Value of business partnership – The Portugal News

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Each entrepreneur can personally decide whether to do business alone or in partnership.

My name is Ivan Kroshnyi, I lead an international group of companies and carry out all my projects only in partnership. I believe the main advantage of this approach is that the partners complement each other in their skills and abilities. This, in turn, encourages the business to grow faster and more efficiently. There is no single person in the world who can have all the skills and resources at once. That’s why you need a partner, someone you can synergize with.

When you start your business, a partner’s key value is their experience. I started my first business when I was 16. It was a hardware store. Due to my age, I couldn’t open the shop in my own name and had to have a partner who was a 26-year-old entrepreneur. I have a business plan in place, a lot of enthusiasm and he had what I didn’t have, which was experience in running a business and knowledge of various aspects that you can only understand in real contexts. In the end, we formed a great team. The shop started to generate profits and we were able to profit from it.

The sharing of responsibilities and duties is another major value of the partnership. For example, Alexander Gerchik and I jointly founded a brokerage company. He is a famous trader with over 20 years of experience and a reputation as one of the most successful traders on Wall Street. He became the president of the company and the face of the brand. His professional skills and expertise have formed the backbone of our unique solutions for clients. As CEO, I am in charge of management, strategic vision and project development. Each of us feels absolutely comfortable about our roles. That’s why we’ve been doing this business together for more than six years now, as our business continues to grow steadily.

That being said, the most important thing about partnering is not so much finding someone with unique skills and resources, but someone who will share the same values, business principles, and life attitude as you. It’s about sharing the same view of the world, the things you’re both looking for, and the goals you’re aiming for. If you disagree on these key issues, you cannot expect to build a long-term partnership. Each of you will always move in different directions. Even if you started a business with a partner and realized over time that you are no longer on the same page, it is better to admit that it is not working and make the decision to stop the cooperation. One of the partners can either leave the company or one of the co-founders can buy a share.

A partnership can also help grow the business quickly. For example, by having a partner, you can make a profit totaling $100,000 in 6 months and explore new markets. Meanwhile, if you do everything by yourself, you can achieve such numbers in 5 years while your competitors will be way ahead of you, or you may not even be able to achieve it at all.

I had an interesting case like that. An entrepreneur who has a business associated with selling green vehicles contacted me last year and asked me to become his business mentor. When we started to analyze his project, I realized that he had great potential and could go global. So I decided to become a co-investor. Today we already have our own production in Indonesia and are actively working on sales in other countries. If he had decided to walk this path alone without a partner, he would probably have remained another local company. There is another important thing here. You need to understand what your potential partner will bring to the table. In our case, the entrepreneur wanted to grow and was looking for a very specific partner who has the experience to enter new markets and relevant investments. If you build a partnership without having a clear idea in mind, it will be futile.

Does the partnership involve risks? Of course it is. There is a risk of running into an unreliable person who will act unexpectedly in a critical situation. There was a time when a partner let me down a lot, which caused serious financial damage to the company. What I learned from it, however, is that you and your partner should have similar values. Let’s say my key value is honesty. If that doesn’t mean as much to my partner, things may not work out the way I had hoped.

This situation happened a long time ago. I now have extensive experience with partnerships and whenever I meet someone new I know almost immediately if they are the kind of person I can create a joint venture with, or maybe worth- it better to follow our separate paths. I moved to Dubai last year and during one of the business club meetings I met an entrepreneur who is an expert in coffee business. At the time, I was looking for a really exciting project while he was looking for an investor. We talked. He showed me his business plan for a coffee villa and I decided to invest in his project almost immediately. Because everything went perfectly together during this meeting. Our visions, goals and values ​​are aligned. Moreover, the business development plan was also ready. To date, we have already opened two Roasters, high-end cafes in Dubai and the third will open in the coming days.

Today’s world is extremely dynamic, which is why businesses often need you to make quick yet calculated decisions. This also applies to partnerships. How to find a trustworthy business partner and not make a big mistake? There are certain tricks and techniques for identifying people’s true intentions and seeing them for what they are. For example, you have agreed to meet and the person is late without a reasonable excuse. It can mean that the person is probably irresponsible, which can be a problem when it comes to partnership. Now, if a potential partner stays true to their word, complements you, and shares your core values, chances are the partnership with such a person will be successful.

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