I’m sure you’ve heard the success stories of people going into business together. Steve Jobs and Steve Wozniak joined forces to create the $2 TrILLION company we now know as Apple.
Microsoft, McDonalds and Google are some of the most notable examples business partnerships done right.
But partnerships like this don’t happen to everyone. Some people rush into partnership hoping for miracles. But just like in any other relationship, if you rush it, you aren’t going to last.
So in this article, I will outline the 3 reasons you DON’T want to rush into a business partnership.
1. You Don’t Know Them
It’s like getting married in Vegas by rushing into a partnership.
You don’t know each other well, there were probably drinks involved, and you’ll quickly end up separated.
Chances are the reason you’re rushing this is because you just met. You may have met at an event together or attended a seminar about business. Both of you think it’s a good idea to go into business together and start manufacturing Luxury Hammocks.
This is the biggest problem with it. you don’t know them, Luxury hammocks are not something that anyone would want to buy. Don’t make the mistake of going into business with someone you don’t know well.
Now I’m all for meeting new people and exchanging emails, but hopping into a business partnership like that is doomed for failure.
These are the 3 facts about someone you need to learn before agreeing to do business together.
- There are many reasons for their actions
- Their skills
- They are their values
It’s important to know their motives In wanting to become your business partner. They want to be your business partner.
Do they believe you have great ideas? Or are they looking to take advantage of your hard work ethic so they don’t have to do anything? Asking “why” will let you know if their motives are for both of your benefits, not just their own.
You should do your research before you become business partners. Learn what they know about skills. The Los Angeles Lakers wouldn’t draft someone without scouting them. So why would you go into business with someone who you haven’t learned more about?
Ask them about their values. People who share your values are likely to be the right kind of partners. If you’re a hard worker, you’ll attract other hard workers. If you value efficiency, you’ll draw in others with similar values.
Before you do business with someone, it is important to understand these things. You can think of them as requirements to become your partner. If you ask them those questions and you don’t like any of their answers, swipe left.
In other words, don’t rush in if you don’t know them. It will lead to confusion and conflict.
2. There may be different goals
The second reason you don’t want to rush into a business partnership is because Different goals might be possible. You must ensure that your goals align before you start a business relationship with another person.
It is crucial. Both parties have to know the other’s goals in partnering up. If your paths aren’t headed to the same destination, there are going to be a lot of disagreements.
It’s like going on a roadtrip with a friend in one of those old driver’s test cars with the 2 steering wheels. You want to visit Portland, while your friend would rather go to Miami. There’s no way that trip is going to be fun, safe, or quiet.
This is also true for a partnership. If your final destinations aren’t the same, neither of you are going to get there. It would be a lose – lose.
So before you decide to start working together, have “the talk”. Ask them what their goals are to find out if they’re consistent with yours.
They should be. To find out if they are interested in becoming business partners, continue to get to to know them. If not, don’t go into business with them. Sometimes the people that don’t make the cut perform better as a friend or someone you know casually.
3. You Don’t Need One
The third reason you don’t want to rush a business partnership is that you don’t need one. It may sound a little strange. What’s the point in me giving you these tips and questions to make sure a business partner is right for you?
You should only ask them the questions. You need to think about whether you really do require a partner.
I believe that you’re a very capable person and don’t really need to deal with the weight of a partner. It’s like in school when your teacher assigns a group project and you think it’s a good idea to partner with your best bud.
It’s a good thought at first, but somewhere between their useless comments and procrastination you realize you could’ve done it by yourself. That’s what I want you to realize.
Plus, money is a great way to buy almost everything. Most skills you don’t have, you can hire somebody.
“Why pay someone money to do something a partner could do for free?”
Yes, you have a point. Consider what could happen in the event that both of these situations go south.
Let’s say you hire someone to help you grow your online and media presence. Your followers start to drop and your audience starts shrinking. So you fire the person that wasn’t doing their job and look for someone else.
It was simple enough.
But now let’s say you have a business partner who’s supposed to help grow your online presence. However, he also starts losing followers and influence. You confront them and tell them they are suck. This leads to a big falling out. They want to go.
But it’s not like you can just fire them. Since they’re your business partner, you have to split everything 2 ways. What is the best way to divide your company in half? Your mailing list The trademark
That example is a bit extreme, but you get what I’m trying to say. Partnering is not always the best option in certain cases. And sometimes you don’t even need a second person because you can do it all yourself.
So that’s the 3 reasons you DON’T want to rush into a business partnership.
If you rush it, you’re not taking the time to see if they’re a good fit based on their values, motives, or skills.
And on top of that, you may not know what they’re driven by. Having similar goals is crucial to a successful business partnership, because you’re both working toward the same objective.
But it’s also important to realize that sometimes a business partner isn’t what you need. Whether it’s because hiring someone else would be simpler or you can do everything yourself.
Although partnerships can prove to be extremely useful and rewarding, it is important to take the necessary time. It is a smart idea to read this before making any sudden decisions.
The post 3 Reasons Why You Don’t Want to Rush Into a Business Partnership first appeared on Addicted 2 Success.