Partnering With Other Entrepreneurs

Partnering ( https://www.entrepreneur.com/article/220115 )

As an entrepreneur, have you ever thought about forming a partnership with another entrepreneur? If it would be successful or if it would fail? I found 7 partnership killers to avoid when deciding upon a partnership:

1. Sharing capital instead of expenses

2. Partnering with someone because you can't afford to hire

3. Lacking a written and signed partnership agreement

4. Overlooking a limited partnership

6. Expecting the friendship to outlast the breakup of the partnership

7. Having a 50/50 partnership

Why would you want to avoid those 7 partnership killers?

Sharing your expenses can make it easier to just walk away if an issue occurred between the partnerships. Partnering with someone just because you can't afford to hire may cause extreme issues. Always have a legal and formal written agreement that is handled by an unbiased attorney. Remember to have an exit strategy. Expecting to remain friends with your partner after the business ends? Don't go into the partnership 50/50. Someone needs a little more control than the other partner. Forming a partnership with another entrepreneur could be beneficial too. Here are 7 advantages of forming a partnership with another entrepreneur.

2. Diversity in skills

3. Different Perspectives

6. Networking opportunities

Ever partnership has good and bad moments throughout the relationship. Many partnerships fail and many also succeed. If one partnership fails then you will learn from it and can move on to the next partnership. Kimille Miller is in the process of preparing and planning for the future in Financial Services. Kimille is also enrolled in the Masters of Entrepreneurship Degree Program at Western Carolina University. Webmasters and other article publishers are hereby granted article reproduction permission as long as this article in its entirety, author's information, and any links remain intact.

"How people treat you is their karma; how you react is yours."

This quote from Wayne Dyer highlights one of the big truths of having your own business. Your choices define what happens.

Are you exercising your opportunities to make good choices? Exercise your freedom of choice to be responsive instead.

Make conscious choices about how you want to respond.

Responsiveness is also about really listening, deeply listening. Adapt to their style. A good example of this is Jeffrey's client Amy.

Jeffrey had been following up with Amy regularly, to define what she was looking for from Jeffrey as a real estate agent. Amy responded with short and often unclear replies.

Jeffrey likes to communicate by email. He finds it fast, easy, and productive.

With Amy's responses, Jeffrey was getting frustrated, and he found himself firing off responses quickly and without considering the tone behind them.

Amy finds email cumbersome. She's not a writer by nature, and she prefers to talk on the phone.

Those choices can make all the difference in your business income. When my client Kim and I worked on defining and choosing her ideal clients, rather than taking every project that came along, things started to shift.

She began to focus her effort around clients that were a great match for her and her business. Work began to have more ease. She increased her income.

Your business is built one choice at a time. One relationship at a time, one customer at a time. Making good choices about those relationships will help your business grow and increase the impact you have.

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— Rabu, 26 April 2017 — Add Comment