Based on my past business ventures, I can say, there is no perfect partnership, at least not one that lasts forever. People change as the time changes. Different dynamics influence on the ways we work, things we believe and perceptions we live in. You just have to be ready to accept those changes and learn to move on.

One of the reason, partnerships crash is the change is focus. In some cases it’s a breach of trust among partners. Sometimes one partner takes advantage of the others. Sometimes there is problem in leadership sharing. Sometimes, the partner you have chosen may not be a right match. To survive partnership, it requires a preparation, hard work and flexibility. I have lived through the extraordinary ups and downs of business partnerships and I know what it is like.

Partnerships don’t always work out. But for new business ventures it’s worth to have a partner. There is a big risk of business collapse if in case you are sick for several months or for some reason, your physical presence in business is not possible. If you have a partner, there is some one who keeps the business running in your absence. Not only that, in a good partnership, you see a good synergy - you put together your network, finance, skills, expertize and so on.. If you have partner, you have better confidence to do more in a short time. You are never short of ideas.

Partners must have a common vision for their business. As I mentioned above, people and their goals can change during the journey, but it must start out with a shared vision. If you find time to discuss on the evolving vision and goals, that helps elongate and make the partnership successful. Having a regular meetings to discuss on issues, directions and resolutions help partnership survive. If you openly discuss regularly, even if you have to separate, the departure becomes smooth. I have learned from my past ventures that we should be prepared for the worst from the first day of partnership. When people start partnership they never think and don’t plan for the easy exit or departure from the partnership. That make every partnership dissolve with hardship in relationship or even unwanted legal implications. There needs to be a mechanism quite well discussed and agreed if somewhere along the line your interests diverge. This about the worst situations. Having a legal document doesn’t always ensure everything, but I suggest you to legally bind each other.

If partners set their partnership based on the mission of the business, then it’s more easier to deal. If you are not meeting your goals, it’s better to separate. The relationship is based on the objectives. But most of the businesses partnerships are not established based on objectives.

Finding a right partner is one of the most challenging part of the partnership. The ideal partner is the one who complements your skills and who can share finance, values, success and goals of the business and communicate well. Although it’s not always possible but its worth to work with the prospective partner before you establish a partnership.

If you enjoyed reading my posts, then please Click Here to Subscribe to my RSS feed.