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Solo VS Partnership: What’s The Best Way To Do Business Part 2
Benefits of Having Partners

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In the previous part of the article, we have discussed the benefits of going single-founder when starting a business.

To review, the main advantage of going solo is having more freedom and flexibility to achieve your vision and goals, with its main disadvantage being the inability to share risks and responsibilities.

Having a partner, or multiple ones when starting a business, will also have its own benefits and disadvantages, and in this article, we will discuss some of the notable ones.

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Without further ado, here are some benefits you might expect when starting a business with partners:

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1. Diversification

No two persons have the same expertise, skills, and experience, and by having partners, you can cover areas of expertise you didn't have. For example, if you're a strong sales person, but not as profound with your managerial skill, having a partner with strong managerial skill can tackle the problem.

In general, people with strong technical skills aren't as strong in managerial skills, and vice versa, so you might want to keep that in mind. Would you be able to tackle all aspects of the business alone? If not, maybe a partnership is more suitable for you.

2. Sharing Responsibilities

Running a business and being a leader can be a very stressful task even for the toughest of people. Not only there are a lot of decision makings to be done, but the impact of your decisions can be highly significant for your business both short and long-term.

Having partners where you can brainstorm together for decision making, solving problems with different point of views, and ultimately spreading risks and responsibilities are nice things to have.

3. Brainstorming

Having other people with the same mission and goal as yours will mean more brainpower and creativity to solve problems. Having feedback from people you can trust -your partners- will always be beneficial for both your personal productivity and the organization as a whole.

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However, there are some things you should pay attention to when starting a business with a partnership model:

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1. Conflicts

You should remember that you and your partners won't always have the same point of view, and it can lead to conflicts when not managed correctly.

2. Inflexibility

Having a partner will mean having someone to compromise with, starting from time, decisions, and could possibly, vision. Thus, it's important to find partners with the right affinity in the first place, as it can affect many aspects of the business in the long run.

Bottom Line

We have discussed the advantage and disadvantage of both going single-founder and having partners when starting a business. Which one do you think will be the right approach for your business? We will let you be the judge.

Do keep in mind that each business and each industry is unique to one another, and what works for one business might not work in the other, and vice versa. When in doubt, you can always go single founder at first, and finding partners when the need arises along the way.