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Interview Patty

Advantages of Having a Business Partner

Houston Advice for Women Entrepreneurs

1. Twice as Much Manpower. - When you work with a business partner, you can do twice as much work. A lot of work goes into building a business.

You need to do marketing research, networking, research and development, sales pitches, and meet with potential lenders or investors.

2. Diversity in Skills. - A business partner may bring an entirely new skill set to the table. One business partner may have a background in engineering and research, while the other excels at sales and networking. Taking advantage of utilizing the differing skill sets can help the business succeed. In addition, working with a business partner allows you to divide up tasks according to strengths, conserving time and eliminating duplication of efforts.

3. Different Perspectives. - Business owners need an outside perspective to avoid tunnel vision. You might think that you have the best idea or solution to a problem, and readily invest capital into your business plans. Successful entrepreneurs have faith in their ideas, but may need someone else to put things in perspective. The decision-making process becomes easier and more realistic when two or more people objectively evaluate ideas and share their concerns and feedback.

4. Someone to Hold You Accountable. - Some people become lackadaisical when they begin a business. They may have a hard time maintaining the discipline needed to stay motivated. Partners keep each other on the ball, and hold each other accountable for any mistakes.

5. Someone to Evaluate Ideas. - Business partners talk to each other about their ideas. Many entrepreneurs have trouble maintaining objectivity when initiating a new business idea. A business partner helps you realistically evaluate new ideas and business plans for potential flaws. Your business partner can also build off your ideas, offering more input to refine your plan, so you have a better chance of succeeding.

6. Networking Opportunities. - Networking is a fundamental aspect of business. Every time you meet someone, you have the opportunity to meet even more people through that person’s network. You need many connections to succeed in business. Having a partner gives you the opportunity to expand your list of contacts, and multiply your numbers of potential clients, investors, suppliers, and mentors.

7. Ability to Keeps Things in Perspective. - Entrepreneurs often ride a roller coaster of emotions. Sometimes they become too pessimistic and other times they feel overconfident. Pessimism and too much confidence can both hinder a new business plan. A partner can help you keep everything in perspective and not get distracted by fluctuating emotions.

Source: moneycrashers

Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.

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Houston Advice for Women Entrepreneurs.

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