As an entrepreneur, you are used to juggling a variety of responsibilities. Even if you prefer doing it alone, the time may come when a business partner becomes an integral part of business growth and development.
It may not be easy to delegate responsibilities to someone who doesn't answer to you. On the other hand, it may be gratifying to have someone complimenting your skillset and sharing your worries.If you are thinking about a business partner, let's consider the pros and cons of such a collaboration.
Let's start with the pros:
Overall, a business partner shares your work, responsibilities, worries, and satisfaction while providing a fresh perspective, financial support, and professional opinion.
While it's possible to find a perfect partner, such collaboration is bound to come with some difficulties.
Just as you share responsibilities, worries, and work, you have to be ready to share decisions and profits. If the pros outweigh the cons, you may want to consider searching for a business partner.
When looking for a business partner, explore the following pools:
When choosing the right partner for your business, consider the following:
Many experts compare a business partnership to marriage. To make it work, partners need to have similar views, values, and goals. However, when you enter an agreement, you should work out a clear exit strategy.
Successful partnerships helped build great businesses like Apple (Steve Jobs and Steve Wozniak), Twitter (Evan Williams and Biz Stone), and Microsoft (Bill Gates and Paul Allen).
However, poor partnerships resulted in ruined companies like CBS Records (Clive Davis and David Wynshaw) and Rockefeller & Andrews (John D. Rockefeller and Maurice Clark).
It's hard to predict the outcome of a partnership. If you decide to invite a business partner, doing your best during the selection phase can set the stage for the entire collaboration.
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