One of the prominent contentious issues in starting a business is whether it should be a solo effort or in partnership with other person(s)? There are situations when partnerships in small business flourish, while majority of the cases, it ends other way round. What are the factors affecting success or failure of partnership business?
Foremost factor deciding the fate of partnership is about mutual trust. Partnership is more like marriage – trust decides everything. Second deciding factor is vision sharing by the partners. If partners have different visions, the likelihood of different goals is going to be more. Third factor, which is an operational factor, is about division of work. More often than not, one partner feels that he is putting in more than his other partner. If work is divided rationally, this problem can be easily managed. Last, and probably most important factor is communication. Again, it is like marriages getting devastated because of lack of communication. Even if the two partners are handling two different departments (marketing and manufacturing, for example), it is advisable to build a clear line of communication between the partners.