EHI BRAIMAH: PARTNERSHIP SECRETS FOR ENTREPRENEURS
In business, partnership is very powerful and can enable an entrepreneur far more than he can with his business idea. In fact, many start ups have exploded in results and expansion because of partnership. However, partnership is not always rosy. Some have had their fingers burnt by partnership. For Ehi Braimah, CEO, Neo Media Marketing, he wished the partnership he entered before starting Neo Marketing, never happened. To him, it was a disappointment. On Career People this week, he shares practical wisdom to avoid regrettable partnership.
“The partnership I went into before I established Neo Media & Marketing was so disappointing. I wished it never happened and that was because I did not asses the other character properly. Partnership is not bad per se, but before you go into it make sure you know the character of your partner(s); some can be terrible.”
Mr Ehi went further, “Partnership is still a good thing. Everywhere in the world, people still forge partnerships. You cannot run away from it.”
Immunity to Partnership Wahala
However, before one enters into any partnership, he has a set of rules to observe to avoid being disappointed.
The first one is that you must hand-over the partnership to God prayerfully. That is the first and the most important step to take first.”
“Two, you should not be too trusting. Everything must be reduced to black and white. I know that it’s possible for you to have your agreement documented and someone still goes ahead and flout it. But just imagine where there is no such document!”
“There should be water-tight agreement documented when doing business with people because ones money starts coming in, character and language begin to change, unless there is something to check them. And that is the agreement duly signed by all parties. We can also add the element of God’s assistance without which, many things would go wrong.”
Bad Spirits That Wreck Partnership
“It’s the spirit of envy, jealousy and bitterness. This is a bad spirit and everyone going into partnership must be aware of it. They must guide against it. They should never take it for granted or pretend that it’s not there.”
you should not be too trusting. Everything must be reduced to black and white. I know that it’s possible for you to have your agreement documented and someone still goes ahead and flout it. But just imagine where there is no such document!
He continues: “Next to this bad spirit, I’ll say proper and accurate record keeping is paramount. As you know, most partners fight because of money. Every partner in a partnership must be in the know of how money is coming in and how it’s being spent. Transparency is very important.
“There must be a periodical income statement that shows every financial transaction of the business clearly. And all the partners must sign that document as a confirmation of their agreement with it.”
One other issue that can lead to quarrels in a partnership, according Ehi Braimah, is unequal commitment of resources to a business venture by the partners.
“Every partner should put money into the business,” he argues. “Trading goodwill or knowledge for equity is not sufficient. There must be what is called seed money to start and run a business. The partners must come up with it.
“And I think also that partners must learn to act in good faith at all times.”
Quote Credit: The Sun, Success Digest