation, The Enterprise Center at BCC, Mount Laurel
“It is always very difficult to launch a new business solo. The chances of success are much higher if the business is launched in the supportive environment of one of New Jersey's 15 incubators. An incubator, such as the one at Burlington County College in Mount Laurel, not only provides low-cost space, but, by its very nature, provides a very supportive environment where the entrepreneur has access, on a daily basis, to mentoring and is in contact with other like-minded individuals. The success rate for a new business started in this type of economic system is substantially higher.”
Principal Partner, Summit Professional Associates, Cherry Hill
“Launching a new business presents many challenges, but the starting point is whether to go solo or with a partner. To go it alone, the planning, financing, marketing and expertise rests solely on your shoulders. The advantage is that the growth and success are not shared, and the winnings are all yours. However, having a partner who is invested alongside you can reap additional benefits if that person shares your passion for the outcome. Many successful partnerships are built on differing opinions, which is beneficial to help you see other perspectives. The challenge to a partnership is ensuring the other party is as committed to the business as you are. An airtight partnership agreement or understanding is critical as it defines each person’s responsibility from both a time and monetary commitment. The final ‘X' factor is the chemistry and could be the most important ingredient.”
Published (and copyrighted) in South Jersey Biz, Volume 3, Issue 9 (September, 2013).
For more info on South Jersey Biz, click here.
To subscribe to South Jersey Biz, click here.
To advertise in South Jersey Biz, click here.