By Marvin Ng

The truth is that working with a business partner is more often than not, a challenge.  Like a marriage, a good business partnership involves commitment, trust, respect, and communication.  Some of you may already be in business or considering setting up a business with a close friend or even a spouse.  Our interviewees shared with me some of the things that they do to build an effective and lasting business partnership.

1. While planning the business, they take into consideration, each partner’s strengths and weakness as well as his or her interests.  It helps them allocate the business responsibilities and roles more effectively.

2. They have a clear understanding with their partners regarding things like:
• vision and goals of the business
• their business roles and responsibilities
• their time commitment to the business
• mutually agreed ground rules regarding the way business is run e.g. how money is handled or how business decisions are made

In most cases, they put this understanding down in black and white i.e. in the form of an agreement.

3. They are upfront with their partners and communicate with them regularly.  This allows them to bring up potential issues and resolve them before they turn into big ones.

4. There is respect, trust, and equity in the partnership.  They respect their partners for the contribution and value that they bring to the business.  They trust their partners to do their best for the business.  And they treat their partners fairly.

5. They set up clear processes for decision making and problem solving so that there is no ambiguity.

Do you have a good partnership?  If you do, please share with us how you and your partner have your partnership work!

COPYRIGHT(C) 2002 By Marvin Ng

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ABOUT THE AUTHOR:

Marvin Ng provides how-to advice on start-up and business issues.  Visit http://www.startupcafe.com to get useful start-up advice and interesting business ideas.  Become a subscriber of our online e-zine and draw inspiration and ideas from the stories of other seasoned entreprenurs.  mailto:subscribe@startupcafe.com