A partnership is characterized by mutual cooperation, understanding and individual responsibility.
Human beings are social animals, and partnerships constitute a major part of that social makeup. From marriage alliances to bringing up children or even running an establishment or business, the need and importance of partnerships cannot be underestimated.
While in personal relationships the motivation behind establishing and maintaining a partnership is driven by an emotional and social need, in a business venture partnerships are formed or entered into primarily as a means of furthering and improving the business.
Emotions are a vital part of the human psyche and in a personal relationship it is the emotional factor which acts as a powerful stimulant when it comes to ensuring the continuation and success of that relationship.
A business partnership on the other hand is formed keeping in mind the economic viability of the business. So does this mean that a business partnership is doomed to begin with in the loss of an emotional binding factor?
Surprisingly an emotional connection is not a criterion when it comes to establishing and maintaining a successful business partnership. The onus of success here lies with mutual cooperation and understanding.
Women as Business Partners
Women essentially are inclined to forming and maintaining social connections on a much larger scale then men, bonding comes naturally to us. Whether it is our families or friends or office colleagues, women are more capable and are apt at handling social networks and that is the reason why business partnerships between women entrepreneurs have a much higher rate of success.
Innumerable studies indicate that when it comes to sharing leadership and managing a business within a partnership, women excel at it.
Setting up a Business Partnership
Although the benefits of entering a business partnership are manifold for women entrepreneurs, at the end of the day individual perceptions is an important factor to consider in such an alliance and being a woman is no guarantee of a continued shared outlook.
In such a case it helps to know and accept this, both while entering and during the continued course of a partnership. As in a marriage, making room for differences of opinion is a vital factor if you want to continue sharing and working within a partnership.
Once you have established a working business partnership, what follows is a continued learning curve that typically should help you understand and find a common meeting point.
However if you are thinking of entering into a business partnership there are a few pointers that can help you understand, establish and embrace a conducive working environment:
Two parts make a whole: One of the key factors to consider is what each partner can bring into the partnership. Look at different individual contributions that will help you complete the picture.
Forming a partnership with someone who is just like you will only put a stop to any progress by way of offering two similar points of views when what you really need is someone who can offer and bring in something different.
Ensure you share the same values: A marriage and a business partnership are similar in one respect; two individuals with a separate set of values will always find it difficult to find a common meeting ground. Ensuring that both you and your partner share the same values is essential to a successful partnership.
Plan and address all doubts and conflicts: In any partnership it is natural to have areas of conflicts and differences of opinion. Planning in advance involves foreseeing and finding a solution to any and all of the difficulties you may face in running the business.
Make sure your partner is aware of your life plans: In life careers, marriages, moving and children are a natural progression. Sometimes you have to make room for unforeseen contingencies and although you cannot predict them, being prepared and keeping your partner informed of such plans is important at all stages.
Designate skill based roles and responsibilities: The best part about a relationship is that you do not shoulder the entire responsibility of managing and running every detail about the business yourself. However this aspect is also the most contentious area of a partnership. Who does what? Assign separate roles and responsibilities subject to each partner’s area of expertise.
Don’t indulge in power play: The need prove and dominate can consume the best of us. What you need to remember is that you did not enter into a partnership to demonstrate your power or leadership skills. Working in tandem is the need of the hour and that is the only way a partnership works.
Follow the rules of the game: Social, cultural and religious backgrounds can be different, however there are certain ground rules that never change in life;
- Treat people the way you would like to be treated. Respect and good manners never go out of fashion.
- Don’t say things with the intention of hurting someone intentionally.
- Don’t take and make things personal, remember this is a business partnership and your motivations should stem from the need to create and progress as a team.
- Keep arguments constructive and behind doors.
A woman was designed with certain qualities that make her indispensable and it is those very qualities that also offer her the advantage of succeeding in life. Whether she chooses to use those qualities in her personal or her business life, the results will always overshoot the expectations.
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