A business partnership is a bit like a marriage. When you choose well for all the right reasons it can be a beautiful experience leading to joy, happiness, and great results. On the other hand if you go in blindly or do not choose well it can lead to stress, frustration, anger, and financial agony. A break up of a business partnership can equal that of the worst divorces imaginable.
So how do you choose well and ensure it delvers the good and not the bad?
While there are no guarantees and even the best of partnerships will have their ups and downs if you consider these 3 key elements you’ll be starting off from a positive, aligned, grounded position. The rest is up to you… and your partner.
3 Elements of A Perfectly Powerful Partnership
- Shared vision
- Respect of each others ideal life vision
- Complimentary roles and an agreed dream team
1. Shared vision – It is key to know if you are aligned in what you want to create together, why you want to do it, what you each want from your business as well as how you want it to look and feel (to you and especially to your clients).
2. Respect of each others ideal life vision – A business is meant to deliver the life and lifestyle you dream of, however you often end up living as a slave to it. Understanding each others dream up front will allow decisions that align with and support achieving them.
3. Complimentary roles – What do each of you want to focus on and tap into as your passion and talent and how does it compliment each other (both in working in your business – delivery, as well as working on your business – marketing, admin, etc.). Beyond this who else do you need in your businesses dream team (now and in the future) so you can continue to focus on your passion and talent.
By taking the time you need in open and honest dialogue with your prospective partner you will be able to set your partnership and business up for success. Steven Covey describes “Win Win or No Deal”. I would also add the possibility of a third higher alternative not yet considered by either of you. No deal is good. A third higher alternative is good. Win win, of course is the goal. Do not settle for lose win now. It will hurt more later.
To your success,
Brent
“Remember, life is meant to be embraced, enjoyed, and fully lived, not merely endured!”
Be an advocate of Entrepreneurial Freedom and the global movement of conscious creators. Please forward this to anyone you feel would enjoy the content. I appreciate your support in growing our community of entrepreneurs!
Beginning with a degree in exercise science and kinesiology, Brent Haydey has evolved over thirty years as an entrepreneur; building four businesses, and as a health, executive, and life coach.