What is the number one trait you look for in a co-founder when looking to establish a successful business partnership? These answers are provided by Young Entrepreneur Council (YEC), an… Read more » The post 14 Traits Co-Founders Need to Build a Successful Partnership appeared first on Noobpreneur.com.
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Guest Article There is an African proverb, “If you want to go quickly go alone, but if you want to go far go together.” In business, often two heads are better than one. Many small businesses enter into partnerships to gain value and the benefits of someone else. One person might have the technical know how and the other partner might have financial resources and a great network. A partnership is when two or more individuals enter into a collaboration to build a business by bringing more value to their end customer while reducing their financial risks. Though despite a strong commitment to the partnership many of them fail, but some of these fatal and economic failures can be prevented. Partnerships, like most personal relationships, are not easy. They are built on trust, business philosophy and making sure everyone agrees on the expected economic outcome. To be successful in a partnership you need to understand the human agenda and primitive drivers of all parties. When you combine this with the organizational approach to the business, you’re much better equipped tor understand the reasons behind it’s success or failure. Many partnerships do not end on a happy note. Businesses dissolve due to poor communication, frustration, misunderstandings, and a lack of transparency, especially on financial issues. Many companies do not have documented processes and systems in place for HR, marketing, and operations, which is essential to keep the roles of each partner clear and to achieve maximum financial gain. When you enter into a partnership. It is important to understand that, each party has its own agenda, purposes, desires and expectations for the partnership. Each party should be open and honest prior to going into business together, otherwise ‘hidden agendas’ can result in conflicts. Below are the 7 key traits to look for prior to forming a business partnership. Commitment – Make sure you understand the commitment level of a potential partner. Strong business relationships don’t require all partners to invest equal amounts of time , money or energy, but it’s important to set expectations at the very beginning of business partnership…