Partnerships: An underutilized Asset
The importance of partnerships is most often understated and sometimes discouraged.
One of the most underutilized assets in the entrepreneurial world is partnerships. We might sometimes see "partnerships" as "compromise" or "dilution" of our original idea or project.
Nonetheless, they are some benefits of partnerships (either with an individual or organization) that can be invaluable especially that partner complements you or your business, and I will list a few below:
1. In partnerships, you can easily identify and fill-in a blind spot. This is critical especially when it comes to entrepreneur. We as an entrepreneurs are mostly too ambitious on our vision, which may blindside some objective decision-makings. With a partner, you have the opportunity to thoroughly analyze certain major decisions and that can "potentially" mitigate certain risks across the business. This includes operational, strategy, reputational risk, and much more (20 Types of Business Strategy).
Partnerships especially a "good one" amplifies and accelerates overall success of your company either through synergistic strategic, operational, or financial decisions.
2. Having a partner especially when starting a business helps you manage the emotional toll that comes with the process. I believe this is one of the most important value of finding a partner. From my experience, your startup can literally fail because you get "burned out" due to high demands of filling in "many shoes" early on. With a partner, you get to share both these demands as well as have someone process some of your thoughts along the way.
3. Lastly, partnerships especially a "good one" amplifies and accelerates overall success of your company either through synergistic strategic, operational, or financial decisions. This is highly critical when you're in market wherein timing and time is more of the essence.
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