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How To Go About Business Partnership As An Entrepreneur

Business partnership

Business ideas doesn’t just scale up on its own, there are series of investments that must have been put in the business to make it achieve that upgrade.

Trying to run your business alone can run you down in the sense that when challenges come because they will always come, you most definitely won’t be able to tackle them on your own because different approaches and expertise are needed for different challenges.

This doesn’t exclude the so called genius or guru because we all are human beings and there are certain things we aren’t perfect with, therefore finding someone who can help us with those areas isn’t a bad thing.

Due to these reasons, partnership remains one of the best approaches to follow when building a business that you are very much serious with.

Hi everyone my name is Timileyin and in this post I will be showing you how to go about partnership in your business as an entrepreneur.

CONS OF GOING INTO BUSINESS PARTNERSHIP AS AN ENTREPRENEUR

As much as partnership is highly rated, it doesn’t solve all business challenges.

A good example of a challenge to likely experience in partnership is the ability to successfully manage a healthy relationship with your partners so as to build a successful business.

One major cause of friction in partnership is the amount and type of people involved.

Having a spouse, close friend, relative, or even for colleague as a business partner may sound like a good idea due to the existing relationship that has been built between both of you from time past but things could turn around drastically and it could result in a night mare due to different activities, characters, commitment level exhibited.

Statistics have proven that about 30 percent of these kind of partnership succeed leaving about 70 percent failures.

Irrespective of these cons about going into partnership, if a mutual agreement about some things are done successfully then you have nothing to be worried about.

Below are some of the tips to hold on to when if you are in a partnership already or about going into one.

LEARN HOW TO MAKE GOOD ARGUMENTS

Argument doesn’t necessarily mean fighting and breaking the other person’s head, it doesn’t have to be physical issue instead it should be a creative one, a productive one, an argument that generates satisfactory results.

If you are in a partnership already and you and your partners argue all the time but you know that they are of great value to you and also to the growth of your business, one thing to do is to channel those arguments into a productive one and also channeling those arguments into a result that will strengthen your relationship instead of ruining it.

If you feel you cannot do it, you can hire a management coach to help you out.

One of the ways to make good arguments is to always try to always air out previous grievances with your business partners before a major meeting or before a major decision is about to be carried out.

 

BE PICKY WHEN CHOOSING YOUR BUSINESS PARTNERS

This is more or less like the foundation of everything, before you go out and start looking for partners, it’s best to outline the qualities you seek for in them.

This will serve as a map to know how to pick them but while doing so don’t be rigid as nobody is perfect, try to be a bit flexible so as to find the best fit for business.

If you are a business that requires funding from venture capitalists, when meeting with them especially for the first time, don’t give your whole self to them.

Try and have other several conversation with them to know who they really are and why they are actually willing to help fund your business as a partner. Ensure you do all these before attempting to sign any document with them.

FIND THE BALANCE POINT

It is important for you to bear in mind that rifts may try to occur as a result of a merger or an acquisition when running a business that is already established.

This may result in a rift because a merger doesn’t just combine the strength and ability of the companies involved but also requires that the two founding identities are combined.

In short, your chances of having experiencing success with your business partners is largely dependent on the number of people involved and the relationship established between you and them.

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