There may be many of you who want to start your own online business. Starting a business by yourself often sounds scary so many people prefer to have one or several partners to start their business.
Starting a business with people who are already known and trusted can indeed help you to feel more calm and confident in starting your business.
Choosing the right business partner or work partner is one of the crucial things in starting a business partnership. If you choose incorrectly, this can affect your relationship with your business partners. If your business partnership fails, it will lead to something more detrimental, namely the failure of your business.
Reasons Why Most Business Partnership Fail
There is not much data about how many married couples put up a signboard together, but many couples manage to establish business together. If it does not work properly, to do legal separation in Oklahoma can help overcome this.
Many partnerships between couples, family businesses, or friends who experience success. For example the Amazon was founded by Jeff Bezos, his wife MacKenzie and some of his friends. Apart from that the idea of starting a business with someone you know (or you think you know) with close and trusting can be very interesting and sound promising. However, as is often said, choosing a business partner is more difficult than choosing a life partner, and many such partnerships fail.
Unequal commitment between partners
As a businessman will say, starting a business requires a large financial and personal commitment. As a sole owner, only you alone are responsible for the success (or failure) of the business. In a business partnership, you depend on the contribution of other partners, and if they are unable or unwilling to do the same level of personal or financial sacrifice, it will result in hatred and conflict in the end.
Partnerships based on one partner make greater financial contributions and other partners who promise to take greater responsibility and do more work may make sense in theory, but this is difficult to measure and describe in a partnership agreement. If the partner cannot keep his promise to take on greater responsibility and work harder, of course this will affect the success of your business.
Likewise, it is difficult for partnership members to truly dedicate time in business when he has other responsibilities. Someone who has other business interests or a small child and a partner who also works, for example, may not be fully committed to conducting a business partnership.
Uneven contributions among partners may not cause problems if understood beforehand (and fully articulated in the partnership agreement), but there is a high probability that this could be the beginning of a dispute between partners.
Business partners do not trust each other
It must be realized, the thing that destroyed the partnership quickly was the lack of trust. Chances are that if the person has a history of stability and ethical behavior, they will become reliable business partners.
Before you start choosing your prospective business partner, it’s a good idea to carefully examine your potential partners. Finding the right business partner does take time. Use your time as much as possible to find the right business partner so that you will not experience difficulties in executing your business.
If you have found a partner that you feel is suitable and appropriate, make a comprehensive written partnership agreement. With this agreement, your chances of having a successful long-term business partnership will be even greater.