Partners in Business: Blessing or Curse?

Among the many important decisions when starting a business, the possibility of partnering with someone is one of them.

Sharing the financial burden, work and earnings is not easy.

And it is that the difficult part of this decision has to do with the fact that associating can be a blessing or a curse depending on the way you decide from the beginning to carry the rules of society.

The experience of many entrepreneurs shows that partnerships can work very well and create the synergy to build large corporations.

However, we must clarify that this applies only to those that have been formed under clear agreements and in a clear manner with an adequate distribution of functions.

In fact, this is the key for a business partnership to result in a powerful strategy for success.

By contrast, companies that start out with word-of-mouth, ambiguous, ill-defined partnerships and with little formal structures can fall into the trap of quickly becoming entangled in problems that lead to imminent failure.

The Partners in the Company

Other entrepreneurs innocently assume that the fact of partnering with a family member or a good friend is a sufficient guarantee that everything will go well.

And there is nothing further from the truth.

You must remember that a company is a huge challenge that requires the ability to face and solve various problems every day that require temperance, good sense and firmness that are not replaced with only a good friendship or “good wishes”. [te parece intersante ¡twitéalo¡]

So, if you are really considering the possibility of taking on the adventure of entrepreneurship with a partner, you must take into account some fundamental aspects so that you can start on the right foot and ensure that your business is on the path of success.

Here we share some principles and tips to consider:

Choosing the Ideal Partner in the Company

A good partner should be someone who:

  • Share the same business vision
  • Have similar values
  • Be a person willing to fight as much as you will
  • Be someone who shares the commitment
  • Have the ability not to run out of trouble
  • Share your way of managing finances
  • Complement your professional experience
  • Have skills that balance running the business

It is especially important that this person or persons be mature and trustworthy, since these characteristics are the fundamental basis for healthy running a company.

All partners must be clear from the beginning of the business relationship that not necessarily everything is shared equally. In fact, not everyone contributes the same and therefore not everyone receives the same.

Some partners will contribute capital. Others contribute time and manpower. Other machinery, equipment or your experience. Hence the importance of a fair, clear and convenient treatment for all in the proportion of their contributions.

In the next part of this post we will talk in detail about how to find that ideal partner and structure your company in such a way that the partnership really works.