Azima Business Clinic.
What to look for in a business partner-part 1.
As an entrepreneur you can start a business alone and grow it into a successful enterprise. But having a great business partner can help you achieve your goals even faster.
Many of today’s most successful companies such as Apple, Google, Twitter, and eBay – came to be as a result of succesful partnership. One of the most notable business duos is Bill Gates and Paul Allen, the founders of Microsoft. The two were childhood friends who shared a passion for computers and entrepreneurship.
Another example is Apple’s Steve Jobs and Steve Wozniak. The two Steves were friends from as far back as 1970. Wozniak was building a computer and Jobs saw the potential of making money from it. The two remained friends and business partners till Job’s death.
However, business partnerships are not all rainbows and butterflies. According to Noam Wasserman, a professor at Harvard Business School who studied almost 10,000 business founders for his book “The Founder’s Dilemma”, business partnerships can bring triumphant success or catastrophic disaster to a business.
Statistics show that the divorce rate for business partnerships is 80 per cent. A notable example of a failed partnership is Facebook’s Mark Zuckerberg and Eduardo Saverin. The two founded the company but according to Zuckerberg, Saverin was a lousy and absent partner at a critical point in Facebook’s growth. Zuckerberg ended up reducing Saverin’s shares to a minuscule amount and dropping his name from Facebook’s history.
Thanks to Zuckerberg’s determination, Facebook was able to survive the rift between its founders. Other companies haven’t been as lucky. There are many entrepreneurs who didn’t make it past the initial stages of their start-ups, thanks to lack of a suitable partner.
To avoid suffering the same fate, selecting the right business partner can’t be over-emphasised. In the next article we will share ways of 6 ways of selecting a business partner. What to go for when looking for a business partner.
With Profound Respect,
Coach Maina Azimio.
ICF- Accredited Certified Professional Coach, Conference Speaker and Corporate Trainer in Wellness.
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