6 Things to Know Going Into a Strategic Venture

Most of you are going to think these are obvious and only a complete idiot wouldn’t know them, but after being involved in a strategic venture break-up, I thought I would re-post these as a reminder. Yes, there are some people who actually believe a verbal agreement is good enough to move forward. Those people almost always find these things out the hard way.

1. Be clear on all job responsibilities and have them on paper.
2. You must have contracts in place for everything.
3. Be aware of who you work with, and their work ethic.
4. Make sure there aren’t any cash flow problems.
5. Know the difference between an employee & independent contractor.
6. Have an exit strategy.

Do you have anything to add to this? If so, please post your advice in the comments.