| Business partnerships are good when they are | | | | better still, has successfully ran that line of |
| entered into purely on business terms. Business | | | | business before, you've got a partner. Ignorance |
| terms implies that each partner, depending on | | | | and the lack of business acumen is the bane of |
| their degree of stake in the business shares in | | | | most businesses. |
| everything relating to the running of the business. | | | | -Get someone to balance your strengths. Look |
| This also applies for profits and losses. The main | | | | for a partner who has all the business attributes |
| focus, the raison d'etre of partnerships is the | | | | and skills that you lack. If you are very good at |
| growth of the business. | | | | product development and creation and are a poor |
| Partnerships are not for spouses,siblings, or | | | | marketer, a sound marketer is what your |
| friends. They are for partners who bring stuff to | | | | business needs.Your business grows stronger and |
| the table and see the relationship as it really is. | | | | faster this way, where you have capable hands |
| Success in business requires presenting and | | | | manning strategic positions. |
| working with accurate, straightforward information | | | | -Go for equal commitment. Ascertain that your |
| at all times, and negating emotional ties. | | | | would be partner has a track record of being |
| Business partnerships can be entered into for | | | | committed to their endeavors. Your business |
| various reasons, to raise more capital, to break | | | | would suffer if one party does more work than |
| into new markets, to develop a product, to fine | | | | they are expected to do. Spell out responsibilities |
| tune a service, etc. The list is just endless. But | | | | clearly from the onset and all party should show |
| remember, whatever the reason, business growth | | | | responsibility. |
| is the ultimate goal. | | | | Partnerships are quite interesting when they are |
| As you go into a business partnership agreement, | | | | run with the business in mind. The establishment |
| -Go for experience. If your would be partner is | | | | comes out the better for it, and so do the |
| more experienced than you business-wise, and | | | | contributing stakeholders. |