Three Signs of a Successful Business Partnership
Starting a business partnership can be an exciting and rewarding experience, but it can also be a challenging one. As someone who has had many business partnerships over the last 20 years, I have learned that there are three key things to watch for if you want to have a successful partnership. In today's day and age, these three things are more important than ever. In this article, I will share with you these three signs that can help you determine if a business partnership has a chance of making it or not.
🤝 Values
The first sign of a successful business partnership is shared values. Values are highly important because they determine how you approach business and what's important to you. When you're in a partnership, it's essential to have a clear understanding of what each partner values. For example, if one partner values their free time more than anything else, and the other partner values ambition, it can lead to problems. Similarly, if one partner is focused on making money, and the other partner is focused on doing good, it can lead to conflicts.
It's essential to have a conversation about values before entering into a partnership. If you're already in a partnership, it's never too late to have this conversation. Make sure that you and your partner are on the same page when it comes to what's important to you. If you have different values, it's better to know sooner rather than later.
🤝 The Constant Rebuttal
The second sign of a successful business partnership is the absence of constant rebuttal. When you're in a partnership, there will be times when your partner has an idea that you don't agree with. It's essential to pick your battles and not argue about every little thing. If your partner hears a rebuttal every time they have an idea, it can be annoying and lead to negative feelings.
It's important to recognize that some people are natural debaters, and they enjoy debating everything. However, if you're in a partnership with someone like this, it can be mentally exhausting. It's essential to have authority over certain topics and allow your partner to have authority over others. If you're constantly rebutting each other, it's a sign that the partnership is not working.
🤝 A Feeling of Inequity
The third sign of a successful business partnership is the absence of a feeling of inequity. Inequity can lead to resentment and eventually lead to the end of the partnership. It's essential to have a clear understanding of each partner's role and responsibilities. If one partner feels like they're doing more than the other, it can lead to negative feelings.
It's important to have a conversation about equity before entering into a partnership. If you're going to be heavy up front and not later on, make sure that you create a document that outlines this. It's essential to be clear about what each partner's role is and what they're responsible for. If there's a feeling of inequity, it's better to address it sooner rather than later.
Pros and Cons
Pros:
- Shared values can lead to a successful partnership.
- Picking your battles can lead to a more harmonious partnership.
- A clear understanding of equity can prevent negative feelings.
Cons:
- Different values can lead to conflicts.
- Constant rebuttal can be mentally exhausting.
- A feeling of inequity can lead to resentment and the end of the partnership.
Highlights
- Shared values are essential for a successful partnership.
- Picking your battles can lead to a more harmonious partnership.
- A clear understanding of equity can prevent negative feelings.
FAQ
Q: What should I do if my partner and I have different values?
A: Have a conversation about your values and see if you can find common ground. If you can't, it's better to know sooner rather than later.
Q: How do I know if I'm picking my battles?
A: If you find yourself arguing about every little thing, you're not picking your battles. It's essential to recognize when an argument is worth having and when it's not.
Q: What should I do if I feel like my partner is doing more than me?
A: Have a conversation about equity and make sure that each partner's role and responsibilities are clear. If there's a feeling of inequity, it's better to address it sooner rather than later.
Resources:
- [Onyx Podcast](https://onyxpodcast.com/)
