| Team sports prepare boys for the corporate | | | | partnerships are continuously undergoing this |
| model of business. Girls, however, typically play | | | | process of change. However, we are often not |
| closely with one or two friends. What great | | | | aware of the changes we're experiencing. And, |
| preparation for entrepreneurial partnership! So it is | | | | sometimes change is viewed as a threat to the |
| fitting, as women continue to start businesses in | | | | status quo. Successful partners embrace change |
| record numbers, that many are finding partnership | | | | and growth, knowing that this attitude benefits |
| is a comfortable format. In fact, business | | | | both their individual and shared professional |
| partnership works for women coming from a | | | | identities. |
| wide range of backgrounds and experiences | | | | Proactive Conflict Management Strategies. |
| including those tired of hitting the corporate glass | | | | Competing and avoiding are not effective conflict |
| ceiling, stay-at-home Moms, and women who | | | | management strategies for partnership. Instead, |
| want to turn their passions and their social | | | | successful partners will use proactive and |
| connections into business ideas. | | | | strategic approaches to conflict management such |
| Partnership brings a wide variety of benefits | | | | as accommodation, compromise and collaboration |
| including a sense of connection and someone to | | | | to resolve their differences. |
| cover when you go on vacation. On the other | | | | Shared Vision. Partners need a shared vision or |
| hand, many partnerships end in crisis and conflict. | | | | plan for the future. Vision is what determines and |
| To avoid partnership failure, your partnership | | | | expresses where an organization wants to go and |
| needs to possess the following seven | | | | how it intends to get there. A shared vision allows |
| components of positive partnership. | | | | partners to focus on their goals and the methods |
| Shared Values. Partners need a sense of shared | | | | they will use to achieve those goals. When |
| standards regarding what is desirable, undesirable, | | | | partners hold different visions they become |
| good, and bad. These values will guide partners' | | | | discouraged, overwhelmed, and disconnected. In |
| actions, judgments, and choices. Values, which | | | | order to create and effectively benefit from a |
| often carry considerable emotion, may range | | | | shared vision, four tasks are necessary: creating |
| from valuing family, prosperity, ambition, a work | | | | the initial vision, translating that vision into the |
| ethic, or a political persuasion. In addition to helping | | | | necessary physical actions, articulating and selling |
| partners make congruent decisions, shared values | | | | the vision to others, and holding true to the |
| serve to keep partners united. | | | | essence of the vision when reality changes the |
| Different (Complementary) Skills and Traits. | | | | plans. |
| Successful partners will possess different | | | | An Exit Strategy. It has been said that a graceful |
| (complementary) skills and traits. The broader the | | | | exit is proof of a successful venture. Without an |
| partners' range of skills, the clearer the division of | | | | exit strategy in place partners can be faced with |
| their labor (and power) can be. It may be easy to | | | | making crucial decisions at a time when they |
| distinguish the marketing person from the | | | | were least levelheaded. An exit strategy is a |
| technical person in a business but other necessary | | | | shared sense of when and how an alliance will end |
| variables are often not as easy to see. Michael | | | | and one should be included as the end-point in a |
| Gerber's classic book "The E-Myth" explains that a | | | | business plan. However, while planning for the end |
| business owner needs to play three roles, | | | | may be a critical aspect of owning a business, it is |
| Entrepreneur - the creative visionary; Manager, | | | | also one of the most neglected. Exits are easy to |
| the administrator who brings planning, order and | | | | avoid when the issue is not pressing and raising |
| predictability; and Technician - the craftsperson. | | | | the issue might sour the deal or suggest a lack of |
| Partnerships have a distinct advantage in that two | | | | trust. Four questions should be addressed when |
| or more invested people are available to perform | | | | considering an exit plan: what events might trigger |
| the three necessary roles. | | | | an end to the partnership; how will the business |
| Sense of Equity. Equity occurs when the rewards | | | | be valued at the end; which options for future |
| of a relationship are proportional to what each | | | | ownership are acceptable; and what post-alliance |
| side perceives as his or her contribution. Strangers | | | | ties and restrictions, such as non-compete clauses, |
| and casual acquaintances maintain equity by | | | | need to be included. |
| keeping track of the benefits they exchange. | | | | When you enter into a partnership that is strong |
| However, in long-term and more committed | | | | in these seven components you have the |
| relationships it is not healthy to keep track. | | | | potential to create synergy and reap some |
| Instead, a sense of equity should be established. | | | | amazing benefits. True synergy comes about |
| A perception of inequity (I am giving more then I | | | | when two (or more) people work together to |
| get) takes a tremendous toll on a partnership. | | | | create results that would have been unobtainable |
| Growing Together. From the moment we are | | | | independently. In a synergistic partnership |
| born until the day we die, we are in the process | | | | 2+2>4 and the whole is greater than the sum |
| of growing and changing. Partners and their | | | | of its parts. |