My advice on Business Partnerships to Aspiring Entrepreneurs at FATE Foundation

Why are small business owners scared about partnerships? A lot of people see all the wrongs in partnerships? Some of these beliefs are simply preconceived notions – nothing short of hearsay.

A while ago, I wrote an Open Letter to FATE Foundation alumni members; in it I stressed the need for partnerships and made reference to all the positive partnerships stories I know such as Twitter, Facebook, Google, GTB, Access Bank, Apple, Microsoft, HP, even our highly admired Blackberry (RIM). I could go on and on…..

 To put it simply, partnerships work! I say this everywhere I go. I believe in partnerships and I have no apologies whatsoever.

I do not by any means imply that partnerships are perfect or that some don’t turn out sour, in fact for most business owners it is probably going to turn out this way for a long time to come but not for me. As far as it concerns me, I am going to have perfect partnerships – I believe and declare it despite the fact that I have also been involved in failed partnerships.

These were my golden words of wisdom to aspiring entrepreneurs at a recent FATE Foundation class. The focus of my talk was digital marketing, social media, SEO etc. but in my usual down-to-earth style of speaking and communicating, I had to share a lot of personal experiences that truly got the students motivated and inspired.

Why own 100% of your own efforts, when you could own 1% of a combined global effort?

Is 1% too small? Not it isn’t, it just depends on the size of the company. Imagine if you owned 0.2% of Apple’s stock today, would you be a multi-millionaire or not?

Asking the above questions would help you change your belief system towards partnerships. There is nothing absolutely wrong with partnerships and believe me there are still good people out there, who you can do business with and have peace of mind.

Having said that, it is important for you to adhere to the following instructions if you must go into partnerships:

1. Get Divine Approval

Deuteronomy 32:30 says How should one chase a thousand, and two put ten thousand to flight, except their Rock had sold them, and the LORD had shut them up?

Yes! If you want the best kinds of partnerships, then ask God Almighty for guidance. If you are like me, then you can just ask him to show you a sign and humbly say come what may, “thy will be done.”

2. Hope for the Best

For as he thinketh in his heart, so is he: Proverbs 23:7a

This simply gives credence to the fact that if you are someone who does not believe in partnerships or negative about it, then I promise you that is what you will get.

So, if you want to enjoy your business partnerships then you have to become more positive.

Repeat these words from your heart;

Because I know there are good people everywhere, it follows there are good potential partners and that is exactly what I will attract always.

3. Documentation

Sometimes partnerships suffer due to lack of proper documentation.

I remember that one of the bad partnership experiences I had, was as a result of this but  foolishly I reigned curses on my partner saying; he was lazy and short of ideas. Now, I know better because if I had come up with a simple schedule of duties and expectations duly signed by each partner then that would have made a lot of difference in the business. 

I am sure, you can guess what happened to the business, need I say more?

No matter who the potential partner is to you, always come up with proper documentation duly signed by all parties.

4. Research! Research!! Research!!!

Yes, the fact that you have been given a fantastic offer does not mean you should jump into the boat without thinking deeply and finding out a bit more about your potential partner.

Always take a deep breath and carry out a bit of research on your prospective partner.

Bonus point: Finally be open-minded!

I shared with the class my goal to own be a minority shareholder in various forward-looking small businesses using a simply formula known as 10 X 10 = 100% – interested? Hit the contact button and lets talk.

Here is the funny part, immediately the class was over a young man-made me an offer to help him turn his “passion in profits” using my experience in life, business and Internet marketing skills. Guess my response to him? All the above points!!!

Remember, if you have any Internet marketing and SEO related challenges; then you are Free to get in touch with us at CFA Leverage.

I hope you found this helpful? Let me know what you think about partnerships and if you truly believe they work or are there other points that have helped you build a great partnership? Please share by leaving a comment below.

Stay happy and blessed :)