THE PARTNERSHIP PLEDGE
Confucious said, “Those whose ways are different do not make plans together”. So very true indeed!
In reality, there are various attributes that need to be considered before one can decide on whether to operate one’s own business or partner with another. And experiences in the world of business have pros and cons to each side. In my opinion and experience, the question to rather ask is “am I capable of running the business and that too on my own”. And if the answer is yes, then solo is certainly the way to go.
Let me emphasize again, that there is no definitive answer to the direction in which and Entrepreneur should lean. But one thing is certain… a friendship founded on business is better and much stronger than a business founded on friendship. Great partnerships can be exceedingly rewarding.
MY FIRST PARTNERSHIP CATASTROPHE
In my world of Entrepreneurship, I have had several personal experiences, some of them being horribly disastrous.
The mistake I made then was helping my old-time friend start a business with me, who at that time was working with one of the leading tech startups in Pakistan but struggling hard in his life. He had dreams and obligations that weren’t attainable for him at that time.
I onboarded him without any second thought, capitalising the entire business (my partner had no money to invest… or at least that is what he told me), entrusting my partner with the reins of the business, and trusting his intentions before putting him through the test. I even gave him absolute authority to run the business. I accepted the fact that he would take care of the business and expected him to be “fair” to me as a partner. After all, I had enabled him to establish his own business. I was so naive and completely foolish. This was my first ever real business relationship and a very costly lesson was learned from this partnership. The words of my friend and mentor immediately haunted me, for he has said, “this world is very transactional and extremely unforgiving. Trust no one in business for they will use you till they need you; after that, you will be history”.
And history was; losing relationships I valued, broken trusts that could never be regained again, a couple of millions (which were recovered later), had to pay unpaid suppliers and creditors from personal monies and had to deal with certain issues as my partner abandoned the business. Luckily, I had a hidden “partner” in place who was always looking after me, and HE never abandons HIS partnerships with HIS people, The ONE and ONLY — Allah Almighty.
This episode taught me that emotions and misplaced sympathies have no place in any partnership or commerce and that as a businessman, I should think first from the head and then from the heart. I blame myself for this ordeal as my partner (I detest referring to him as such), had no “skin in the game” and no controls to adhere to.
CHOOSING A PARTNER
Human relationships are extremely complex and grossly misunderstood. A wrong business partner can not only ruin you financially but can also quickly convert you into a complete emotional wreck. Get the point!
Partnerships are not successful on a need-based basis. They require acts of courage; courage to take tough decisions together, the courage to face challenges together and the courage to stand up against any attack on business, the partnership and the partners. To be in partnership is to blend in and become one. Remember the motto of the Musketeers; One for all and all for one.
TRUST, HONESTY AND INTEGRITY
The nastiest part in a partnership is when one partner has to constantly look over his shoulder to reassure himself that he is not being compromised. Trust, honesty and integrity as vital values in any business relationship and should be understood upfront by both sides. Partnerships are based on trust, and trust is like oxygen for a business partnership.
Promises kept, expectations met and confidence in the abilities of others, all contribute towards allowing us to wade deeper into the relationship. If a partnership is to succeed, partners must check their egos at the door.
EXPECTATIONS
We all have expectations in our relationships — whether with parents, spouses, children, siblings, friends or business partners. Expectations are those tools that avoid all the “you should have known it” in our lives.
There are three distinct parts of successful partnership expectations.
First, expectations need to be clear and need to be documented and understood by each partner. The more vagueness and ambiguity, the more chance for later anguish.
Second, is doing what you say are you doing to do; adherence to the expectations.
Third, measurement of the expectation; this is where the rubber meets the road (Where the action begins)
PUT THAT HANDSHAKE IN WRITING
Remember that old saying, I see… I understand… I do, I remember… I write… I accept. Oral agreements are the cause of most partnership issues, especially when the going gets tough.
Put all your agreements in writing. Read them well, understand them, put pen to paper, agree on the final print, and then start working on the business with the expectation that you will never again need to look at those agreements.
CONCLUSION
In my final note, selecting a partner is most often a matter of intuition, you either feel good about the personal or you simply don’t. And if you don’t, do not sign up under any circumstances.
Remember, in life as in business, you an never change a person. You will ultimately land up changing yourself, trying to adapt to your partner and his ways of working and that is not good for the business or for your personal peace of mind.
Whether to select a partner of not is simply a matter of skills and need. If you don’t need to have a partner, you should most certainly not!
