Choosing the right business partner is very important in profitability and longevity of your entrepreneurship. It’s a relationship that can make or break your dream.. In this post I will share what I learned from Partnership 101: Sharing Control of your Company of Ms. Ria Lu and my personal realizations.
Partnership 101: Decide to make it work
Ria Lu, one of the owner of Unlock & Load ( she also owns Komikasi Enterprise) was a speaker in GBG Day Manila that I attended last June. I like her talk because I also do business partnership. I agree with her na it’s different when you work on your own dun sa business na may (mga) ka-partner ka family member/ friend mo man o hindi .
Ilan sa kanyang ipinunto to make it work are
- Decide not to quit
- hardship is irrelevant
Tugma ang idea ni Ria sa naituro din noon ni Chinkee Tan sa Steps to Financial Peace
Right Mindset + Right Action = Right Result
It’s true that what you think is what you do and what you get. I you think it doesn’t work then it will not work. So better maaga pa lang na itanim na sa kokote ninyong dalawa na yayaman kayo or this business will become successful.
Partnership 102: Communicate
Sa kahit ano naman uri ng relasyon ay importante ang communication so what more sa iyong kasosyo. Though strong ‘yong pagka-introvert ko ( I’m an amvibert) but I choose to talk so everything is clear. Minsan iti-take ko na yong risk na i-judge or magalit sa akin than make things unclear especially sa business. I learn din kasi you can’t expect all the time, especially sa ‘ting mga Pinoy, na magsalita. Parang hihintayin pa na lumala ang sitwasyon at saka sasabog. So what partners need to talk about according to Ms. Ria?
- Talk about problems early
- Talk about feelings
- Never put each other down
- Never attack the person
- Narrate your words
- Don’t rant to others; Talk or Let it Go
Partnership 103: Get things down on Paper
Everything should not stay verbal, importante ang written report, contract and inventory para may guide kayo pareho. Saka mahirap din yung wala kang pinaghahawakan lalo na sa panahon ng kagipitan. What you need to write are things na may kinalaman sa money and division of labor. Sabi pa ni Ms. Ria ay
Beware of contingencies
Stress is evidence of poor Time Management
Hoshi’s KaSosyo 101: Weighing business partnership
I can’t say that I’m an expert in terms of business partnership, but here are my realizations:
- Weigh if the other person is really into business or just want to earn extra money – though ang point ng business ay kumita it will not come easy. For me, ang may entrepreneurial spirit lang ang willing na samahan ka sa hirap at ginhawa.
Think of your long term goals – Isn’t sad na kung kailan okay na yung negosyo, biglang iiwan ka ng partner mo dahil may iba pala siyang plano. Okay lang naman ‘yon pero dapat prepared ka o siya so makakapag-adjust. Pero actually better to find a business partner that has long term goals.
- Check your limits – Puwede itong kadugtong ng division ng labor pero sa akin dapat isipin din yung strengths and weaknesses ng isa’t isa. Mahirap ipilit sa isang tao ang hindi niya kaya at ayaw niyang gawin.
- Ask yourself -Are you ready to share or negotiate all the time? – May mga tao talaga na mas magaling na leader, and soloist but not ready to share their power and ideas. It will be hard for you ang business partnership- if you are
- control freak
- may trust issue/ skeptical
- moody/ temperamental