048 - 10 Awareness Tips - Before Taking on a Business Partner
While there are so many great reasons why one should take on a PARTNER for your business, it is so important to also understand and become very aware of what could possibly go wrong if you fail to be CLEAR before entering any PARTNERSHIP. On this week’s episode of The 2020 Entrepreneur World (T20E World) I am here to create better awareness as to what I have seen happen during my 30+ years in business both through corporate and small businesses.
In this episode I share with you 10 AWARENESS Tips that you should review before taking on a business partnership!
- OWNERSHIP. Percentages DO NOT change efforts.
- VISION. ALL must be on the same page.
- Similar VALUES. If you do not share similar values you may want to stop NOW.
- Developing the CULTURE, ROLES and RESPONSIBILITIES.
- SALARIES. Small businesses need to start small.
- PROFITS . . . Money is the root of all evil . . . will money change us?
- DECISION PROCESS. There needs to be a clear understanding and agreement.
- The RELATIONSHIP and RESPECT. Together as a team you can grow.
- End Result. What is your GAME PLAN and your overall GOAL.
- Make sure to have an EXIT plan for ALL partners as well as for the business.
It is CRITICAL that when you are thinking about entering a partnership for a business, that you must go in being CAUTIOUS and CLEAR. You must do your homework. Everyone needs to be on SAME PAGE!