The Mindset Necessary for Business Partnership

by | Jan 5, 2011 | Mindset

biz partner mindsetThis month’s theme is “Creating Business Partnerships.” Throughout January, my posts will be exploring the many ways that we create partnerships within our businesses and how to leverage them to grow our business.

“In this new wave of technology, you can’t do it all yourself, you have to form alliances.”
~ Carlos Slim Helu

Before you can form a business partnership or alliance, in any capacity, you’ll have to have the right mindset. You’ll need to

  • be open to sharing parts of your business with another,
  • be open to delegating tasks to another, and
  • be open to sharing success and profits with another.

Let me explain a little further.

Sharing Parts of Your Business
When you are in partnership with someone in your business, you’ll need to be able to share at least parts of your business with that person.

Your staff need to understand their role in your business in order to perform that role. Your mentor needs to understand your business in order to help you take it to the next level. A joint venture partner needs to understand the project they are partnering with you on in order to live up to their end of the bargain.

Basically, in order to make a business partnership successful, you’ll have to be open to sharing … you can’t hoard all the information to yourself.

Delegating Tasks
If you do everything yourself, your business can only grow so far. To take it to the next level, you’ll need to start delegating tasks … especially those you’re not particularly good at nor interested in … to other who can do them better and more efficiently.

Yes, I’m aware that letting go and delegating can be hard for some. But it is also the key to your success.

Sharing Success and Profits
When you share parts of your business with others, when you delegate tasks to others, you are also going to have to accept that the success and profits you get as result are not yours alone. Others helped you get there, so you need to be open to sharing those things, as well.

Also, the more you share success and profits, the more success and profits you will experience. Money is energy and expands when you are open and allow it to. Hoard it; be stingy with it; and you constrict its flow, limiting how much can come into your life and business.

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