How to make money in a business partnership? First find the right partner.
Find a partner for your business
When you think of a successful businessman or entrepreneur, there must be a sort of general image that you associate with a person like that. I always thought that people who achieved extraordinary results must be exceptional in their professionalism, posses the vast knowledge in the area they conduct business, be experts in the field. While this view is probably not very far from the truth, it is somewhat limited - I recently I discovered a new way of doing business. It allows to enter the areas which are not very well known to you.
This approach is most suitable for those of you who are pretty busy in your life, doing whatever you do for the living - which means your workday (or week) is pretty much filled in. It also works very well in case you really do not want to have a revolution in your life and change everything: quit your current job and devote 100% to the new challenge in a new industry. So far it sounds very nice: you not only do not have to be an expert in the area, but also you do not have to devote entirely to the new undertaking.
The idea is to form a partnership with a person that you can trust, a person of high integrity, a person that you communicate well with and a person that is pretty much hardworking. You, as a partner, have an idea for the business but not enough resources - be it time or experience. And you know some people in your network who might provide you with services for the new business (your partner does not have the contacts). So here you go: there is a field of cooperation with your new partner, where 1+1 > 2.
Form a partnership based on the golden rule: you and your partner should have some unique qualifications, knowledge, traits of the character, etc. that the second party is lacking. But you must understand each other (not have totally opposing views). And there must be a situation that without each other the business would not start at all, e.g. you have an idea, but not enough time to do it. Find someone who you can trust (and you have a good feeling about) to embark onto a new challenge.
More on that in my next post
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One Comment on “How to make money in a business partnership? First find the right partner.”
This is an excellent post. It’s important to find the right people and just as important is to be able to recognize the wrong people. Like any partnership, everything should be stated clearly including expectations. If a person is unwilling to do this, don’t work with them!
All the best,
R.W.