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  • Having partners in business

    Sometimes having partners in a business can be very helpful, it helps one makes the very best of decisions and help in the proper working of the business. But unfortunately some partners are just not it because they might even run down the business. Do you still believe we need partners in a business?

  • #2
    I don't believe in having partners in business.I think that unless the other person brings something material like skill then its not worth the hassle. I have seen so many partnerships go wrong. However sometimes we can't escape it because the other person maybe able to contribute financially. What I advise in this instance is that you have a solid partnership agreement that covers all eventualities, like what to do in the even of a disagreement, what to do in the event of a death ,what each of you is in charge of and how to dissolve the partnership. If a partnership can work it is a beautiful and fruitful agreement, but when it goes sour it can be messy. I also suggest that you have another source of earning income.

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    • #3
      Originally posted by jaymish View Post
      I don't believe in having partners in business.I think that unless the other person brings something material like skill then its not worth the hassle. I have seen so many partnerships go wrong. However sometimes we can't escape it because the other person maybe able to contribute financially. What I advise in this instance is that you have a solid partnership agreement that covers all eventualities, like what to do in the even of a disagreement, what to do in the event of a death ,what each of you is in charge of and how to dissolve the partnership. If a partnership can work it is a beautiful and fruitful agreement, but when it goes sour it can be messy. I also suggest that you have another source of earning income.
      You are really on point,I think having partners is inevitable but it will worthwhile to spell out all that should be needed and discarded in the business,that way anyone that is working against that would be shown the way out as early as possible. Sharing of profits and losses should be drawn before commencement of the business.

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      • #4
        Before getting a partner in a business, there are things that you need to consider. Having a partner in business is good if you don't have a lot of time to manage your business. A partner can also help you with the capital. You also need to consider if the potential business partner has the skills you lack. If yes, then you can have a business partnership with the right person and try your luck.

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        • #5
          Having a business partner or partners isn't bad at all especially if one has good and god fearing partners.Partners are there to assist,direct and move the company forward.But if they're not performing good roles then one is better off alone than having dubious partners.

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          • #6
            Originally posted by Inem View Post
            Sometimes having partners in a business can be very helpful, it helps one makes the very best of decisions and help in the proper working of the business. But unfortunately some partners are just not it because they might even run down the business. Do you still believe we need partners in a business?
            I believe its good to have partners in business. Especially if they are good business partners. The problem is its rare to find them.

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            • #7
              I prefer not to have partners. I don't want any arguments and conflicts in the future. It maybe helpful but dealing with relationship is much more difficult. I'd like to take the sole responsibility in my own business. This will take a lot of courage and determination. It will strengthen your ability and capacity. You will get to know yourself better thru the test of time.

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              • #8
                Having a business partner is indeed very helpful with the objective especially if you are both passionate with the endeavor. Progress is faster and as they say, 2 heads are better than one. However, we had a sad experience with a business partner before. He was the best friend of my husband so we trusted him. When the retailing business was already prospering, we didn't know that our business partner had registered his own business and was pirating our big clients. It was really a very sad experience that's why we swore not to have a business partner anymore.

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                • #9
                  I am not against people that want to go into partnership with any other person. One thing that I have noticed is that you will always be in that situation where you will be feeling that they are not doing the things that you want. So, trying to have every agreement signed out is the best thing to do on situations like this

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                  • #10
                    It depends on the individual. Some people work better alone. But in most cases, partnerships help a lot towards making faster progress. Healthy business relationships foster growth and positive benefits for each other. You learn to better manage your expectations. It also helps to have someone to keep grounded and focused on your goals.

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                    • mark8625
                      mark8625 commented
                      Editing a comment
                      That is true. It is all depends on the business partner that you would choose. Find a business partner that has not only have money for capital but also have a business minded to run the business. Experience is a huge plus. You must know that person very well. Dont ever do partnership in a stranger or you just met.

                  • #11
                    It all depends to the situation actually. If you can build a business with your own like you capital and experiences then you can do it all alone. Having business partner is less risky when it comes to expenses and idea. Always remember that two heads are better than one. I dont see any problem in business partner at all.

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                    • #12
                      As far as i know, having a business partner is not easy. Im a worker before in some coffee shop in my province,my boss has a business partner with their gaming shop. They had a fights because of the income in their business. But for me,it depends on the situation. If you can handle the business,you dont need to have a partner.

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                      • #13
                        Originally posted by Corzhens View Post
                        Having a business partner is indeed very helpful with the objective especially if you are both passionate with the endeavor. Progress is faster and as they say, 2 heads are better than one. However, we had a sad experience with a business partner before. He was the best friend of my husband so we trusted him. When the retailing business was already prospering, we didn't know that our business partner had registered his own business and was pirating our big clients. It was really a very sad experience that's why we swore not to have a business partner anymore.
                        Wow, humans can't just be trusted when once it comes to business they will just look for ways to outsmart one another.it was good you two were able to detect that and take drastic action become it becomes too bad.I think one should just be very careful.

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                        • #14
                          Well, depending on how big the business which you are trying to set up and run is going to be would go a long way in determining whether you are going to be needing partners for the business or go at it on solo mode.

                          Most times, it's the financial requirements in the business that makes one need partners to aid in the process of getting the business productivity growing on.

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                          • #15
                            Originally posted by mark8625 View Post
                            It all depends to the situation actually. If you can build a business with your own like you capital and experiences then you can do it all alone. Having business partner is less risky when it comes to expenses and idea. Always remember that two heads are better than one. I dont see any problem in business partner at all.
                            Yes, that's right. I've seen many business owners start on their own. I guess you could say that they're very determined. I'm sure that we all need help sometimes. So even if you're the sole owner, you'll still need connections with other people to grow your business.

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