Why my startup failed ( Ed Harris . Forbes . New York: Feb 22, 1999 . pg. 18) MEET ED HARRIS. He learned the hard way that 50-50 partnerships fail more often than they succeed. Here's his story in his own words: In November 1996, I approached an acquaintance I'd known for about six months with an idea for a startup. After several meetings and some due diligence, we agreed on a 50-50 owner relationship. We filed as a California corporation in February 1997 and started bringing in revenue. In fact, we took the company from $1,000 to about $56,000 per month in less than a year, bootstrapping it all the way. We had everything going for us. My partner and I had built not only a company but a relationship. In all aspects of business and personal interaction, ours was a relationship built on mutual trust and understanding. (My partner was acting Chief Executive Officer - CEO – and Chief Financial Officer - CFO). But looking back now, I didn't question the financial status of the company enough. We didn't have a system
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This note was uploaded on 09/05/2011 for the course ECO 103 taught by Professor Mary during the Spring '11 term at FH Joanneum.