Compatibility in Business Partnership
Finding a business partner is easy, but finding the right business partner is difficult.
If you have an innovative idea and looking to start a business, you must know that growing a business isn’t a one-person job. If you want your organization to thrive, you need support – and that means fostering the right relationships. For this, an entrepreneur prefers the startup model.
A startup is a young company founded by one or more entrepreneurs to develop a unique product or service and bring it to the market. Usually, to launch a new startup – 2-3 friends, family members, relatives, or known people join together towards a common goal to make the venture successful.
Some of the key reasons behind the partnership are:
- Sharing startup costs and risks with one another.
- Combined skills and knowledge.
- More Business capital.
- Greater borrowing capacity.
- To pool complementary skill sets.
Starting a business with a friend can be one of the greatest experiences of your life. But here, you need to think long and hard about making this decision as a simple handshake between two partners, family members, or friends is not sufficient when your finances and reputation are on the line in a business venture.
There’ve been many examples of business partnerships that have paid incredible dividends. Steve Jobs and Steve Wozniak, Larry Page and Sergey Brin, Bill Gates, and Paul Allen – these are among the most famous business partnerships in recent memory. Each one brought something to the table that the other person needed.
But there are just as many examples of partnerships that have fallen apart due to personal relationship issues. Eduardo Saverin and Mark Zuckerberg were once partners on Facebook, but personal disputes led to a complete dissolution of the relationship.
A good business partner holds great potential to help you with the growth or fulfillment of your business. Unfortunately, many of the advantages of partnerships can also be disadvantages, statistics show that 80% of business partnerships ultimately fail as co-founders often mismatch on a thought level and could end up failing the startup miserably.
A good friend doesn’t always equate to a good business partner. Hence, it is very crucial to choose a partner wisely.
Why this Report?
When you work with a friend or a family member, your relationship will change. It’s inevitable. Here, IIHA’s compatibility in business partnership report offers you the way to not only survive but thrive in business.
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