In {many ways|some ways|many ways}, {business|enterprise} partnerships are {very similar to|similar to} marriages. {There is a|There's a} {fundamental|elementary|basic} {difference|distinction} though. {Unlike|In contrast to|Not like} the already {high|excessive} divorce {rate|price|fee|charge} in America ({According to|Based on|In accordance with|In line with|In response to|In keeping with} divorcerate.org, 50% of all marriages {in the|within the} US {end|finish} in divorce), some {studies|research} {suggest|recommend|counsel} that 60% or {more|extra} of {business|enterprise} partnerships fail {within the|inside the|throughout the} first 5 years of being in business. With {the odds|the chances|the percentages} stacked so {heavily|closely} {against|towards|in opposition to} partnerships, why are {people|individuals|folks} {still|nonetheless} {considering|contemplating} forming partnerships for {business|enterprise} ventures? The {answers|solutions} lie in {the benefits|the advantages} {of having|of getting} a {business|enterprise} partner.
1. Complementing Traits - If {both|each} {partners|companions} are good {complements|enhances} {to each other|to one another} {the benefits|the advantages} {may|might|could} outweigh the {risks|dangers} of forming an intimate {business|enterprise} relationship. A {well|properly|nicely|effectively}-chosen {partner|companion|associate|accomplice} can complement your weaknesses and {improve|enhance} your strengths.
2. {Built|Constructed}-in Redundancy - What {happens|occurs} to a {business|enterprise} if {the sole|the only|the only real} {owner|proprietor} has {health|well being} {issues|points}, or {wants|needs|desires} to take an {extended|prolonged} {vacation|trip}? With a partnership, {there is|there's|there may be} {always|all the time|at all times} {someone|somebody} there who can {continue|proceed} managing the business.
3. Sounding Board - An {equity|fairness} {partner|companion|associate|accomplice} in {your business|your small business|your corporation|your enterprise|what you are promoting|your online business} {generally|usually|typically} will {provide|present} you {better|higher} insights than {a regular|a daily|an everyday} employee. The stakes are {higher|greater|larger|increased} and {as a result|in consequence|consequently|because of this}, having an {equity|fairness} {partner|companion|associate|accomplice} in {your business|your small business|your corporation|your enterprise|what you are promoting|your online business} can {provide you with|give you|offer you} invaluable insights and opinions.
4. Economies of Scale - {Two} {people|individuals|folks} can {achieve|obtain} {more than|greater than} one. With {|two} or {more|extra} {partners|companions}, {you can|you'll be able to|you possibly can|you may} {participate|take part} {in more|in additional} {business|enterprise} {building|constructing} {activities|actions} than {if you are|in case you are|if you're} {on your|in your} own. It {looks|appears|seems|seems to be|appears to be like} {more|extra} {impressive|spectacular} to {the outside|the surface|the skin} world if a "Managing {Partner|Companion|Associate|Accomplice}" {shows|exhibits|reveals} up at an {event|occasion}, {rather|quite|somewhat|slightly|fairly|relatively|moderately|reasonably} than a "{Sales|Gross sales} {Person|Individual|Particular person}" or a "{Marketing|Advertising|Advertising|Advertising and marketing} {Manager|Supervisor}"
What are {some of the|a few of the|a number of the|among the} key {issues|points} {you need to|you should|you have to|you'll want to|you might want to|you must|it is advisable to|that you must|you could|it's essential to|it's essential|it is advisable|you want to|it's worthwhile to|it's good to} {consider|think about|contemplate|take into account} {before|earlier than} signing on the dotted line of any partnership {agreement|settlement}, and {how can you|how are you going to|how will you} {improve|enhance} your {chances of|probabilities of|possibilities of} succeeding in your partnership?
1. Date {before|earlier than} you get married - {Don't|Do not} rush {into a|right into a} partnership! {Make sure you|Ensure you|Be sure to|Be sure you} know {the personal|the private|the non-public} {life of|lifetime of} {your business|your small business|your corporation|your enterprise|what you are promoting|your online business} {partner|companion|associate|accomplice}, {as well as|in addition to} his or her {financial|monetary} {situation|state of affairs|scenario} {before|earlier than} you {decide|determine|resolve} to {partner|companion|associate|accomplice} with the person. In {many ways|some ways|many ways}, {your business|your small business|your corporation|your enterprise|what you are promoting|your online business} {partner|companion|associate|accomplice} will {become|turn out to be|turn into|develop into|grow to be|change into} a second {spouse|partner} in your life. {Make sure you|Ensure you|Be sure to|Be sure you} know the {person|individual|particular person} {well|properly|nicely|effectively} {enough|sufficient} {before|earlier than} {entering|getting into|coming into} in any {agreement|settlement} with him or her.
2. {Identify|Determine|Establish} Strengths and Weaknesses - {Make sure you|Ensure you|Be sure to|Be sure you} are {picking|choosing|selecting} {a good|a great|an excellent|a superb|a very good} complement to your {skill|talent|ability} set. {There is no|There isn't a|There isn't any|There is no such thing as a} {need to|have to|must} get a {partner|companion|associate|accomplice} with {the same|the identical} strengths and weaknesses as you. You {want|need} {someone|somebody} who {is strong|is robust|is powerful} {where|the place} {you are|you're|you might be} weak and vice versa.
3. {Explore|Discover} {each other|one another}'s values - If one {partner|companion|associate|accomplice}'s sole motivation is to {make money|earn cash|generate income|earn a living|earn money|generate profits|become profitable|make cash} and {the other|the opposite}'s to be a humanitarian, you {probably|in all probability|most likely} {end up|find yourself} having a conflicting relationship. {You will find|You can see|You will discover|You'll discover|You can find|You will see that|One can find|You will see|You'll find} out about {each other|one another}'s {value|worth} system {during the|through the|in the course of the|throughout the} "{dating|courting|relationship} {phase|part|section}" {such as|similar to|corresponding to|comparable to|akin to|reminiscent of|resembling|equivalent to} dinners, {meeting|assembly} {each other|one another}'s {families|households}, and {participating|collaborating|taking part} in {each other|one another}'s lives.
4. {Identify|Determine|Establish} clear roles and {responsibilities|duties|obligations|tasks} - Many partnerships are {formed|shaped|fashioned} {without a|and not using a|with no|with out a} clear understanding of {who is|who's} {responsible for|liable for|answerable for|chargeable for|accountable for} what. The {result|end result|outcome|consequence} {can be|could be|may be|might be|will be} chaos {and lots of|and plenty of|and many} arguments. {Identify|Determine|Establish} up {front|entrance} {who is|who's} doing what {in the|within the} {business|enterprise} {based|based mostly|primarily based} {on your|in your} strengths and weaknesses.
5. {Ensure|Guarantee} equal give and take - {Equity|Fairness} {in the|within the} {business|enterprise} {needs to be|must be} distributed evenly and just. If one {partner|companion|associate|accomplice} {puts|places} in {a lot more|much more} {money|cash} than {another|one other}, it {doesn't|does not|would not} make sense that {both|each} will get {the same|the identical} compensation and rewards. {Make sure you|Ensure you|Be sure to|Be sure you} {keep|maintain|hold|preserve} {track|monitor|observe} of the {commitment|dedication} {each|every} {partner|companion|associate|accomplice} is making {and provide|and supply} {for a larger|for a bigger} return for the {more|extra} {involved|concerned} partner.