There are many successful partnerships in business. When two or more people get together to do what they are committed to achieve, often the magic happens. Many corporate successes have witnessed legendary partnerships. Microsoft began as a partnership between Bill Gates and Paul Allen. Hewlett Packard started as a partnership between William Hewlett and David Packard. Apple was founded in the partnership between Steve Jobs and Steve Wozniak.
On the other hand there are many partnerships that have failed due to misunderstandings, dishonesty, lack of shared vision and commitment. A partnership is a long-term covenant between two or more people.
When choosing a partner, be coldly objective. Try to evaluate potential partners without regard to emotional ties or just ‘friendship factor’. Draw up a set of criteria that you’re looking for and simply judge how well a potential partner lives up to it.
Here are few things to consider:
# Shared vision
Always find a business partner that shares your values, entrepreneurial spirit and vision for success. Your goals must synchronize. Make sure you are on the same page or find a new partner.
# Complement each other
Find a business partner who can complement you with their skills, expertise and experience to the business. Your weakness can be balanced and complemented with the strengths of your partner. Clearly define the function each of you will fulfill in the company. Stick to what you know, and let your partners take charge of what they know and are good at.
# Find a resourceful partner.
A partner with a strong business network, industry connections, client list, or certain credentials and expertise can also increase the value of your business and improve your chances for achieving long-term success. It has to be very clear from the beginning how each partners are bringing in value to the table whether its finance, expertise, sweat equity etc.
# Business ethics.
Get into a partnership with someone you can trust. Look for someone who values honesty and practices good personal and business ethics. If you cannot be on the same page with business values, it is time to reconsider your association.
# Mutual Respect.
This is an important element in forming any kind of partnership. Respect and trust are imperative for a successful team. Hence a trusted bond is always developed on mutual respect.
On the other hand, if you are choosing a complete stranger as your business partner, make sure that you do not rush into things. When you engage in partnership with total strangers or newly acquainted individuals, do a complete background check. Take legal help to draft the agreements and be clear about everything right from the beginning. Do not assume. Assumptions can destroy business relationships.
Business is an interdependent creative process of collective and joint efforts of many people and partnerships make the core team in every organization.