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Having Partners In Business?

Nov 17, 2007
Should we form business partnerships or should we just work alone?
Here are some of examples of the positive and negatives of working with partners shedding some light on the topic of working with business partners.

I think the biggest one edged sword or double edged sword about finding a partner is when for example when you have a team of 3 or 4 and one person is not as hardworking or one person doesn't create value, what happens?

The rest get jealous and say, "It's not fair, why is it that I am putting more work and I didn't paid the same. Jealousy sets in. That's how business breaks up.

With partners, you have to discuss, come to a consensus and sometimes, it takes up more energy and it drains you more by having all these internal politics than getting the business done. So that's the bad side to it.

In fact, that's what happened to my first mobile disco company. We had 5 partners. And these particular 3 partners, well for whatever reason, they didn't create as much value. So I was extremely frustrated and angry.

The other thing is decision-making. For example when you are alone, you just make a decision I want to buy this equipment. I want to get this business and you just go for it. But it's different when you have partners.

But I always believe more on the good side and that's why for all my businesses, I always have partners.

And the first good side of having partners is this, you share your problems. And you have that emotional support. It's not easy doing it alone, it's always easier to walk the journey with friends, like in the movie "Lord Of The Rings", how Frodo and Sam lasted the journey together.

The second thing is that when you work with partners, you get people who work for free. This way you can start with little money. When you start alone, you have to hire, you have to come up with money. With partners, they are willing to do it for free because they got shares in the company.

I would say the greatest thing about having partners is the synergy. When one plus one equals to ten.

Who's the richest guy in the world? Bill Gates. He's the richest guy in the world but Bill Gates only owns 20% of Microsoft. I know a lot of friends who own 100% of their companies but are broke. A hundred percent of nothing is nothing.

But 5% of something big is something. So don't be afraid of sharing. Here's another one of my personal experiences. There was one time I did my training business alone. And now I am doing it with a whole team of partners. What happened was, with a whole team of partners, I am making more money and I have fewer problems. That's the irony. That's the power of synergy.

Working with partners in a business is a super double-edge sword. Working with partners can either multiply your business by a hundred fold because there's synergy or it can totally destroy you.
About the Author
Adam Khoo is an entrepreneur, best-selling author and a self-made millionaire by the age of 26. Discover his million dollar secrets and claim your FREE bonus CD '6 Ways To Achieve Anything In Life' at Paving The Way To The Top.
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