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In challenge, success is based on others success.

The adage that two brains are better than one may explain why a lot of entrepreneurs and small business owners,  create partnerships. However, it’s not just those brains that should work well together. Partners’ personalities need to get along too.

As a serial entrepreneur who’s launched many companies, making a number of partnerships in the long way could bring the learning of some priceless lessons when creating those partnerships.

Among the most helpful tips that I’ve discovered is making sure that you get along with your business partner. It’s important to find someone who complements your skills, but don’t underestimate the importance liking one another.

Communication is another big part of a business relationship

There’s a great article from earlier this year about a long-lasting business partnership and communication is a theme that runs throughout.

You can learn many things about creating and maintaining partnerships during this past two decades. Although there are dozens of tips, here are five key lessons:

  • Partnership agreements: As I’ve mentioned in a previous post, I’ve been burned by not having the right agreements in place. It’s important for business partners to have clear partnership agreements drafted by attorneys.
  • Clear expectations: I’ve also learned the hard way that people, including business partners, can’t read my mind. I believe business partners should consistently set their expectations with each other.
  • Think about your clients: When evaluating a potential business partnership, I look at my weaknesses and what I need help with. I also think about my clients and what type of partnership would benefit them.
  • Mutually beneficial: It might sound obvious, but still should be noted. Partnerships should be mutually beneficial. In my experience, both sides need to gain something from the relationship for it to be worthwhile.
  • It’s ok to walk away: Like any relationship, a business partnership holds a great deal of promise. However, sometimes it doesn’t work out. That’s alright. Don’t stay in a business partnership if you believe it’s no longer viable. I’ve learned that it’s better to end the partnership and regroup than to force something that’s not working.

“For a better understanding to how to get started in achieving good partnerships, is taking in consideration the history in the early 1700s when workers gave way to machine operations and then the 1800s Henry Ford in mass production changed manufacturing forever, then came robotics, computers, lean manufacturing and the lean sigma. “

Each success is connected to get products out the door and now we got a connected understanding.


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