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Topic : Going Solo or Partnering
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Startup World

 
Started by : Dayanand Deshpande, Senior Consultant, Ernst & Young   10 30 2008 10:57:03 +0000
Industry : Management & Strategy ConsultingFunctional Area : Getting Started(Entrepreneurship)
Activity:  13 views;  last activity : 07 18 2011 04:53:19 +0000

Business partnership is an excellent idea to develop your business and take it to new heights. However, it is important to make sure that your business partnerships works. Whether it is a short term venture or a long time commitment, it is important to know how to make it work. Lets share ideas/tips that will make sure that you start out right and keep up a partnership that will work well.

 
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1 2 3 4
1 Use Strengths of your partner
2 Have a common vision and mission
3 Setup individual goals
4 Can anyone help me

Use Strengths of your partner

idea posted by Dayanand Deshpande Senior Consultant, Ernst & Young
First identify your strengths , then your partners and use those strengths in best possible way. There are obvious strengths that you will find and it is important that you don't overlook them. You want to make sure that you use strengths that will help you both become more successful. This will also help to motivate each of you as well.
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by Sudeep Tarafdar, Senior Consultant, IBM  | 10 30 2008 11:06:12 +0000

Knowing each others strengths can be beneficial for the entire company. Ones strength can be used to back up other's weakness.     

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Have a common vision and mission

idea posted by Amit Madhav Senior Consultant, GKC
When entering into a partnership make sure that it worlds, you need to make sure both share the same vision and mission, writing down the common vision and mission for the partnership will help you as you along and serve as a reference for all that goes on within the partnership.
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Setup individual goals

idea posted by Sudeep Tarafdar Senior Consultant, IBM
Both set up individual goals, but make sure that your both goals will support the goal of your entire company and why you had a business partnership. Make sure that you take a look at these goals together and then follow how well you actually achieve them. This will help your business partnership work really well..
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Can anyone help me

idea posted by Suma Freelancer, Management & Strategy Consulting
I am a 35 year old woman, stepping out for the first time from the safe cukoons of salaried employment to free lancing as cost auditor. I have located a mumbai based firm to partner with. Now can someone tell me, how to draft this all important partnmership agreement. I will be very grateful for any good ideas
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