Do We Need a Partnership?

An effective entrepreneurial partnership is when two or more people work together and have different skills, ideas, and strengths. This makes their business better than if all of them were working alone.

It’s like having a safety net, a supportive friend, and a coach all in one. And it’s not just about feeling good with someone you like to work with. A study found that startups founded by teams were more likely to get money and not grow too fast.

For instance, let’s take a look at Apple. It wasn’t just Steve Jobs; there was Steve Wozniak, too. Their combined talents — Jobs’s vision and marketing skills and Wozniak’s technical knowledge — gave birth to the largest company in the world that completely changed it!

And who can forget the dynamic duo of Bill Gates and Paul Allen, the brains behind Microsoft? And what about Sergey Brin and Larry Page? Their partnership led to the creation of one of the most influential tech companies in history.

So yeah, the partnership makes everything much easier!

If we dive deeper into macroeconomics, then we’ll know how partnerships make everything more efficient. It’s not wise for one person to focus on everything at the same time.

Sometimes it’s much cheaper and better to delegate some of your tasks to another person.

You can be good at anything, but not at everything.

For some projects, it’s just enough to send some parts to outsource, but for others, it’s much better to have a person that will help you throughout the journey and that will share your vision.

Bad Partnership

Rushing into a partnership just for the sake of having a partner could lead to disaster.

It’s much better to not have any partnerships than to have a bad one, so think wisely before working with anyone!

You can find a guy who will first share some of your ideas, but after a while, you’ll start noticing how he just interrupts you from doing what you really want.

I had the same story; I thought that it was not a problem and that we could still work further.

However, it led to the destruction of the entire project and the end of work. It would be much better if I continued doing everything alone and didn’t spend time arguing with my colleague.

But it gave me a priceless experience that I can now share with you!

So, to summarize, you need to choose wisely with whom to partner and never do it because you “have to”. Nobody is rushing you; you need to be calm and strategic before doing anything, especially finding a partner who will be with you for the rest of your business.

Creating a Successful Partnership

So, how can you ensure your entrepreneurial partnership is good? Let’s look at it as a guide. I divided the whole plan into three different sections, so you won’t be lost while finding your partner!

It’s important to mention that I would highly encourage you to pay as much attention as possible to each of these steps. Because, as we said earlier, it’s much better to not have a partner than to partner with a random person or with someone you barely trust.

#1 Clarity is critical

Be clear about roles, responsibilities, and expectations. This might seem obvious, but many partnerships fail because this basic step is overlooked.

I’ve seen many businesses and small startups where “everybody knows everything”. In most cases, you can think that your partner understands everything, but it doesn’t work that way.

It’s the same as with marketing. Your client doesn’t understand what a bonus is, where a gift is, or why he should be happy. In other words, you need to clarify each of your steps, don’t hide anything, and directly say what you meant.

If it’s a bonus, then directly say that it’s a bonus. Make a special banner or an illustration representing the gift, and the client will be happy with this pleasant gesture from your side.

If you did something important but thought that your partner already knew about it, then it would be much better to tell him about it. Clarity has never done anything bad; nobody will look bad at you if you’ve decided to become open to your partners.

What is the purpose? In a nutshell, it would build trust in your team and partnership. Imagine if you saw that your partner wasn’t hiding anything and could tell you about each decision, even if it wasn’t that good.

It helps you to look at your partner as a friend, which makes the overall partnership better! Now let’s take a look at other steps for creating a good partnership.

#2 Communication is crucial

Regular, open, and honest conversations can preempt potential conflicts and ensure a smooth working relationship. Remember, it’s a partnership, not a game of charades. It’s like an addition to the previous advice.

You can’t clarify anything if you don’t communicate, so it brings you almost the same advantages as building a perfect partnership!

It’s also helpful to establish a communication plan from the beginning, so you both know what you’ve done through the whole journey.

Lastly, be open to feedback and willing to make adjustments as needed. It’s a partnership, so both parties should have a say in how things are done. You don’t need to show yourself from a bad perspective; be nice and always listen to others’ opinions.

#3 Complementarity is king

Your partner should ideally bring skills to the table that complement yours. If you’re good at creating the product and coding everything out, but bad at marketing, then your partner should complete the whole circle.

He should bring some skills that will not copy yours. These skills must add something new that will help you work further.

Another important aspect to consider is the personality of your partner. It’s important to find someone with whom you can work well, who shares your values and vision, and who also brings some skills.

Don’t rush into a partnership just for the sake of having one. Take your time to find the right person who can help you build a successful business!