Advertising
Advertising

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.

Advertising

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.

Advertising

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.

Advertising

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

Advertising

More by this author

The Ultimate Morning Routine for Success of Highly Successful People 9 Surprising Benefits Of Kimchi That Will Make You Want To Try It Now 11 Signs That Tell You It’s Time to Let Go 10 Differences between a Bad Boss and a Great Boss This Old Woman Has Lived On A Cruise Ship For 7 Years

Trending in Work

1 How to Be Happy at Work and Find Fulfillment in Your Career 2 8 Things to Remember When You Don’t Know What to Do with Your Life 3 The Good and the Bad of Motivating Your Team with Stretch Goals 4 Best 10 Interview Questions for Managers to Hire Exceptional Employee 5 What to Do When Asked About Weaknesses in a Job Interview

Read Next

Advertising
Advertising

Last Updated on September 20, 2018

How to Be Happy at Work and Find Fulfillment in Your Career

How to Be Happy at Work and Find Fulfillment in Your Career

If you’re going to spend 1/3 of our life at work, you should enjoy it, right?

Trust me, I know that’s easier said than done. Difficult coworkers, less-than-desirable tasks, or even just being in the wrong position can all lead to a lack of enjoyment and fulfillment in your work.

But what if I told you it doesn’t have to be this way? Or better yet, if you struggle with all of the above (and then some), what if I told you that enjoying your work and finding fulfillment regardless of those obstacles is possible?

Don’t believe me? I don’t blame you because I was there too. Before implementing the tips below, I struggled to get through each day, much less find real fulfillment, in the office. Now, even after the toughest days on the job, I still come away with feelings of pride, accomplishment, and fulfillment. The best news is, so can you.

If you’re ready to make those hours count and find happiness and fulfillment in the office, then read on to find out how to be happy at work and find fulfillment in your career:

1. Discover the root(s) of the problem

For this first step, we’ll need to think back to 8th-grade physics (humor me). We all know Newton’s 3rd law, “for every action, there is an equal and opposite reaction.” When you think about it, the same can be said outside of physics, and we see this law play out in our daily lives, day after day.

Simply put, all the issues we deal with in the office (and life in general) affect us in a noticeable way.

If you’re appreciated at work, like the work you do and receive frequent praise, promotions, or raises, then this will probably have an altogether positive effect on your life in the office.

But what if we reverse this? What if you feel under appreciated, get passed up for promotions, or get denied raises? This is sure to affect the way you feel at work on a negative level.

Advertising

So, before you can implement the steps of feeling happy and fulfilled at work, we first have to discover the reasons why you don’t feel that way already.

Think about it, write a list, or make a mental note. Run through all the reasons you’re dissatisfied in the office, and don’t hold back. Knowing the exact obstacles you’re facing will make overcoming them that much easier.

In fact, as a side-challenge to this article, I recommend picking the top three reasons contributing to your dissatisfaction at work and using the following tips to tackle them.

2. Practice gratitude for an instant uplift

Did you know the simple act of feeling grateful can increase your happiness and make you more fulfilled at work?[1]

Well, it’s true, and it’s scientifically proven.

Dr. Lisa Firestone notes that practicing gratitude “reminds us of what we lacked in the past.” Meaning, it serves as both a boost to happiness and a bit of a wake-up call that things have been or could be, much worse.

Trying to conjure up feelings of gratitude can seem almost impossible when your work situation seems bleak, but hear me out: There are incredibly easy ways to get started and it doesn’t involve trying to “force” yourself to feel grateful about things that stress you out.

For an instant pick-me-up, try this:

Find a loose piece of paper, a blank sticky note, or anything you can write on, be it physical or digital. List just three things that you are absolutely without-a-doubt thankful for in your life.

Now here’s the trick: Don’t just list what you’re grateful for, you have to list why you’re grateful for them, too.

Advertising

For example, simply saying “I’m grateful for my kids” will probably make you feel good, sure, but what if we could amplify the warm, fuzzy feeling into real, lasting motivation?

Instead, write the reason you’re so thankful for your children. Is it because they make you laugh and forget about other stressors? Or maybe they help to remind you of why you go to work every day in the first place?

Whatever your reasons may be, jot them down and keep your list somewhere you can see it while you work. A quick glance at your gratitude list throughout the day can provide powerful, positive motivation to keep going.

Bonus:

If you can find just three things to be thankful for that specifically relate to your job, and list why those things make you grateful, your list can also help you find fulfillment in your work itself which can give you an even bigger boost of positivity throughout the day.

3. Take meaningful time for yourself

We all know creating a strong work-life balance can be crucial to feeling satisfied in our jobs, but rarely do we ever address how we’re spending our time outside of work.

Many of us survive a 9-hour work day and commute home only to find ourselves busy with our personal to-do lists, running a household, and taking care of a child (or 2 or 3, and so on).

If you spend all your time working, whether in the office or within your household, you’re going to feel drained at some point. This is why setting meaningful time for yourself every day is highly important.

Look, I get it: I don’t know anyone in the working world who can shun all responsibility for a 3-movie marathon or happy hour with friends whenever they feel like it. But finding time for yourself, be it just 30 minutes to an hour, can really make a difference in how you feel at work.

This works because you’ll have time to actually relax and let the day’s stress melt away while you enjoy something just for you. The to-do lists and stressors will still be there after you’re refreshed and ready to tackle them.

Advertising

No time for me-time? Try this:

If you have a busy household, you’ll need to capitalize on a block of time you know will be completely uninterrupted. The easiest way to do this: try waking up 30 minutes to an hour earlier than usual (or push bedtime back an hour if you’re a night owl, like me) and take time to do something you enjoy.

This could be reading with a cup of tea, catching up on Facebook, spending time on a passion project—anything! As long as it’s meaningful to you, it works!

Bonus:

Starting your day with meaningful time for yourself can set you up to have a positive mood that lasts well into office hours, and having your me-time in the evening can give you something positive to look forward to during the day.

4. Get productive and feel accomplished

Don’t you just love the feeling of checking the last item off of a hefty to-do list? That’s because self-motivation can be a huge driver of positivity and success.

When we accomplish something, no matter how small, it makes us feel good, plain and simple. Applying this tactic to your daily work can be the motivator you need to find fulfillment during the daily office grind.

While there are tons of steps to get more done at work, I’ll share my personal favorite: Prioritizing.

Now, many people handle prioritizing differently. Some like to tackle the little tasks first so they can spend focused time on the big to-dos. Others like to knock out the big items first and get to the smaller ones when they can.

No matter which camp you’re in, you may be missing one crucial step: Time management.

So how’s this work? When you factor in the amount of time your priorities will take, it can transform your productivity ten-fold.

Advertising

Say you have three top priorities for the day. You might jump into the smaller ones or the bigger ones depending on your preferred method, and then find yourself out of time and bringing work home with you at the end of the day.

This is prevented when you factor in time. Knowing how long each item will take, or deliberately setting specific blocks of time for your priorities can help you accomplish more in the same 8-9 (or 12) hours that you typically spend at work.

Try this:

Take a look at your priorities and consider how long they should take. Pop into your Google calendar (or Filofax, whatever works for you) and schedule time to work on your priority items around any important meetings or events of the day.

The most important thing to remember is to stick to your dedicated time.

Often, when we know exactly how long we have to work on something (and honor this time limit), we’re motivated to get more done on time to avoid taking work home at the end of the day.

The bottom line

There’s no need to waste 1/3 of our lives feeling unsatisfied at work. Luckily, you now have the tools to get started, take back your time, and become happy and fulfilled at work again.

The only question is — which tip will you try first?

Featured photo credit: Ellyot via unsplash.com

Reference

[1]Psychology Today: The Healing Power of Gratitude

Read Next