Friday, July 24, 2015
Saturday, July 18, 2015
4 REASONS WHY SOME BUSINESS PARTNERSHIPS FAIL
Not everyone fails. Some succeed. Generally speaking, there is no smoke without fire.
1. LACK OF CLARITY AND SYNERGY- A lot of partnerships fail because they start out wrong. Two or more people meet at a fellowship, on a bus or in a bar and then decide to be partners. Often they merge based on excitement rather than content and the power that they bring to the table. Guidelines are regarded as secondary when in fact they should be primary.
2. MISTRUST- There is usually an environment of mistrust from the onset. Some partners want to be sleeping partners while the other partner works 24-7. There is no such thing as sleeping partner in business. Many start out well but soon or later the other partner starts to do shoddy deals behind the back of the other. A certain partnership (two people owned a truck and trailer together) fell apart because one partner (the owner of the horse) was doing deals and travelling all over Africa without the other partner (owner of the trailer) knowing nor benefiting.
3. INABILITY TO FUNCTION AS AN INDIVIDUAL- If as an individual you are a failure, you will still be a failure as a partner. In fact the more unsuccessful one is the less they must seek partnership.
4. NO LEGAL FRAMEWORK- Anything that is not written down is not worth doing. They say if you have no legal backing (contract) then you expose yourself.
CONCLUSION- There are many reasons why things fail and why they succeed. What ever you do, research your project, the people you are about to engage in and ask yourself if you truly need a partner. They say the biggest lesson from history is that many of us do not learn from history. If you believe in partnership please by all means go for it. Some of us do not speak from without, we speak from real life experiences. By the way, even marriage business partnerships must be scrutinized just as much.
God bless and enjoy business. It is better to grow slowly and steadily than fast and inconsistently.
Mubita C. Nawa
Author & Life Coach