6 Things to Consider when entering a Partnership, as shared by TEF Alumnus Gloria Lwakabamba!
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#AfricanEntrepreneurs
#TonyElumeluFoundation
#TEFAlumni
#Thread
#AfricanEntrepreneurs
#TonyElumeluFoundation
#TEFAlumni
"You must be prepared to step out of your comfort zone and put in 110%. In entrepreneurship, you have to believe in yourself because there will be times when you literally have no money."
- Gloria Lwakabamba
- Gloria Lwakabamba
1. You have to find your communication style.
Business can make/break relationships. If you enter into business with a friend or family member, find a way to effectively communicate because you're dealing with money, and relationships get strained when money starts running out.
Business can make/break relationships. If you enter into business with a friend or family member, find a way to effectively communicate because you're dealing with money, and relationships get strained when money starts running out.
2. Be Knowledgeable, or Find Someone Who Is.
Having just begun a business without any expertise, I do not know how I would have survived that long on my own. My partner was savvy and more accustomed to making deals.
Having just begun a business without any expertise, I do not know how I would have survived that long on my own. My partner was savvy and more accustomed to making deals.
3. The skillset they bring in must complement the areas you lack in.
Find someone whose skillset complements yours and that way, the partnership will be purposeful.
Find someone whose skillset complements yours and that way, the partnership will be purposeful.
4. Have an agreement.
Money has a way of bringing out the worst in people. Have a contract, and a central business banking account for the money, not your personal account. If something happens, you must decide what happens in the business and have that written out clearly.
Money has a way of bringing out the worst in people. Have a contract, and a central business banking account for the money, not your personal account. If something happens, you must decide what happens in the business and have that written out clearly.
5. You must have the uncomfortable discussions in the beginning.
Not having the uncomfortable discussions can lead to negative implications in the end.
Not having the uncomfortable discussions can lead to negative implications in the end.
6. Lay out everything, do not rush into it.
In the beginning, it is easy to get carried away with the rush of starting something new. Look through everything again and always have a plan.
In the beginning, it is easy to get carried away with the rush of starting something new. Look through everything again and always have a plan.
Tag an #AfricanEntrepreneur to see these tips!
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