Having an ideology difference with your business partner could be a major headache. I'm currently having a partner in my online snacks business. Selling snacks online seems pretty fun.The whole process starting in building a website, product packaging, inventory management, pricing and advertisement make it a very challenging yet (potentially) rewarding work to do.
When starting a business, I always feel that the first question an entrepreneur should ask is what we could offer to our customers that are better than our competitors. Whether it is the lower price, higher quality, better customer services or a mixture of all of them, you need an identity. Once you have that identity, you market it out to your target audience. That, in my opinion, is how one should approach building a business.
My business partner seems to have a difference opinion. The first thing he wants to figure out is the profit margin. We should only do what offers a great profit margin or even worse, we should only sell items that make more money. Profit margin is very important. It determines whether a business is doable in the long run. However, putting too much emphasis on making money will shift your focus away from building your own brand and company. In the end, building a company that offers what customers want is the only way to sustainable business. Profit margin will bring you short term cash (if you are lucky) but it is never a long term solution.
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