Couverture de 174- The #1 Reason Businesses Fail? PARTNERSHIPS. Here's How to Make Yours Thrive

174- The #1 Reason Businesses Fail? PARTNERSHIPS. Here's How to Make Yours Thrive

174- The #1 Reason Businesses Fail? PARTNERSHIPS. Here's How to Make Yours Thrive

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 This discussion highlights that while partnerships can be a strong way to build a business by combining skills and resources, they are statistically the most common reason for small business failure, often due to partners being unable to work together effectively. The key to successful partnerships, as emphasized in the source, lies in choosing the right partner, establishing clear expectations through written agreements (including a plan for dissolution), seeking guidance from mentors, maintaining consistent and clear communication, and fostering mutual respect even when disagreements arise. The overarching message is that proactively addressing these factors from the outset can prevent many common pitfalls and allow the partnership to thrive.
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