I’m learning a lot on how to do this well but recently heard Seth Godin talk about a new perspective on starting a business with friends. Check it out on his Akimbo Podcast, Episode “Leverage and Gearing” at about 17:10.

Instead of allocating the winnings at the beginning, allocate them as you go. Make a list of all the responsibilities and to-do’s. As you get ‘wins’ each person who gave something got equity. Keep track and build up responsibility among the partnership.

Clarity of who’s doing what, what you get when you do it, and how to wrap it up at some point.

Photo of me, Kelly Hassman, and Anna Tragesser as we are starting Carnival Group. A few friends trying to figure out how to start a business together!