Shaf
Verified member
A business may have one or more partners, and while that might be a key reason it succeeds, a lot of business partnerships develop issues that can cause serious problems to the growth of the business.
This does not mean you should not engage in partnership, but knowing what causes such challenges and how to overcome them would greatly help you.
The most common cause of failed partnership is lack of communication and understanding of facts and issues between the partners. When a partner doesn't understand what the duties are, their role in the business and how much profit is made or shared, it will cause suspicion or grievances.
The terms of a partnership should be well laid out, discussed and accepted by all to ensure smooth running of the business. Any issues that arise later should also be discussed and decisions taken together.
Another reason is lack of commitment to the business, or misaligned goals and objectives. Some people still try to force force a partnership when it's clear it won't work out because of this. A partner who isn't interested in the business will only make things worse, and should gently leave the business instead.
Another cause of failed partnership is third party intervention. Whenever one of the partners starts allowing others to intervene, it may cause problems when the other partners don't agree with this view point.
This does not mean you should not engage in partnership, but knowing what causes such challenges and how to overcome them would greatly help you.
The most common cause of failed partnership is lack of communication and understanding of facts and issues between the partners. When a partner doesn't understand what the duties are, their role in the business and how much profit is made or shared, it will cause suspicion or grievances.
The terms of a partnership should be well laid out, discussed and accepted by all to ensure smooth running of the business. Any issues that arise later should also be discussed and decisions taken together.
Another reason is lack of commitment to the business, or misaligned goals and objectives. Some people still try to force force a partnership when it's clear it won't work out because of this. A partner who isn't interested in the business will only make things worse, and should gently leave the business instead.
Another cause of failed partnership is third party intervention. Whenever one of the partners starts allowing others to intervene, it may cause problems when the other partners don't agree with this view point.
