It’s a cliche that says: “Two heads are better than one!” It’s the same in the business world. As a part of a team, every partner brings something different that they bring to each “table.” Be it perspective, skills, and resources, judgment, or financial as well as motivation, determination, or creativity, The combination of these characteristics from more than two (or more) individuals is more valuable than one person. This is what makes partnerships effective.
Like a great union, the most successful relationships have a synergistic aspect. The result of the partnership is not just better and more powerful than the total of its individual components. The effect of multipliers is that it’s not just about taking the talents of each participant. Some kind of “magic” may happen that will surpass the expectations of all those who are involved and could be much greater than what either of the parties could ever achieve on their own. A few examples of this could be Laurel & Hardy, Dean Martin & Jerry Lewis, Thomas Edison and JP Morgan, the Google Boys (Larry Page and Sergey Brin), Microsoft’s Bill Gates & Paul Allen, Hewlett-Packard, McDonnell-Douglas, Bush/Cheney (or Bush/Karl Rove often called “Bush’s brain “]), “Pep Boys” Wilbur & Orville Wright, Coco Chanel & Pierre Wertheimer, Steve Jobs & Steve Wozniak (Apple) or the ice cream moguls Ben & Jerry.
KNOW THY PARTNER
To quote Socrates, I’d claim that in a relationship, that you should first and foremost know your partner. True, an excellent partner can be the difference in the difference in a business. But, the reverse is too, and a lousy partner could make a difference and hinder the achievement. The main question to consider is whether this person’s strengths match my weaknesses? In addition, do his weaknesses hamper my growth? Keep in mind that being joint owners, the company makes you jointly owners of the problem. It doesn’t matter if you or your partner is the one to blame. These are but a few of the reasons to be in an enterprise partnership. It is your responsibility to do your due diligence and make sure that the person with whom you’re signing a partnership agreement is verified. Communication is the primary component in this case. Knowledge is power, and knowledge is gained by constant and effective communication.
LOSING TO WIN
The critical element that makes the success of a partnership is each partner’s capacity to compromise. If you are adamant that you will always be in control and never compromise, then you’re probably not someone that will succeed in a partnership. Being adamant regarding how a specific job should be completed does not take into account the bigger picture– i.e., “what’s best for the business?”
Let’s say that you’d like to join a partnership. You think it’s superior to the “sole proprietorship.” What do you need to consider when making your agreement formal? Most would suggest that you establish the roles, responsibilities, and obligations at the outset to avoid confusion and conflicts. While there is a solid reason for this method, legal costs should be avoided during the initial stages of a “start-up.” There is time to complete legal formalization. But, the agreement must be made informally and then put in writing as soon as it is feasible. This is professional and ethical. In the end, money will undoubtedly be an issue eventually. The relationship should be legally defined and registered in accordance with the law. This will stop miscommunications, frivolous lawsuits, as well as unnecessary operational threats and will guarantee the stability of the company.
It’s not always easy to come together. There are going to be conflicts. Someone will have to lead, and there will be anger. We’ve all seen family members or business partners that aren’t related conflict, and the outcomes are often catastrophic.
The most successful relationships are built on an underlying element of respect and mutual respect. This helps to build the foundation for progress and cooperation. If petty envy, as well as “one-ups-manship,” enter the picture, collaboration suffers.
The distribution of responsibilities, as well as rewards and efforts, should be equitable. The assignment of responsibilities should be according to expertise, judgment, and abilities. The competent partners understand that it’s better for them to “give away” power. People’s power can be amplified by this sharing technique. But regardless of how it’s done, it must be done with a positive reason. The main goal is to ensure the achievement of the venture. The second most important aspect is to build the relationship (essentially management of the organization).
MAKING IT WORK
In spite of all the obstacles, hurdles, and mishaps, you are still looking to form an alliance. Choosing one that is the “right” partner is the first step. There is usually an inherent alignment due to shared interests, friendship, or concerns about family or a strategic mix of resources. Keep in mind to safeguard the partnership and promote its survival by cultivating the mindset that this is greater than either (or any) or any. Also, remember that there’s a rich and long-running tradition of long-lasting, lasting, and successful, and even famous partnerships. It is possible that you’ll be one as well.
Hendrick Ferguson is an incredibly talented man. He is a musician, as well as his novel “The Music I Love, The Business I Hate” is an essential resource for anyone who wants to succeed in this arduous industry. Hendrick is also the author of short stories and novels. His inventive spirit extends to other entrepreneurial ventures such as innovations and patents.