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You have a new idea that you want to get into the market place or an idea for a unique business but don't know where to start. This is when it is a good idea to start looking for business partners with the business brains to carry the new company forward. You may have total faith in your new invention or business idea but inexperienced entrepreneurs have lost their homes backing an idea because they did not have the business acumen to turn their invention into a success story.
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Going it alone leaves you exposed to failure. One man bands end up having to do everything themselves leaving them little time to do anything well. Successful management is about delegating tasks and responsibilities to other members of a team who have the experience and skills to handle specific tasks.
There aren't enough hours in a day for any one person to manage any successful business. There are simply too many hats to be worn in any company and trying to do it all yourself or expecting too few staff to handle too many tasks leads to inefficiency, unprofitably and ultimately failure.
The time comes in any business, preferably from the outset, when the principal has to accept that to move forward, he need business partners with the business brains and acumen he lacks. This is not an admission of failure, this is good business sense and by delegating tasks to people more skilled, it frees the principal up to concentrate on the things he does best.
Taking on business partners means having to release equity shares in the business. However, this should be considered forward investment as the company is more likely to grow faster and become more profitable in both the short and long term.
Choosing the right business partners is the key element to this ground breaking decision. It is often a mistake to take on friends or family as partners as they will almost certainly lack the qualifications and skills needed and business and personal relationships are a not a good marriage. Obviously, there are exceptions to this rule, but it is highly unlikely that the best person for the job is your best friend.
If you have a good idea for a business, a flagging company or a new invention, the
best business decision
you could make right now is talk to us.