Comments on: How To Create An Alternative Source Of Income Part 2 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/ This is where your finance takes place Wed, 19 Nov 2008 17:29:38 +0000 http://wordpress.org/?v=abc By: The Financial Blogger | How To Create An Alternative Source Of Income Part 4 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2168 The Financial Blogger | How To Create An Alternative Source Of Income Part 4 Wed, 02 Apr 2008 11:00:42 +0000 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2168 [...] part 2 of my alternative source of income series I about people saying: “we should start a business [...] [...] part 2 of my alternative source of income series I about people saying: “we should start a business [...]

]]> By: The Financial Blogger | How To Create An Alternative Source Of Income Part 4 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2169 The Financial Blogger | How To Create An Alternative Source Of Income Part 4 Wed, 02 Apr 2008 11:00:42 +0000 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2169 [...] part 2 of my alternative source of income series I about people saying: “we should start a business [...] [...] part 2 of my alternative source of income series I about people saying: “we should start a business [...]

]]> By: The Financial Blogger http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2147 The Financial Blogger Sat, 29 Mar 2008 10:31:00 +0000 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2147 CR; I think you just identify the problem. The key to success is definitely not friendship but what can your friend (as any other financial partner) can bring into your quest of making more money. If the person you need to make your project live is a friend, it's even better. But the opposite (starting business based on friendship) is really not a good idea. CR;
I think you just identify the problem. The key to success is definitely not friendship but what can your friend (as any other financial partner) can bring into your quest of making more money.

If the person you need to make your project live is a friend, it’s even better. But the opposite (starting business based on friendship) is really not a good idea.

]]> By: Customers Revenge http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2144 Customers Revenge Fri, 28 Mar 2008 13:44:53 +0000 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2144 A friend with something to add besides friendship is great. However the business does not succeed because of the friendship, it is due to the other assets brought to bear. I think that a friend without ambition or skills or money will always result in a failed business and probably a failed friendship because the investment is asymmetrical. I've had it happen to me a few times where friends who were interested in doing something, but never put their time or money where their mouths were. A friend with something to add besides friendship is great. However the business does not succeed because of the friendship, it is due to the other assets brought to bear. I think that a friend without ambition or skills or money will always result in a failed business and probably a failed friendship because the investment is asymmetrical.

I’ve had it happen to me a few times where friends who were interested in doing something, but never put their time or money where their mouths were.

]]> By: Rachel @ Master Your Card http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2142 Rachel @ Master Your Card Fri, 28 Mar 2008 11:44:28 +0000 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2142 I have tried to run businesses with family members and my spouse. I found it pretty tricky as they just didnt have th drive and enthusiasm and positivity that I did. Maybe I am better off just continuing to work by myself! I have tried to run businesses with family members and my spouse. I found it pretty tricky as they just didnt have th drive and enthusiasm and positivity that I did. Maybe I am better off just continuing to work by myself!

]]> By: The Financial Blogger http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2133 The Financial Blogger Fri, 28 Mar 2008 00:43:37 +0000 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2133 Doing business with friends it definitely not an easy task. However, if you have people with the good "resources" as you said in your entourage, it will definitely be a plus to work with a friend. I did in the past and never regretted it so far. My latest partnership with my friend is just amazing. However, we are at our 3rd attempt to create something ;-) Doing business with friends it definitely not an easy task. However, if you have people with the good “resources” as you said in your entourage, it will definitely be a plus to work with a friend.

I did in the past and never regretted it so far. My latest partnership with my friend is just amazing. However, we are at our 3rd attempt to create something ;-)

]]> By: Customers Revenge http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2132 Customers Revenge Thu, 27 Mar 2008 13:59:54 +0000 http://www.thefinancialblogger.com/how-to-create-an-alternative-source-of-income-part-2/#comment-2132 I'm not sure what a "financial partner" is, but assuming you are talking about a business partner then I could not disgree more about your recommendation to seek friends. I have been in several businesses and least business schemes with friends and most have gone nowhere. You have to seek people with resources. This is a must. If you just need more "workers" then you are far far better off hiring people. To make a business work you definitely need to put together the winning business combinations including skills, money, ideas, etc. Unless your friends also happen to have the resources you need to add to you own then you will just be putzing around. Success in my businesses have only come once with a friend, and that's because that friend had capital to add to my own and skills to add to my own. To get more capital we added a silent partner. The other skills we needed we hired. Over the last two years that has been a very successful endeavour. My other businesses with friends have failed because we just got together with roughly equal skills and few other resources. I've gone through it at least 3 times and each time was the same. I agree with you that the spouse has to be supportive and able to tolerate the risks. My spouse is excellent in that regard. I’m not sure what a “financial partner” is, but assuming you are talking about a business partner then I could not disgree more about your recommendation to seek friends. I have been in several businesses and least business schemes with friends and most have gone nowhere.

You have to seek people with resources. This is a must. If you just need more “workers” then you are far far better off hiring people. To make a business work you definitely need to put together the winning business combinations including skills, money, ideas, etc. Unless your friends also happen to have the resources you need to add to you own then you will just be putzing around.

Success in my businesses have only come once with a friend, and that’s because that friend had capital to add to my own and skills to add to my own. To get more capital we added a silent partner. The other skills we needed we hired. Over the last two years that has been a very successful endeavour. My other businesses with friends have failed because we just got together with roughly equal skills and few other resources. I’ve gone through it at least 3 times and each time was the same.

I agree with you that the spouse has to be supportive and able to tolerate the risks. My spouse is excellent in that regard.

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