What to think of a potential business partner who lie?

Discussion in 'The talk about everything lounge' started by LisaSimpson, Nov 26, 2018.

  1. LisaSimpson

    LisaSimpson Building Trust Entrepreneur

    I have an issue. One of my potential business partners pretended he was a successful entrepreneur. However, after investigating I discovered that he did make little money and lived on welfare. he has no work experience in other businesses in my field (Information Technology). And at the 30 years old, he is a beginner in this field while he made me believe that he is knowledgeable about my field.

    However, this individual has some ability to do so deliver some job. He did a website using basic skills. He didn't ask me for money or tried to scam me for now.


    Should I give him a chance or should I exclude this person as fast as possible? If you would like to share any story similar to this one, I would be willing to read it.
     
  2. negon

    negon hannibal the cannibal Mentor Group Business Angel

    I would not trust such a person. I know there is someone that said "fake it until you make it" however, if you are looking for a business partner I would not take on such type of person. The business live is harder than most can imagine that don't have to worry to get money on the table each day.

    Guys like the one you describe there may be day dreamers which I personally avoid. Have been there, tried it and will never do it again.
     
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  3. LisaSimpson

    LisaSimpson Building Trust Entrepreneur

    Thank you very much Negon I will follow your advice. Quite interestingly you described the personality of this individual. He did couch surfing for sometimes, traveling rather than doing anything. He was into personal development.
    In fact, He mirrors what i tells him to make me believe he knows about the IT field. In fact, he knows nothing.
     
    extremedox101 likes this.
  4. Cetme308win

    Cetme308win Building Trust Entrepreneur

    I agree with @negon.... A business partner that lied about his life... I personally won't trust him again....Yes business life is hard....but the abc of that should be something like "don't lie your partners and dont't lie your customers"
     
    LisaSimpson likes this.
  5. LisaSimpson

    LisaSimpson Building Trust Entrepreneur

    Your comments make sense. I document the story here because it may be useful to somebody else.

    Let me explain the background. This individual told me that he was a business owner. So I started to check his credentials, on LinkedIn, he had no details about his education or past positions, only his current position, which means the LinkedIn profile was useless. It had no information at all. Then I discovered that he did an additional job at the beginning of the year. So, it didn't make sense to be a successful business owner and do an additional job. He said he was also part of an IT recruitment agency. I checked this agency and discovered they had no employees. There were all freelancers and the agency was located in the middle of the countryside in a private home.
    This individual talks a lot but he did nothing. He presents himself as a specialist in IT but he does not have the background. Also, he made me believe he had a network of companies but I don't think it is true.
     
  6. veryhdwd

    veryhdwd New Member

    Separate by trust levels e.g.

    Trusted
    Selectively trusted
    Not trusted

    I would not trust him because he lies but because he seems like he is willing to work/learn and hasn't tried to scam you, I'd put him into the sometimes trusted level. See how it plays out but don't give him important tasks where trust is required. Also keep control.
     
    Cetme308win likes this.
  7. c4labs

    c4labs Active Member

    I will not trust him as well

    Even if you put the trust issue aside, will he be able to bring any value to you?
    Imagine splitting the profit 50% 50%, you need to require from him 50% of the work and you know that he does not have a lot of skills, correct?

    I did a mistake with one of my company, I trusted a guy who did not have enough skills that I was lacking of. When you select a business partner, it needs to be for good reasons otherwise, its like a relationship, better be single than in a terrible couple. Also, the main reason should not be money at the first place, its a plus/bonus but the person needs to bring you more than that.

    PS: He did not scam you now, but sometimes, some "partners" will wait for you to work for them. I consider it as a scam as well. You cannot work and be at 200% when someone is getting a 50% cut and will do nothing.
     
    LisaSimpson likes this.
  8. LisaSimpson

    LisaSimpson Building Trust Entrepreneur

    C4labs, it is exactly my situation. I wanted to pair with him for some skills that i was lacking of. However, i told myself that it was not worth it since his profitability value is real.
    Some people encouraged me to put him on a fair trust level and bring him some job. After thinking about it, it is better to work with someone who is honest, who is willing to work, is modest, who learns fast rather than somebody arrogant, liar and unorganized. This individual falls in the second group that why i excluded any type of business with this individual. This forum helped me to make a stand. It helped me to prevent myself to take any risks.
     
  9. c4labs

    c4labs Active Member

    Wise decision, its never easy but you need to make choices
    You will spend your time to watch him and check if he works, in the meantime, you will work less on your own stuff and you can even be toxic (for yourself and your business), it will change your mindset and motivation. I experienced it and I gave chances to the other one, it did not work out and I could have saved some time/money/stress (which is sometimes even more important)
    Good definition of a valuable partner, and as we said, if you have someone who can complete your skill set and bring the same amount of work to a mutual project.
    You share the profit but also the pain
     
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