TIMING/LENGTH (in minutes): 40′
In this activity you will learn about the essentials steps that you should take in order to start a partnership and how you could make it successful.
Brainstorming (5 minutes)
Have you ever thought about what you should do in order to find a right partner to collaborate with and start-up a business?
Write them down on a piece of paper.
A partnership is a business organisation with two or more persons as owners.
Before you find who will join you in a partnership, it is recommended to check out your potential business partner. Then you will have to find out about the roles, responsibilities and payment, who is going to do what in order for the business to work smoothly. Crucial role on that will play the type of the partnership that you would like to form. For more details, we suggest you read the following article:
How to start a partnership in 7 easy steps
It’s important to know as much as possible about a potential partner, including how their finances and family life may affect the business, before signing on the dotted line.
One of the most effective ways to expand your customer base is partnering with another company.
Once you’ve found your partner, work together to build something that will benefit you both for years to come. Read below four ways to make sure you set your partnership up for success:
The ability for an entrepreneur to forge a strategic partnership (whether it is a business partnership, a joint venture or a short-term alliance) is critical for continued financial success in an ever-changing and highly competitive environment. Here are some tips on how to create strategic partnerships that are a win-win: https://www.entrepreneur.com/article/234425
After reading all the above articles, make your plan on choosing the most appropriate partner for you. Write down 10 things that you would like to know about your potential partner and 5 things that you consider most important in order to create a win-win strategic partnership. (15 minutes)
Paper, pen or pencil, access to the internet through a device (computer, laptop, smartphone, tablet)