Partnership business can be risky

[Alexandoy]

I am posting this based on my sad experience with a business partner. When you have plans of a partnership be sure to take the superior position, if you know what I mean. In a business partnership there cannot be 2 heads which means the partners cannot be on equal position. You will only allow to be the second head if you fully trust your partner. Anyway, as a partner you have to know the business operation in its entirety, you also have to know the suppliers and the major clients. That is to give yourself, as a partner with good exposure in the business.

 

[Augusta]

Life runs in circles every good thing comes with it's bad sides. In as much as partnership is an ideal thing to do in a business it also has it's bad sides. One bad side is dealing with a not too sincere partner. Such a partner is a threat to the business, same to other partners. Money issue can't be sorted out amicable with such a personal. So going into partnership needs one with good character and attributes like been trust worthy and very honest.

 

[Ahmedo24]

Partnership comes in different forms despite that it has it disadvantage I believe it has more advantages in my opinion. The issue of leadership role depends on level of financial commitment of the business or the knowledge base of the partners in the business. In the situation where both of you are not in agreement of who leads you could appoint a manager to over see the affairs of the business while you both serve as board members to oversee activities though ensuring you with the idea invest more and hold the leadership position or you rotate it.

 

[eenya00]

Finding a reliable and dependable partner in these time and day is a bit hard, especially as people tends to be very dishonest and mischievous, always looking for a way to outsmart you and potentially push you out of the business if it's possible. Before entering into any partnership make sure you have both a legal backing and also a strong legal agreement, because people do change.

 

[Donkiz]

The reason for partnership in business is to put resources together and form a bigger and better venture than the one each of you would have opened if you had started the business individually.

In business it's not advisable to go into partnership with someone that you don't know to an extent or someone that is not trustworthy. It's also important that both of you define the role of each partner in the business from the beginning, so that one person will not start feeling that he works more than the other.

 

[Seyesystem]

Partnership business is very complicated in doing partnership with any person make sure that the role and sharing formula is documented. Partnership business is very good to do especially when you have a good and reliable partners in the business but in order not to have future conflicts in the business you must have a documented partnership deed which will states the sharing formula of the profit, duties of every partners and other important things. In business many partners do have serious conflict but once you have the documented your partnership deed you will have rest of mind.

 

[Thosynho]

I am posting this based on my sad experience with a business partner. When you have plans of a partnership be sure to take the superior position, if you know what I mean. In a business partnership there cannot be 2 heads which means the partners cannot be on equal position. You will only allow to be the second head if you fully trust your partner. Anyway, as a partner you have to know the business operation in its entirety, you also have to know the suppliers and the major clients. That is to give yourself, as a partner with good exposure in the business.

I really can relate with what you are saying here. Having a business partner could be dangerous especially when the partner is the greedy type. That person could go any length to surcharge or outrun you. Lot of people got killed as a result of partnership in business. However, partnership in business has its own advantages too. Two good heads are better than one.

 

[cmoneyspinner]

I couldn't agree with you more. There has to be a trust relationship. However, in my opinion, the partnership can be equal or 50/50, as along as the duties and responsibilities are clearly defined. EXAMPLE: Cyndi Lauper, the famous pop singer, was struggling to make a name for herself in the music business for years. She and her husband worked together as partners, until one day he told her: You do “this” and I'll do “that”. Once that business decision was made, Cyndi Lauper became famous.

In my situation, I could never convince my late husband to work with me. But over the years as I made friends with people online, I found that some of them were very trustworthy. When they approached me with an idea, if it sounded like something I could do, I gave it a try. But I just recently had an experience with a partner. It was a ghostwriting arrangement. I got screwed over. That won't happen again!

 

[Yugocean]

I couldn't agree with you more. There has to be a trust relationship. However, in my opinion, the partnership can be equal or 50/50, as along as the duties and responsibilities are clearly defined. EXAMPLE: Cyndi Lauper, the famous pop singer, was struggling to make a name for herself in the music business for years. She and her husband worked together as partners, until one day he told her: You do “this” and I'll do “that”. Once that business decision was made, Cyndi Lauper became famous.

In my situation, I could never convince my late husband to work with me. But over the years as I made friends with people online, I found that some of them were very trustworthy. When they approached me with an idea, if it sounded like something I could do, I gave it a try. But I just recently had an experience with a partner. It was a ghostwriting arrangement. I got screwed over. That won't happen again!

When we have a plan with business partners, this is always what we have to make sure that we are not leaving everything with a partner. There is a saying, when you trust someone, then trust him/her blindly; this will either teach you a lesson for life or trustful partner. I also have a good example when I was introducing in cryptocurrency; a person contacted me for partnership, I started with affordable amount with some dogecoins and he was always returning on time with interest; later he took heavy amount and instead of returning also requested for fiatr support as he needed for business, I trusted him and gave him; now years passed, he still have to pay me promised 0.6 BTC which he will never pay, I know.

 

[Peppul]

No body likes to partner with someone to start up a business but we do it because of either lack of funds or another thing. It's not easy to partner with someone when it comes to business because most people who are into it have had bad experiences at some point. If I am to partner with a business then I will always make sure that am the leading head of that business so that you will have control over most of the business. Most times money has always been the problem when it comes to partnership business, who takes the highest shares and all, if all these are not settled with a written agreement before you go into the partnership business it's best not to involved oneself in it. For me if am going to go into a partnership business I always have my term and conditions layed out and if my partner does not agree to it then I look for another that is willing or I try and just get the capital to start up myself.