Business Partnership

Business Management

                                             

It is great to have a business partner who can bring financial resources, and other contributions to the business. A partner with a strong business network, industry connections, client list and expertise can also increase the value of business and improve the chances for achieving long-term success. 

The partnership as a whole will benefit from each individual partner, the organization seeing tangible value added to their organizational goals and priorities. The most important attribute for a successful partnership is trust. Look for someone who values honesty and practices good personal and business ethics. 

It is clear that partnering is not a low-cost, quick fix or risk-free option. A poorly chosen business partner may end up stealing from the company, taking his ideas or clients to start their own business, or breaking laws that could get business into legal trouble.

Bad business partners do not keep their word and will make excuses. They are inconsistent and not trustworthy. Disagreements between business partners that continue for long periods produce resentment, waste of time and impede effective management of the business. Partnerships are legal bonds, if they go bad, the breakup can also go badly. 

Misunderstandings over money and entrepreneurial vision can ruin even the best of friendships and other personal relationships. It is therefore in the interests of each partner to be aware of and to contribute to lowering the risk for each partner organization, wherever possible.

Aiyan Thiruvalluvar says

தேரான் பிறனைத் தெளிந்தான் வழிமுறை 

தீரா இடும்பை தரும். (508)

परखे बिन अज्ञात पर, किया अगर विश्वास ।
संतित को चिरकाल तक, लेनी पड़े असाँस ॥ (५०८)

Explanation by Scholars

Sorrow that will not leave even his posterity will come upon him chooses a stranger (Partner) whose character he has not known.

ஆராய்ந்து பார்க்காமல் ஒருவரைத் துணையாகத் தேர்வு செய்து, அமர்த்திக் கொண்டால் அவரால் வருங்காலத் தலைமுறையினர்க்கும் நீங்காத துன்பம் விளையும்.