The partnership with businesses is delicate and are to be handled with care. The ratio of a successful partnership is very less in view of the fact that almost all partnerships fail. But if you look into those businesses who have a successful partnership, their success rates are much higher, had the same business partners would have done their businesses alone. The ability of successful partnership increases your graph of business intelligence. In this article, I am going to guide you with a few simple tips to follow while choosing your business partner and how to manage a strong joint venture.
Ethics are the most important things not only in businesses, but in every step of our life. There should not be conflicts in the ethics between you and your business partners. Before choosing your partner, make sure that you choose the person with analogous principles and ethics. Sharing of similar ethics by business partners mean a lot. There will be situations in the journey of your business when both of your decisions will try to conquer each other. During such crucial times, if you and your partner are the owners of common ethics, then every situation will seem solvable and will come to a calm decision.
Because Money Matters
Make sure you choose someone with a stable financial condition as your business partner. Because if he has got a continuous financial crisis, then it will be a problem in maintaining financial stability in your business. And of course, if you choose a person who has got financial conditions to be stronger than you, it will be an added advantage.
Do your best and never expect more from your partner. Even let him do his best in his own style because both of you are different people and both your capacities and expectations will be obviously poles apart. Expect more from yourself than your partner and also choose a person with similar thought process as your partner. Be confident and make sure your customer is blunt enough to tell you every good and bad about the business. If he or she is a person with a few words, then depending upon him will be a risk. But in case if you truly know him, then you will be confident about him. Trust him and let him know the same.
Make sure you and your business sharing friend share the same ambition. If ambitions are different, there will be a dark mark in your business and that dark mark may split your business. Sharing similar ambitions will keep both of you parallel in the journey and each one will be benefited from others’ success. If ambitions are not the same, you will start working for separate goals and honestly speaking, there won’t be any use of being business partners if you guys don’t work to reach the peak of the same mountain.
Another never to miss out quality in your partnership should be mutual understanding. You may be the one who works day and night without any break even during your Saturdays and Sundays while your partner may work from 9 to 5 in a very usual way and maintain a proper work-life balance. You have to be matured enough to understand and let go each others mistakes and have to consider them. Everyone is not the same and that’s the most important and key aspect to be understood. If you are working together, your goal is to reach your business target together, you don’t have to share the similar timings and you need not bother each other about it. The complete focus has to be given to your business goals. It is called maturity when you accept people with differences and their choices. It completely depends on you, how you guys accept each others’ differences without any detestation.
The partnership is always better than individual contribution. Find out you is good at what and make use of your togetherness. Discover each others talents and divide your responsibilities accordingly. If you are the tech geek and has mastery of systems while your partner is good in communication and maintains customer relations or vice versa, then these differences are wrapped up together to give a contrasting combination.
Follow these tips and always be supportive to your partner. Remember that before choosing a good partner the most important part is to be a better partner yourself.
(Disclaimer: This is a guest post submitted on Techstory by the mentioned authors.All the contents in the article have been provided to Techstory by the authors of the article. Techstory is not responsible or liable for any content in this article.)
About the Author:
Vaishnavi Agrawal loves pursuing excellence through writing and have a passion for technology. She has successfully managed and run personal technology magazines and websites. She currently writes for intellipaat.com, a global training company that provides e-learning and professional certification training. The courses offered by Intellipaat address the unique needs of working professionals. She is based out of Bangalore and has an experience of 5 years in the field of content writing and blogging. Her work has been published on various sites related to Hadoop, Big Data, Business Intelligence, Cloud Computing, IT, SAP, Project Management and more.