Think HR Think CHRM
Saturday - 16 Dec 2017

CHRMGlobal.com on LinkedIn
Username : Password: Forgot Password?
Updates
Updates
Choosing the right business partner
Human Resources » Organization Development


Chrm Message From: amarjeet Total Posts: 34 Join Date: 25/08/2006
Rank: Executive Post Date: 30/08/2016 09:47:36 Points: 170 Location: United States
Dear colleagues,
 
This article explores the relevance and application of Principles and Strategies of Chanakya as discussed in his 3rd Century BC treatise, Kautilya's Arthashastra, in Today's Corporate World. This is authored by Radhakrishnan Pillai.
 
Let's face it: in today's corporate world, getting funds is not really a problem. The Indian market is flooded with money for anyone who comes up with good ideas.
 
Of course, in the struggling phase, a new businessman may think his idea is not good. However, if he strongly believes in his own concept and continues to put in efforts, the situation will change eventually. He will even get many people who are ready to finance his company.
 
This is when opportunities crop up for getting a new and financially stronger partner. However when such offers come flooding in, the challenge is to choose the right partner.
 
Chanakya advices,
 
"If situated between two stronger kings, he should seek shelter with one capable of protecting him" ( 7.2.13)
 
 
So when multiple partners arrive with a lot of money and even experience, you should be very alert and cool-headed. After all, a wrong choice can ruin the business that you have created from starch.
 
To make the correct choice, one should be able to evaluate strengths and only then tie up with the one who is strongest. Here are a few tips to determine who would be the right partner.
 
CONSIDER YOUR VALUES
 
Business is about values you follow. Each person puts his feelings, hopes and emotions in building the organisation. When a new partner comes, it is important to consider if your values and his values match. Both the parties should have the same wave length in thinking.
 
THE LONG-TERM APPROACH
 
At times, one may impulsively accept funds when it's readily available. But consider all possibilities, and have a long term approach before you tie up with anyone. Otherwise it is like a person who was not getting married for a long time. As soon someone says "YES", he jumped into the wedlock, only to realise later that it was the greatest blunder of his life! So check all the credentials with known sources before the partnership becomes an agreement. It may take some more time – but you will be a winner in the long run.
 
ITS NOT JUST MONEY
 
Partnerships are not just about money. It is not just plain give-and-take. In fact, it is about a life-long relationship that needs to be built upon. So, as Stephen covey says in his book, 'Seven Habits of highly effective people', "….you need to develop an emotional bank account". You will have to spend time with your partners regularly. It is necessary to communicate with them so that the relationship builds beyond just business transactions. 

Remember, every business story is a story of team work and having the right team with you. No wonder then that choosing the right team members is highly important to win the game.

Regards,

Amarjeet 

Chrm Message From: Blueplate Total Posts: 3 Join Date: 25/08/2006  
Rank: Beginner Post Date: 17/11/2017 09:25:40 Points: 15 Location: United States

 I agree that a business partner must have good values and the right knowledge about the business. 

 
Events
 
Related Discussion
Samooha - Business Operat
How Appraisal System help
Business Correspondence
Premier Business Schools
Elearning : Business Pote
10 Point Recipe for Busin
Dating Allowance : Is It
Making the right start
Write it right
Business SWOT Analysis
 
Related Articles
From E-Business to E-Cons
Timing it Just Right
Selecting the Right Manag
Importance of Ethics in B
Grabbing the Right Opport
The 80/20 Rule for your B
For enhancing Business Re
Business Ethics
Knowledge Management for
The Abilene Paradox : Eff