By Ridge Yusuf
From friends and personal experiences, I have insight into partnerships, especially at small business levels. Some of these experiences are not pleasant especially where money and business concepts are stolen by other people who are said to want to enter the partnership. We are very thoroughly repeatedly when we choose a living partner in terms of relationships, but when it comes to business it is a different problem. Not the fact that other people have what you need is the problem. Some entry partnerships from capital while needing their business and some include blindly without good advice and hope for the best.
1. It is not possible to enter the partnership and succeed when you do not get information about what value you provide in terms of potential ideas.
2. The partnership entered by someone in need for example capital to fund a business and someone who is established can result in an uneven yoke relationship where couples who need submitting and in the end it might be an employee or former business owner.
3. It is important to realize that problems and challenges in business are temporary, do not sell yourself too cheap and create a permanent long-term commitment to solve a temporary problem, this is as good as selling someone’s birth rights.
4. Negotiate from the position of weakness and desperately need you at the mercy of “sharks” that do not have the heart to help others, but just want to take the opportunity and maximize your chance.
5. I believe in everyone given time and opportunity to succeed and superior. Understand time and be patient because your day will come. Don’t succeed quickly in business. Your vision must be interesting. This promise is to you and your children, involving other people unwise in what should be fully owned you can overthrow God’s will and withdraw your influence in your business.
6. Other people can see and recognize what value you do and they can project that your idea will be worth billions of dollars in ten years. Get rid of short-term thoughts and do not enter the partnership prematurely.
7. You may need an infusion while cash flows to improve your business which does not mean that you immediately share or equity to people who have money when compiling long-term or short loans will solve the problem.
8. Some of the largest businesses in the world are family businesses, which are partnerships between family members. I like this arrangement compared to other types of business partnerships, because even though the beginning of the family business may always grow without the owner falling into the upper commitment trap.
Business partnerships cannot be inserted lightly because when everything is wrong, you may have a little other thing you have taken by a hard creditor arising from a failed partnership. Be careful with who you are partnered, not everyone with good ideas or good capital that will make a good business partnership with you.
