4 Things No One Tells You About Business Partnerships

For some entrepreneurs, being the only one in charge of their business is a dream come true. They get to make all the decisions and run things the way they see fit, with no one telling them what to do. But being a so-called solopreneur can be tough, which is why other entrepreneurs choose to partner in pursuit of a common startup goal.

"I believe there is strength in numbers," said Carlo Ruggiero, co-founder of the U.S. branch of European pizza franchise Kono Pizza. "When multiple partners share the same vision, the result is a stronger and more unified team."

To make their entrepreneurial dream a reality, Ruggiero and his co-founders, David Ragosa and Greg Kinlaw, needed the right combination of personalities and skills. [How To Choose the Best Type of Business Entity]

"Because of our different personalities, experiences and backgrounds, we are constantly learning from each other and are able to use these exchanges to positively influence our business," Ruggiero told Business News Daily. "These differences allow us to approach each situation in multiple ways. David and I are seen as the go-getters. We both love what we do and often work 50-plus hours, seven days a week without even realizing it. Gregprovides a great balance as the finance guyof the group. He is an expert at taking our crazy ideas and making sure we have the numbers to back them."

Ruggiero shared a few important points to keep in mind when entering a business partnership:

  • Finding the right partner is not easy. Character, trust and integrity are everything when it comes to choosing a business partner. It requires some time to find the right partner and for a partnership to work effectively. The strength of your relationship will determine the success of your business.
  • Starting up is the hardest part. The beginning of a partnership is often the most challenging time. This is when you're learning each other's business styles and adapting to working as a team. In order to be successful, you have to learn how to compromise and adjust to each other's personal styles to work together and become one company as a whole.
  • Communication is key. Constant honest and open communication is a must. When problems arise, they need to be solved together. At some point, each partner will make a mistake, and you cannot be afraid to bring it up. To succeed, each partner needs to do what's best for the business, and part of this is eliminating any negative emotions to avoid a dispute if someone points out a mistake.
  • Each person's role should be defined. Clearly defining your roles within the company ensures that each partner's time is spent effectively. This will prevent partners from stepping on each other's toes, and will ultimately save the company money.

Originally published on Business News Daily.