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You’ll Never Succeed If You Don’t Avoid These 8 Things for Partnership

You’ll Never Succeed If You Don’t Avoid These 8 Things for Partnership

What goes into a successful business? There is an endless list of factors that we could talk about. Yet there are various forms of businesses: those owned by a single person, partnerships, and broad companies with shareholders and board members. Each one of has its own set of benefits and challenges.

Most of the people are nice to live with, but not to do business with!

― Amit Kalantri

Of course, if you are in a partnership, there are immense benefits that can be achieved. Most importantly, you can get great synergy by combining your resources with a partner. However, it can result in many issues as well. If you want to have a successful partnership, there are things that you should do and then there are many things that you shouldn’t do! Here, we have compiled a list of pitfalls that you must avoid in order to achieve great results.

1. DO NOT ignore the basics

First thing’s first: before jumping into a partnership boat, always sit back and determine your own goals and values. If you know your business targets well, it will be easier to find a like-minded partner. Otherwise, there’s a higher chance of friction.

2. DO NOT enter into verbal agreements

When you enter into a partnership, everything looks rosy at first. At that point in time, the need for writing things down doesn’t seem very pressing. However, as you proceed into the intricacies of the business, change is inevitable and if you run into disagreements, and don’t have an plan of action, you’ll find yourself at a loss.

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If you have everything in black and white, it will be very easy to tackle issues and even diverging opinions. Enter into a properly documented partnership agreement to avoid headaches in the future.

3. DO NOT jump into a partnership rashly

This is the most disastrous step that you can take for your business! Don’t be overeager to enter into a partnership. Always do your own mathematics. Look at the pros and cons clearly. Although you will get a helping hand to propel your business forward, there will be some costs, both financial and non-financial. Just like everything else, a partnership needs sound planning.

4. DO NOT expect impractical results

You must be having great results in mind when you kick-start your business partnership. There is nothing wrong in setting high goals but be realistic in what you expect as a result of the partnership. Also, don’t expect too much from your partner. It will take some time before you can get great results out of your new deal.

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5. DO NOT have equal stakes in the partnership:

You might think that I’m confused, that maybe I meant to say the opposite. How can you be partners without having equal stakes in the business? But trust me when I say this, behind every successful business, there is ONE boss. Do enter a partnership but don’t keep it 50/50. Try to keep a different ratio so that you know who to refer to when there needs to be an ultimate decision made.

6. DO NOT expecting relationships to survive the breakup of partnership

If the partnerships breaks, your relationship will break too, whatever it was before you entered into the partnership agreement. If your partner was previously your friend or relative, chances are high that if anything goes wrong in business, your relationship won’t go back to its previous state, at least for a while.

7. DO NOT neglect getting legal advice

Legal advice is a must in all situations. Whether it’s a business matter or any issue pertaining to the partnership, you should get proper legal input. This will help you in avoiding issues and confusion. There are various legal intricacies that are difficult for a common businessman to understand so it is always better to consult the expert. This way you will reduce a lot of future issues and possible losses.

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8. DO NOT avoid planning an exit strategy

You might not agree with me here at first. After all, why would anybody want to thinking of leaving when they are at the outset of something that looks so promising? That is the case with most partnerships, and if the business ends up failing, the partners don’t know how to tackle the myriad issues that come with getting separated. Keep everything clear and well-documented and know what you’re going to do should the business go belly-up unexpectedly.

If you follow the above advice, you are sure to avoid many of the most common mistakes committed by the partners in a business. If you have any of your own tips, please let us know in the comments section below!

Featured photo credit: Kristovskis-meeting-89.jpg/Baltic Development Forum via flickr.com

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Last Updated on November 5, 2019

How to Use Visual Learning to Work More Effectively

How to Use Visual Learning to Work More Effectively

Knowledge is essential to become successful in life, your career and your business. Without learning new concepts and becoming proficient in our craft, we cannot excel in our chosen careers or archive knowledge to pass down to the next generation.

But content comes in various forms, and because how we learn influences how much we know, we need to talk about learning styles. This article will focus on how to utilize visual learning to boost your career or business.

The Importance of Knowing Your Learning Style

Knowing your learning style enables you to process new information to the best of your ability. Not only does it reduce your learning curve, you’re able to communicate these same concepts to others effectively.

But it all starts when you’re able to first identify the best way you learn.

As a college student, I soon figured out that taking online courses without visual aids or having an instructor in front of me led to poor retention of concepts.

Sure, I got good grades and performed excellently in my online exams. However. I discovered that I couldn’t maintain this performance level because I forgot 80 percent of the course content by the end of the semester.

There are several types of learning styles known to mankind. To give an idea of how visual learning stacks up against other learning styles, here’s a brief mention of some of the different types of learning styles we have.

The four most popular types of learning styles are:

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  • Visual learning style (what this article talks about).
  • Aural or auditory learning style (learning by listening to information presented).
  • Verbal or linguistic learning style (learning that involves speech and writing).
  • Tactile learning style (learning by touching and doing)

But for the purposes of this article, we will be focusing on using visual learning to boost your career or business.

How to Know If You’re a Visual Learner?

When it comes to boosting your career, business (or education), a visual learner is one who would most definitely choose shapes, images, symbols, or reading over auditory messages.

I’m talking about preferring to read an actual map when navigating to a new place over listening to verbal directions. I’m talking about discovering that you actually have trouble remembering what your manager said at the meeting because there were no graphs or illustrations to support the points raised.

Most people who struggle with learning probably aren’t leveraging their best learning styles. The earlier you identify how your learning style can boost your success, the less struggle you will encounter with processing new information throughout your career.

However, visual learning in particular CAN 10x your career or business whether it is your preferred learning style or not. And here’s why:

Several studies have arrived at the conclusion that the brain retains more information with the help of visual aids. In other words, images are directly processed by our long-term memory which helps us store information for longer periods of time.[1]

While some lessons can be performed orally, several concepts can only make sense if you have an image with an explanation of sequences (i.e learning about the human DNA).

Visual learning does use a different part of the brain and visual cues are processed by the part of the brain known as the occipital lobe.

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By engaging more parts of the brain during learning, you’re able to have a fuller understanding of concepts and facilitate better interaction with your immediate environment.

How to Use Visual Learning for Success

Here’re 4 ways to use visual learning to boost your career or business:

1. Bring back the to-do list. Then add shapes and colors to boost productivity.

We live in an age where computers have taken over virtually every aspect of productivity and most human functions. But written lists are making a comeback, and with an endless number of important tasks to complete, having a to-do list of tasks in order of importance can improve your productivity.

While coming up with a list is initially challenging, adding colors and shapes to written lists that you personally write and manage gives you an extra layer of assurance and boosts aids recall so that you actually get stuff done.

I have tried this technique in my work as a registered nurse and discovered that adding shapes and colors to to-do lists helps me delegate tasks, recognize where more work is needed, and makes it easy to cross off completed tasks at the end of the day.

2. Add graphs, charts and symbols to your reports.

Yes, it seems like more work cut out for you. However, graphs enable you monitor the heartbeat of your business.

Graphs and charts help you trend your finances, budget, and pretty much any data overtime. With the help of free and premium software available on the market, it has become easier to take plain data and in a matter of seconds, have relevant information displayed in different shapes and images.

As an entrepreneur, you can make predictions and allocate funds wisely when you’re able to see whether your efforts are rewarded. You can use colors and charts to delegate actions to members of your team and track performance at the same time.

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And when broken down into monthly, quarterly, bi-annual or annual goals, graphs and charts communicate what ordinary text cannot.

3. Effectively brainstorm with mind-mapping.

Mind-mapping is not new but I don’t think it’s been talked about as often as we do to-do lists.

With mind mapping, you’re organizing information accurately and drawing relationships between concepts and pieces from a whole.

Think of a mind map as a tree with several branches. For example, the tree can symbolize healthcare while each branch stands for nursing, medicine, laboratory science, and so on. When you look at nursing, you can further branch out into types of nursing; pediatric, women’s health, critical care, and so on.

It’s an interesting relationship; the more ideas you’re able to come up with for your chosen subject, the deeper you get and the stronger the association.

Mind maps really show you relationships between subjects and topics, and simplifies processes that might seem complicated at first glance. In a way, it is like a graphical representation of facts presented in a simple, visual format.

Mind mapping isn’t only limited to career professionals; business owners can benefit from mind mapping by organizing their online learning activities and breaking down complex tasks into simple actions so that you can accurately measure productivity.

4. Add video streaming to meetings.

What if you could double the productivity of your team members by video streaming your meetings or adding flash animation to your presentation at the same time?

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When you offer video as an alternative method of processing information to colleagues, there is a greater chance of retaining information because we recreate these stories into images in our minds.

For organizations that hold virtual meetings, it can also be an effective way to enhance performance during if people can see their colleagues in addition to flash animation or whatever form of video is provided during the meeting.

Is Visual Learning Better Than Other Learning Styles?

No, that is not the point. The goal here is to supplement your existing dominant learning style with visual learning so that you can experience a significant boost in how you process and use everyday information.

You might discover that understanding scientific concepts are much easier after incorporating visual learning or that you’re able to understand your organization’s value when projected on a visual screen with charts and graphs.

The overall goal is to always be learning and to continue to leverage visual learning style in your career and business.

More About Learning Styles

Featured photo credit: Unsplash via unsplash.com

Reference

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