Become an Excellent Business Partner
A business partnership is a type of relationship between two or more people who share the profits and losses from a trade, profession, or enterprise. A partnership may be created by agreement in oral or written form, or it may have existed as an informal understanding. In either case, the parties to each side of the agreement are co-owners of what has been agreed upon.
1. Have a successful history together before founding a company.
A successful business partnership is about more than just the two people who make up an organization. It's important that they share a history together, and have worked closely in the past--the better their relationship has been working this out will be for both parties involved!
2. Agree on vision.
It is crucial that the co-founders of a new venture have an agreement on what their vision for the company should be. This includes both short term understanding and long term goals, which will help them avoid derailing from any potential challenges by having different views about where things are going wrong or right in terms with how customers may see it at some point down the line
3. Have the hard talks about money.
It's not uncommon for founders to avoid tough conversations when starting a new venture. They are excited about the idea and don't know if what they're creating will succeed, so it can seem counterproductive to get hung up on money matters as well. Some skip this whole part by saying that while there is equity split into 50/50, these discussions with investors don’t need to go anywhere too deeply because ultimately someone has won in any case!
4. Decide who the real leader is.
The perfect partnership is one where there's a clear division of labor. To lead, you need someone who has the vision and drives necessary to see things through--someone like me! The other side needs somebody else: an excellent planner with plenty of experience in execution details (like how to make something happen). Together we form "first among equals," but each person can't do everything on their own because then what fun would it be?
The ideal business team doesn’t just have two distinct qualities; instead each member brings strengths particular to them which complement those belonging separately from
5. Ensure you understand each others' commitment.
It's a great advantage not to have other commitments tugging at you when launching new ventures. However, that is rarely the case and frankly, it can be reckless to quit your day job before figuring out whether or not this venture will really work
6. Have compatible, vital skills.
It's interesting that this is related to the decision of who should be a leader. A venture founded by two programmers isn't doomed, but they would need outside help if both partners have similar skills or perhaps an expert in their respective fields because there can sometimes be only one person to lead at once (side note: startups are hard). That costs lots of time, money, and other assets such as synergy which may not always come easy within these circumstances so it might actually save you more trouble later on down the road when trying to scale up your business model
7. Have a plan for happily ever after.
.Few companies last forever; fewer founders can successfully navigate the transition from leading a small, dynamic company to one that grows into a big player, employing hundreds. In fact, the skills that lead to success in the first kind of venture often are the exact opposite of the kind that leads to success later.