Becoming a Good Business Partner to Guarantee Success
Business Partner Manifesto was created as a guide for people who want to reduce the risks of establishing a business. One of the three major reasons why people fail in business is because of founder conflict- or the Ego of each member and the tension that arises because of it. I have personally experienced starting a business myself and it is not a piece of cake, everyone no matter how kind or good-natured and patient they are would experience conflicts- or funding issues. But this does not mean that there is no way around it. You can prevent some of the risky issues and lessen the conflict so you have a greater chance of succeeding in business.
If you are thinking of starting a business, or you are considering several business partners at the moment for a potential idea you want to bring into life. Then you must first read the Perfect Business Partner Manifesto. The book will assist in giving you sustained and healthy relationships-
While I don’t have the profound skills and knowledge to make the marriage work- because no one has perfected the formula of love- not even Prince Harry himself, but I do know a huge amount of strategies and tactics in business. The key in business is to collaborate with purpose in mind and work towards the same goal and know that you have each other’s backs all of the time. Trust is essential and camaraderie- Teamwork is the age-old recipe for business success.
If your business partners aren’t working as hard as you, its not a partnership its a sinking ship
Good Business Partner Vows
In marriage, there is a tendency to obsess about how one could become the ideal partner. The key is to find a partner that best suits their relationship and love style, as well as career and goals in life. Once you find someone that has the same likes and wants as yours then you are most likely going to the next step of getting engaged to seal the deal.
In business, there is a need to spend more time working on how we can also become the best business partner. How we can add value, and how can we reach upon a meaningful agreement with one another. The first thing those business partners should do is set up a Founders Agreement legalese. It is a set of legal vows on how both will work together.
My Sample Vows
- I promise to be available every day if you need to have someone to talk with
- I promise to sacrifice some personal goals for the good of the business project
- I promise to be open about my weaknesses and doubts
- I promise to give my full support and trust so we can achieve something
- I promise to always look through the situation before offering an opinion
- I promise to always observe and critique your actions so I know when to properly call you out if needed.
- I promise to be a responsible business partner and will show up for meetings as needed
- I promise to learn and improve every day
Marriage vows and business vows are of course different in nature, but they both require trust, patience, and commitment. Starting a business is crucial, it is a make or break decision and would involve lots of legal issues and problems in the future if you do not plan carefully. Before you make a full commitment you need to understand what you are getting into. Because if you don’t, then starting a business with a person you hardly know is also getting yourself into a situation that is likened to a bad divorce and no one wants that.
The goal is to achieve efficient business relationships, while there is no relationship that will not test your limits, you can at least put cautionary breaks.
Coming together is a beginning;
Staying together is progress;
Working together is success.
A business partnership should be thought of carefully, it is not a spur of the moment action. If you are going to invest your time and effort then you should have a set of rules and vows with each other. Promises that should be fulfilled on both sides so you can become good business partners with each other.
- Top Strategies For Better Decisions – Make the best decision upfront to avoid business partner problems
- 10 Rules for Scaling a Business – You’ve started up now grow it, (and avoid founder conflict in the process)
- When To Quit – Sometimes you need to carry on and persevere, sometimes you need to pack it in. (maybe the business partner is failing you)
Before you go
- If you think of any of your own Vows please add them below in the comments so I can amend
- I run The Growth Mindset Podcast covering all things self-improvement with a heavy focus on tech start-up. If you enjoyed this you’ll certainly learn more by subscribing.
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