The small businesses in present day world are facing tremendous challenges from rapid growing competition , need for allocating resources and managing to make profit. In such time , partnership building is very much essential which helps in sharing risks , enrichment of knowledge and resources. However a partnership started with enthusiasm can end can end in to deep partnership troubles. This can otherwise be called as Partnersh*t as termed by Patty Soffer , a consultant in partnership and business sphere.
Many a times people think partnership is as simple as finding a financial cooperation and making a legal agreement to protect each others interests. However a successful partnership arrangement would be that which includes required participation in building the business and operational activities apart from resource allocation.
Before getting in to an arrangement of building a business together the individuals must understand the importance of the human resource and their abilities , weakness and threats to the business from any kind of incompatibility among the participants and threats. Once two companions understand each others strengths , weaknesses and working style things become much easier. When your partner knows that there is a need from his side to contribute and what he can expect from the whole business process , things become more easier.
By taking the help of a partnership consultant , who engages both the owners in knowing each other , spending time to learn the various aspects of partnership , building process of the partnership can become more fruitful.