Small Biz Chat: August 13, 2021
Partnerships: Pros and Cons
There’s a lot of moving parts when it comes to running a business. A partnership offers an opportunity to spread the work and the burdens but for people who like to be in charge it can be a challenge.
This week, Jennifer Denney and Lorraine Ball chat with Jon Tsourakis about the pros and cons of partnerships
What we discussed …
There are formal and informal partnerships. In both cases, you need to get to know yourself and the person you are thinking of partnering with.
Pro: Balance
If it’s a good partnership, it’s going to be balanced. Each partner can work on what their strong suit is and what they’re interested in, and vice versa. That is a force multiplier in itself.
Pro: Better Ideas
Another benefit to partnerships is, bouncing ideas off one another. As business owners, we can go crazy coming up with new content and such. As partners you can coach one another.
Con: Different Opinions
Sometimes in partnerships, it is hard to put egos aside. However, the fact of the matter is, you have to if you’re going to be in a partnership. You also have to be as direct as possible, even if the other may not like what you have to say.
Con: Making Decisions
There is going to come a time when someone has to have the final say. However, figuring out who has the final say may be a struggle in your partnership.
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