Entrepreneurs, whether while starting up a new business or expanding their existing business, like to, want to or have to work with people, associates, and friends or with someone whose business sense they can trust. The reason is simple, that is, to mutually leverage each other’s ideas, style of work, skills, mindset and time with cooperation and teamwork. It is essential that we understand that making associations with a right set of people bring security, and stability; however, a partnership, if done with a wrong person, can prove to be disastrous to the extent that you might eventually have to sell or shut down your business.

 When I look back at my journey of being an entrepreneur, the one major factor that has always played in my mind while associating with someone has been the trust. I ask myself whether I can trust him/her with my millions or not. If there’s even an element of doubt, I do not proceed further with the partnership deal. After you answer the above question as “yes”, the only primary concern which is left is how to make the partnership work for you and the other one. Through this article, I would like to share a few means by which you can create a win-win situation in your business partnerships and make it work for both of you.

 

Seek common objectives and work towards them

Find a ground of commonality where you both want to work. Be honest about your requirements and put it on the table. And make sure that your potential partner does the same. It will help you visualize clearly about the common goals for which you both can work. It will also be beneficial in setting up the right tone from the onset as you both will come to know about each other’s weaknesses. Then, look into the prospect of whether the partnership boosts yours and your partner’s vision. The partnership will work best when shared values are met with passion and excitement.

 Setting up mutual benefits

It might sound obvious, but common objectives need to reap mutual benefits as well. Otherwise, there’s no point making a joint strategic plan. These expectations need to be put forward explicitly so that your potential partner can know what kind of deal he is getting into.

 Building a similar working style

There is something I have learned being an entrepreneur over the years which is that we are always small adjustment away in reaping much better results. Making a minor adjustment without sacrificing your core culture is very critical in framing a working style which is more or less similar to the potential partner’s working style. When you come up with similar work ethics through negotiations, it brings out mutual cooperation as well as sends signal to your partner that you’re ready to work with him and accept him as your partner. You will get the same signs from him as well.

 Agree to disagree

I have often seen that people get into strategic partnerships because they do not value their brand and often lose posture in the deal and subsequently in the business relationship. Remember, we all are humans and can have our disagreements over an important issue. That’s the time when you need to make a call whether to compromise or walk away from the partnership. Nobody is robbing someone by disagreeing. If the matter is substantial enough that it does not seem viable to work further together, then it’s better to end the partnership than force yourself into something which is not working.

 Protect yourself being in partnerships

A major lesson that I have learned over the years is that in business, nobody is your real friend but you. I have seen real blood betraying each other over the issue of sharing profits and other benefits. So, always document whatever the deal is and bind the agreement legally protecting yourself from potential theft and providing some flexibility for yourself as well as your potential partner to exit the partnership if necessary.

 

If you have any feedback, feel free to write at This email address is being protected from spambots. You need JavaScript enabled to view it. 

www.saritachauhan.com 

 

02 the instinct: Secret diary of a Businesswoman

  After completing my Bachelors in Business Economics, I went on to pursue my Masters in Business Economics if you are wondering why I never went for an MBA is

...

 

01 the beginning: Secret Diary of a Businesswoman

 This dates back to even before my business journey started, probably when I wanted to become an entrepreneur. My age was 20

...

Dhirubhai Ambani, working as an attendant in a small petrol pump, used to go to The Taj to have a tea worth Rupees 20 while his colleagues would drink it at a nearby kiosk which would cost around 2 Rupees. When somebody asked him about why he drinks such an expensive tea, he replied that the tea is only as good as the one worth 2 Rupees

...

 

How does it feel by talking to an old friend of yours from school, or an ex-colleague? How does it feel to receive a birthday wish over a call instead of getting a message on social media? There are intangible values and vivid feelings attached to sharing memories and

...

Entrepreneurs, whether while starting up a new business or expanding their existing business, like to, want to or have to work with people, associates, and friends or with someone whose business sense they can trust. The reason is simple, that is, to mutually leverage each other’s ideas, style

...

 

In life, in the job or as an entrepreneur, we are usually not subjected to such scenarios where we panic or get frightened by a situation to death; however, we deal with a certain type of fear that we develop gradually based on our experience and future projections.

...

Why do you need a business coach?

“Really, coaching is simplicity. It's getting players to play better than they think that they can.” - Tom Landry

...

What is the first thought that comes to your mind when you think about starting your own business? The funding for business? Am I right? If I am right, then you are wrong! Yes, it is true that any start-up comes into being after the first round of funding. However, if you talk to any successful entrepreneur, they will tell you that funding did give

...

I am a business woman. Looking back at myjourney, inspires me and tells me of a little secret that I have kept.

...

I have been receiving many questions about why people fail even though they have reached a good position in life. Here are 4 things that I could place a finger on and decided to write this article. Avoid these in your entrepreneurial journey and find success

1)     BEING COMPLACENT:
...

As the dictionary explains - an entrepreneur is someone who setups a business, taking financial risks, in hopes of making a profit. But anyone can be an entrepreneur if he/she has the following traits

  • PASSION

    Passion is the most essential if you are trying to become an entrepreneur. There are many who get

...

A trendsetter is one who starts something new and often leads the masses to the new age! Who we are is something that cannot be changed. Being a trendsetter is the requirement of the new age, need of the hour!

ENTREPRENEURIAL JOURNEY STARTS WITH…

People often want to become a leader and a

...

The Google Online Marketing Challenge is a unique opportunity for students to experience and create online marketing campaigns using Google AdWords. Over 120,000 students and professors from almost 100 countries have participated in the past 10 years.

Participate in the optional AdWords Certification category by studying

...