Partners in business are often somewhat relaxed in their commitment to business without realizing it. The problem comes from their belief that they have made commitment, but actually not. Success requires that commitment is done to see something through whatever happens. Mark Cuban (shark tank, Dallas Mavericks, etc.) As far as saying you don’t even have a outgoing strategy. I disagree with it for other reasons and will write about it in the future, but he and I both agree that having one leg or even the foot out the door is not a recipe for success.
Three things are needed to make a company commitment.
The three are: your character, business plan, and business partnership agreement.
So why is your character integrally with commitment? Being in any relationship, and in this case a business partnership, requires skills to communicate openly and transparently with the intention of creating long-term relationships based on trust, respect, and integrity.
You have to do a conversation about how you have handled things in your past. You need to ask yourself and really honest why you want a partner and then share it. The ongoing conversation must include many things, such as your core values and visions for business. Is there another partnership? What did you do to make it work before concluding that split is the only way? Talk about finance, your spending pattern, personal debt and risk tolerance. “When things become difficult, difficult shopping,” Is the joke, but what do you do when things become difficult?
Why do business plans and business partnership agreements needed for 100% commitment? If the partners haven’t talked to the biggest details about what, why and how this business is and then write all that, they won’t really know what they are doing. Write it clearly avoid misunderstandings and forgetfulness. Many clients have been disappointed with how all that finally seemed because they had something else in mind. Keep it in your mind and make the assumption that your partner agrees is a recipe for failure.
Make a shared decision and look for your differences when it happens.
The third piece for commitment is a written partnership agreement.
Why use a business partnership agreement template and no one is made by a lawyer? This agreement is designed for specific and unique to you based on respect and trust. It describes your commitment to the Win / Win approach even if there is a “separate way” finally. The written agreement was designed to break up. The business partnership agreement is designed for the long term and clearly sets the basis of your business from your vision statement, your core values, clear labor distribution including how to resolve disputes and strategies out win / win and more.
Commitment means you do not have the smallest protection that allows you to have one foot out of the door to guard. There is no room for doubt in the 100% commitment of the company. You do it or end the end if it comes to it, but with the commitment you live in until the Win / Win solution is found. Playing it is safe for yourself is a big risk for business and partnership.