The Best Working Relationships For Entrepreneurs
Jan 21, 2025
The entrepreneur journey can be lonely, especially if you are a solopreneur running your own business, wearing all the hats and shouldering all the responsibility.
These days it’s becoming more and more common for solopreneurs to work together with other solopreneurs on projects, and it can come with a lot of benefits.
Have you considered working together with another solopreneur?
Did you know there are different ways of working together from joint ventures, to partnerships, to collaborations?
Let’s look at the main differences between them, the pros and cons, and which one might be the best route for you to take on your entrepreneurial journey.
Entrepreneurs Working Together In A Joint Venture
The first way entrepreneurs can work together is in a joint venture.
A good example of a joint venture is if two or more entrepreneurs write a book together. When you sell the book, the money is collected and split evenly amongst the authors.
“When you collect and split money, it’s a joint venture.” Kim White
In comparison, if each entrepreneur writes their own book and then comes together for a book signing event, it would be a collaboration.
Both entrepreneurs come together for one goal. It benefits both audiences, and each entrepreneur gets paid directly.
“With collaboration, the money is an individual thing.” Kim White
A collaboration or a joint venture is an appealing way for entrepreneurs to work together for a period of time.
Entrepreneurs Working Together In A Partnership
“Partnership is forever until we end it.” Kim White
A second way entrepreneurs can work together is in a partnership.
Partnerships are a very permanent way of working together and they are usually good for a minute, but then life happens and everyone has different ideas of where the business should go.
Becoming one entity puts a strain on the relationship between two (or more) entrepreneurs. And for every single decision you've got two parties weighing in. It’s pretty hard to make decisions on a day-to-day basis and stay on the same page.
“I've not seen many partnerships last. I've seen so many come and go.” Kerry Zarb
In comparison, collaborations have a beginning and an ending. It's a specific thing for a specific period of time. There is clarity about the goal, and about the parts that each person is responsible for.
“Zero times I encourage people to do a partnership. To feel like you're going to spend the next thirty to forty years with somebody on the same goal is not a reality.” Kim White
Most partnerships end very badly. But if you come together for a short time, your businesses can make a bigger impact, compared to one business swallowing up another business.
Who's got the crystal ball? Who knows how life’s going to be in five, ten, fifteen years? Life changes, and we grow and develop as humans.
Entrepreneurs Working Together In A Collaboration
Collaboration is the ability to work together to come to the same goal. Each person may get a different outcome, but the goal would be the same.
When the goal is the same, it's easy to work together to accomplish something. It's different than a joint venture or an affiliate relationship.
“A collaboration is something very special in my opinion because when you collaborate on something at a high level, you get exponential results.” Kim White
Anytime you do a collaboration, it should benefit everyone. There should be no one who doesn't have some sort of benefit from it.
Before you jump into a project with another entrepreneur, think about what kind of relationship you want to have and be realistic about the pros and cons.
Our Groundwork Brigade is a community of like-minded entrepreneurs building relationships, and learning how to do successful collaborations on their own entrepreneurial adventures.
It’s a safe space to learn how to build a relational business using irresistible marketing strategies, tailored to your individual needs, in a group setting, with lots of accountability and support.
If you missed the conversation between Kim and Kerry on the podcast Buckets and Boom Gates, you can catch it here.
To connect and find out more about Kim or how to create a sexy business for a sexy life, you can reach her and the My Sexy Business Team at www.mysexybusiness.com.
