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Partnership in business - Your Experiences - Business (2) - Nairaland

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Re: Partnership in business - Your Experiences by Mcleo007(m): 7:12pm On Feb 10, 2013
Business is a risk and to get involved, one has to be ready to embrace it whole hardy. What matters the most in every partnership venture is understanding. Understand your partner very well and know his shortcomings and limitations. Pre-empt him and know tins he's capable of. This will help the individual work with a clear mind, expect the worst and brace up whenever the tide fails. I'm in partnership venture and because I know my partner well, nothing surprises me.
Re: Partnership in business - Your Experiences by Nobody: 7:13pm On Feb 10, 2013
Partnerships must have a humble beginning else it'l crash.

Ours started on campus far back 2007. Still on till date. smiley

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Re: Partnership in business - Your Experiences by Orikinla(m): 8:28pm On Feb 10, 2013
InvertedHammer: One important advice I got from a financial adviser/mentor about partnership is: DON'T DARE!!!

In Nigeria, the issues involved include but not limited to:

1. In the beginning, everything may be going well...but there is no long term good outlook.
2. If the business fails, you lose.
3. If the business progresses..how do you pull out if there exist inevitable conflicts?
Parting ways may be on sour note and in some cases deadly. For single guys/girls, it may
be a lot easier. But married partners may find out that instead of two people making decisions,
it becomes four people or three people (if one partner is still single)....disaster waiting to happen!

4. Interests may not be permanent and come with challenges
5. Most Nigeria business owners partners are constantly figuring out ways to con outsmart
customers/partners...a trial will convince you.

..and the issues go on....

In my case, the partner has been planning how to take over the entire business. But I have my Plan B and it is the perfect EXIT STRATEGY to withdraw and still save the brand name, but re-branded.
Re: Partnership in business - Your Experiences by OmerianConsult: 9:00pm On Feb 10, 2013
Orikinla: In Because, greedy partners can kill to take over the entire business.
You just made a very good point. Even honest, trustworthy people could kill 'for the right amount.' Morality seems to vary inversely as the amount of money involved. I don't know a single person who is an exception to this rule. Personally I prefer managing millions solo to co-managing billions.

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Re: Partnership in business - Your Experiences by InvertedHammer: 9:46pm On Feb 10, 2013
Sagewood: Partnership can be a great way of achieving your business goals and developing real life skills.
Apart from the issue of trust, most Nigerians take business partnership like a personal business.
You can increase the chances of success if the partnership is run like a true business. People get
emotional and get carried away by the immediate events and fail to critically assess every/ any possible
issues, challenges, barriers, problems, loopholes, and opportunities.
The would-be partners should deliberate and agree on a "working document or rules of engagement" and get it
signed and notarized by an attorney (lawyer).
Most business partnerships fail because people refused to think about what the future may throw at them.
Life is a curve, so is running a business.


PURE TEXTBOOK!
Sounds more like a paragraph from a thesis than real life Nigeria experience.

Remember, there will never be any trust in partners in Nigeria.

Loss will even be better....because if the business progresses...the more paranoia kicks in:

If partner no murder you, im go poison you.

Documents or no documents...na person wey dey alive dey go court
Re: Partnership in business - Your Experiences by leMuhito(f): 9:54pm On Feb 10, 2013
leMuhito: I personally had a bad experience. sad Still hurting me badly whenever I remember it. But that shouldn't stop one. Got some good info reading this article.>> New Business: To Partner or not to Partner with Others


Re: Partnership in business - Your Experiences by Paentera(m): 11:04pm On Feb 10, 2013
When going into business, what is important is to put the character of the individuals you are going into partnership with ahead of any sort of documentation. If you like sign and let Angel Michael be your witness, if your partners are of dubious characters, your partnership will eventually collapse on issues of ethics, loyalty, trust or other character flaws.

This is why when you watch pseudo-angel investing shows like Dragon's Den, you will often hear over and over again, I like you, I like your team, and this is why I want to invest in your product or service.

Documentation is one thing to assure success of partnership, strength of character of those involved with regards to integrity is usually the bedrock of successful and enduring partnerships.
Re: Partnership in business - Your Experiences by collab: 11:28pm On Feb 10, 2013
Partnership is good idea provided both parties have good intention and see the same vision.
Re: Partnership in business - Your Experiences by xsey: 11:53pm On Feb 10, 2013
Partnership in this part of the world requires loads of Wisdom.
Partners need Loads of Self-Control, godliness, Maturity especially when Money starts flowing in.
Re: Partnership in business - Your Experiences by EVERWIN(m): 12:38am On Feb 11, 2013
I went into many partnerships b4 and mostly it involve naija partners.

My partners always have 2 bring equal investment into the biz.
Once I start a retailbiz with a few female naija partners, they give headache a lot(lol), but it was good till the demand of the products in the market was not anymore there and we stop biz correctly.

Another biz I started with naija Igbo partners many years ago (till 2day) was very profitable and successfull (stil is): the importation of trucks, busses and the spareparts from it.

We bought gigantic much things, like whole auctions, government liquidations, vessels, each time many trucks, machineries,busses and cars.

Then we prepare the cargo 2gether and do the shipping and claiming. Then we put it 4 sale or haulage. Its great, mostly be4 the cargo arrive all the things are already sold or having a purpose becos evryone want our goods.

Every step of this biz is with nigerians and they're doing fine and honest.

The only problem you can meet in a biz like ours is that people around you get jalous.
I expected some 419 to happen in Nigeria but it happened in Belgium, end 2010. shocked

My white people waited till I was in Naija selling my trucks; then the thieves moved inside our trucksplace with the local belgian government they tricked to fight for them and trow the nigerians out of our place.

You know naija people are not standing strong (pali or not) in our country so they run from them. My naija partner call me quick in Nigeria 2 come back 2 Belgium. I quick arrange some good Antwerp CID to face the local goverment. But they tooked all the trucks and goods 2 an unknown destination.

Arriving back in my country I started my fight, firstly I put all the bad guys on the map. One policestation, but be4 i go there they close and run.

Then i went 2 see the mayor and that 1 said ;"sorry, I was not knowing its from you"
Then I see a belgian exporter (gangleader), that was so jealous that we we're successfull that he arranged this thing with a big transporter and a recycling company. I took the best lawyers (and my partners their best praying (pastors) and local powerfull 'doctors') and sue their asses off in court.

During the waiting of the courtcase, some nigerian associations were offering us their support, like they want 2 go with hundreds of them there and break evrything.

But then becos of our united effort and power we succeded and the bad guy went broke, the transporter out of biz and the recycling company returned our things. The courtcase was 100% won by us. cheesy
Now its biz as usual.

A few times I went 2 meet some nairalanders in naija. They were nice but I could not go with them into any partnership becos they were not having their own working money.
And that even after my partners filtered them from the mass applicants.

Nigeria is great 2 do biz but u have 2 serve the right god and have the luck to get the right bizpartners.

Very soon I'm going 2 start another biz with partners (maybe a lot like cooperative biz) in Naija, so the youth get work and it involve agriculture, processing, transport that bring evryone $. But it can also be real estate.

And in the mean time, don't trust anybody, clean ur mouth and carry on. cool(some guys know what i mean)

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Re: Partnership in business - Your Experiences by EVERWIN(m): 12:50am On Feb 11, 2013
Oops I forget 1 biz i do be4 with naija and ghana partners. Moneytransfer and door 2 door. Lot of work and stress but rewarding.
It was nice biz also but I stop becos the clients dont send much things anymore, its crisis 4 them. So bought me out.
The number one biz is importation, thats running phantastique smiley.
Re: Partnership in business - Your Experiences by Nobody: 7:29am On Feb 11, 2013
Omerian Consult: What are your experiences in entering into partnership with people. Would you go into partnership again?

To set the ball rolling, I co-founded an Embedded Systems firm as the Business Development Officer (BDO) with another person (engineer)who was to function as the Chief Technology Officer (CTO). God gave me some great initiatives and we were able to get an office at Iyana Ipaja through a friend of mine. My partner was putting personal interests ahead of the firm's and eventually the soft loan which I personally sourced in my name from family and friends became a personal debt when the firm collapsed. I will be very, very careful and hesitant in going into partnership again, no matter what I stand to gain.


I have ideas flowing allover my head. I will never partner anybody in business unless purely buying off and selling.

I can employ on contract basis a business development officer to finetune the execution of my ideas. Simple...

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Re: Partnership in business - Your Experiences by Nobody: 8:35am On Feb 11, 2013
baynix: [size=16pt] I'm Having A Big Problem Wiv Who To Trust.. And I Really Wanna Do A Biz Dat I 'll Need 2 or More Ppl To Run It Wit! In Nigeria, Partnership Thang Is Not The Typa Biz U Can Rush In To!!

For Me? No Experience So Far... Coz Of TRUST! [/size]

Nigerians lack trust. Whenever i see a person trying so hard to make me trust him, i keep away from him because time without number, nigerians/friends have duped me. So now, i do it myself.

In everything i dont do myself, i pay a salesgirl or boy to do it. Even salesboys are very fraudulent unless monitored daily. I have learnt alot. Only recently am trying to employ a brain to do some consulting for me to establish a transport coy.

So if you talk of partnership, i dont need that. All i need to do is to deploy my resources wisely to make profit...
Re: Partnership in business - Your Experiences by OmerianConsult: 10:40am On Feb 11, 2013
okpara ugo:
Only recently am trying to employ a brain to do some consulting for me to establish a transport coy.
We could consult for you in this regard. The research arm of our firm does feasibility studies, business plan, proposals etc. Expecting your call/mail. FYI: this is our third thread that made frontpage this year.
Re: Partnership in business - Your Experiences by kodewrita(m): 2:18pm On Feb 11, 2013
Personally I have never started a joint biz with anyone though i nearly joined one ( but later realised the innovations required to drive the company were supposed to come from one source--yours truly).

However I read somewhere that its best to start with 60% 40% partnership so that its clear who's boss and who's not (to forestall power tussles later in the lifetime of the biz).
Re: Partnership in business - Your Experiences by integrityfood: 3:43pm On Feb 11, 2013
Partnership as the name suggests was meant to augument effort and bridge gap whether financially, skill or connection among others. The main challenge in partnership is INTEGRITY of partners. Its expedience to explain the rules before hand. There instances where a short time deal may work hence if such deal is made for a lasting intention, there is bound to be a problem. Am considering partnership with soomeone but with a brief life span such that as soon as the partner makes. About 100% profit of his investment within 1 to 2 years, then his stake ceases in the venture but if we suffer a loss during early period, he remains till we survive for him to recoup his money. I feel such arrangement may help but let's hear from so I don't make serious policy error. Thanks
Re: Partnership in business - Your Experiences by OmerianConsult: 4:08pm On Feb 13, 2013
integrityfood: Partnership as the name suggests was meant to augument effort and bridge gap whether financially, skill or connection among others. The main challenge in partnership is INTEGRITY of partners. Am considering partnership with soomeone but with a brief life span such that as soon as the partner makes
Offer to buy them out for an agreed sum.
Re: Partnership in business - Your Experiences by iseeicome: 4:55pm On Oct 13, 2017
Partnership in Nigerian Businesses
Partnership - When a number of individual carry on a business is referred to as a partnership business. The law regulating the establishment and operations of partnership businesses is codified in the partnership Act, a partnership is defined as the relationship which subsists between persons carrying on a business in common with a view of profit section 1 (2) of the Act excludes the relation between numbers of any company or association which is registered as a company under the companies Act or any other Act of parliament relating to the registration of joint Stock Companies.
http://articlesng.com/partnership-nature-purposes-dissolution/
Re: Partnership in business - Your Experiences by konews: 7:57pm On Jun 09, 2020
In Nigeria, there have been some improvement in the area of trade and commerce due to improved communication between Nigerian and other countries of the world, as well as between the various towns and villages within the
country. The improvement in the area of communications has led to the formation of partnership to enable Business men to carry out their business more effectively and profitably. Business continues to be largely carried on, however, by individual was enterprises. Of course, each method of carrying on business, whether through a partnership or by an individual, has it’s own merits and demerits.
https://businessplanhub.com.ng/partnership-in-business/

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