Startup Resources: Making a Business Partnership Work

By Fernando Berrocal

The “Business Partnership” it’s a type of partnership that is becoming very popular in the Startup environment since it might be frightening to start a business on your own, especially if you're a first-time entrepreneur and you might see this last option as the easier route. Though there's a lot to do, and a lot of mistakes to make when taking this road. As a result, it's reasonable that you'd explore collaborating with someone to share the decision-making and risk. However, you must understand how to make a business collaboration work. If you're thinking about taking on a partner, consider the following statistic: around 70% of commercial relationships are doomed to fail in the end. In retrospect, people gain some valuable lessons from failed attempts when collaborating with a college. Many of these teachings may be useful to decide if you want to establish a business with a partner. Be aware that, while it may seem like a wonderful idea right now, you should consider whether you'll still feel the same way in the not-so-distant future.

When emotions are involved, no amount of foresight can assist you. It's tough to keep emotions out of something you're enthusiastic about like a business that you care about. Especially if you find you have opposing views for the performance of the business. Whose point of view is more valid? Which way do you want to go? It might be difficult to reach an agreement between two opposing points of view without using emotions. Feelings are going to be damaged; this is a fair warning.

Make sure your vision is truly aligned. At first, it appeared that you might have similar goals. But then you'll realize that your business partner wasn't communicating what he/she wanted for the business, or else you would have ignored what he/she said and assumed we were on the same page. Even if you are anxious to get your business off the ground, it's strongly advisable to spend more time preparing than you think you'll need. Talk about what you desire and how you envision the business expanding. Pay attention to your partner; because you should be completely aligned before beginning to file crucial documents or spend money.

Business Partnership



Don't allow one individual to have total control. The issue with business relationships is that there should be trust at the start. However, when things go wrong, that trust is broken. When things go wrong, you might not have access to whatever you need to keep the business going on your own. While you will have distinct areas of responsibility in the business, you will both need total access to all accounts and tools to make a business partnership work. Administrative access to all platforms is required for both partners; have that in mind.

Your friendship will most likely deteriorate. It's wishful to conclude that the story will have a happy conclusion. However, because business collaboration fails, you might not have a long friendship with the associated person. It's depressing. You could have a fantastic friend with whom you believe it would be enjoyable to establish a business. And perhaps it would, and perhaps it would be successful. However, before you partner, consider how you would feel if your friendship suffered or was destroyed as a result of this business. Is the risk worth it?

Business Partnership



Going solo isn't that awful if you can't work out a business arrangement. By no means this article is trying to advocate for every business owner to go it alone. We just want to emphasize that things aren't as bad as they appear. While all of the labor falls on one, there is freedom in being the single person who makes choices. You should not be afraid and don't have to go it alone, either. Even if you don't have a business partner, there are plenty of internet tools to help you with any questions you might have about operating your startup. To succeed, you don't need a business partner. All you need is the confidence to go it alone, as well as resources to turn to if you need a little push in the right direction.

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