How to jump-start your dream business leveraging partnership

When entrepreneurs have a brilliant business idea, the natural instinct, particularly in Nigeria is to want to go the whole hug alone. The myth of a ‘self-made’ successful entrepreneur is alluring.

To increase your chance of survival and success, it’s often a great idea to find a good person to share this journey with you.

Here are some reasons why you need a business partner:

Access to more capital resources

Inadequate capital is a common threat that faces African entrepreneurs. It is also the single biggest reason why many people will never start a business in their lifetime.

Although access to startup capital is a challenge for entrepreneurs across the world, it appears to be a much more serious problem in Africa.

Banks make it difficult for small businesses to access loans, and finding investors to support a new business idea is often a wild goose chase.

Unlike a bank that would ask for collateral and demand high interest rates, a business partner can contribute capital on far more favourable terms.

Rather than get a bank loan (which would have been difficult, if not impossible), you provide some of the capital while your business partner contributes the rest. In this light you share the risk of the business between you, which is better than one person bearing the full financial risk.

On a continent where access to capital is poor, African entrepreneurs can find the capital they need to make their business ideas come alive by joining capital with other people. Compared to other sources of capital (such as banks, investors etc.), business partnerships are an easy, convenient and low-risk source of startup capital.

Diversity of ideas, perspectives and opinions

“Two (good) heads are always better than one” the timeless expression goes. This reflects the value of cooperating with other people and working together as a team.

“I know this because when I first discussed my idea with my business partner, it was like refining gold. We brainstormed, analysed, debated and argued on different aspects of the business idea and how and why it would work” said John Iwuoha, a serial entrepreneur, who lives in Lagos.

Iwuoha continued “do you know what ‘tunnel vision’ is? It’s a disability that affects entrepreneurs who come up with brilliant business ideas. Tunnel vision is a close-minded way of thinking that makes you see only the favourable things you want to see.

While this may sound good, it’s actually dangerous when you’re working with business ideas. What seems great and profitable may not turn out to be that way. That’s why you need another ‘eye’ who can objectively look at your business idea and bring to your attention those things you missed out or were too excited to think about. This is exactly what a good business partner will do for you”.

The benefits of a diversity of ideas, perspectives and opinions shouldn’t stop at the ‘idea stage’ of your business. It will also help your business as it grows and encounters new challenges, problems and opportunities.

Everyone needs some emotional support

The journey to success in business is usually full of highs and lows, ups and downs, wins and losses, successes and failures.

If you’re not strong enough to withstand the shocks and disasters that come with business, you may become discouraged and ultimately give up. While some entrepreneurs can withstand these shocks on their own, many need some measure of emotional support.

“Before we found the technician we’re using to build the machines, we tried for several weeks to find one but failed. I remember one Saturday afternoon; we walked for several hours under the rain, looking for a technician who had skills and experience in building the machine we wanted” Nwachukwu stated.

“Wet, sad and discouraged, this event made me to gradually lose faith in the business idea. I’m sure if I were in the business alone, my idea would have died a slow but certain death due to that frustrating experience” he added.

Access to a wider network of contacts

Starting up a business is about getting things done. Raising capital, finding a good office location, buying the right equipment and hiring employees are just a few of the important things on every entrepreneur’s mind.

If you don’t know where to look or find help, getting these things done can be very challenging and may be the difference between a business that successfully takes off and one that doesn’t.

That’s why it’s always good to interact and work with other people who may have answers to our problems. You never know, you may find a solution to your challenges through someone who knows someone.

STEPHEN ONYEKWELU