What is a Business Partner?
A business partner is a commercial entity with which another commercial entity has some form of alliance. This relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties. A legal form of business operation between two or more individuals who share management and profits. ... In a general partnership, the partners manage the company and assume responsibility for the partnership's debts and other obligations. A limited partnership has both general and limited partners.
Some Partnership Business Examples
There are many partnership business examples. One type of partnership is co-branding, which is an advertising partnership and strategic marketing that exists between two brands.
There are many partnership business examples. One type of partnership is co-branding, which is an advertising partnership and strategic marketing that exists between two brands. The success of one company depends on the success of the other. This can be a good way to get into new markets, build more business, and increase awareness. A partnership needs to be a win-win situation for both sides in order for it to be successful.
Spotify & Uber
Spotify partnered with Uber because they both had the same goal of getting more users even though they had different products. Uber riders can pick out a Spotify playlist to choose what they'll listen to during their ride. This helps both Spotify and Uber fans have a better experience during their ride in the car.
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Louis Vuitton & BMW
Louis Vuitton and BMW may seem like a strange partnership initially. However, they have several traits in common. They both promote travel, as Louis Vuitton is known for its elegant luggage lines. They both consider luxury to be important, and they're both popular brands that are known for their high-quality products. BMW created a car named the BMW i8, and Louis Vuitton created a four-piece set of bags and suitcases that seamlessly fit into the rear parcel shelf in the BMW. This partnership showed the shared values of technological innovation, creativity, and style.
Tips For Business Partner:-
Share the same values.
Don’t write the first word of your business plan until you know that you and your partner have the same dreams, goals, and vision for your new business. Does your partner dream of starting the next Starbucks, while you envision a part-time catering business that gives you plenty of time with your family? You and your partner must share the same core values, goals, and work ethic if you want the business to succeed.
Choose a partner with complementary skills.
When you and your business partner have different strengths, you'll double the power of your startup team right off the bat. For example, a shy tech expert who wants to start an Internet business would do well to find a partner with sales, marketing, and people skills. This way, both partners can focus on doing what they enjoy and are good at.
Have a track record together.
Succeeding as business partners doesn’t require having run a business together or even having worked together before. It does require a track record of going through similar challenges together successfully. Look for a partner you’ve handled conflicts with, achieved common goals with, and survived tough times with in the past.
Clearly define each partner’s role and responsibilities.
An informal organization where each partner does what’s needed at that moment may work in the very early startup stages, but not in the long term. Defining each partner’s job title and duties help eliminate disagreements by giving each partner control of his or her domain. Employees and customers
also, benefit from knowing which partner handles what aspects of the business.
Be honest with each other.
Soft-pedaling your true feelings because you don’t want to hurt your business partner will cause more problems than it eliminates. In order for your partnership to work, both of you must feel comfortable openly sharing your opinions and hashing out any disagreements that arise. Sweeping your concerns under the rug only leads to bitterness and resentment which can destroy your partnership—and your business.
These can be tough issues to discuss, especially when you’re excited about your startup and can’t wait to get going. But unless you take the time to lay the foundation for a lasting business partnership, your new business may never get off the ground.
If you are going to start a business or looking for an Online Business Partner, you can follow these tips. Good Luck!