The growth of small scale businesses is in large influx in Ibadan and Nigeria at large, every young graduate wants to run a startup. Everywhere, you find individuals renting shops, displaying banners or using their home space as a means to catch up on life savings. From catering outlets to tailoring outlets, start-ups spring up daily. Secondary school students are already being quickened to join the trend and competitions as Tony Elumelu Foundation are organised to sponsor the growth of small-scale businesses.
As start-ups, are we concerned about the future of our businesses? As business owners the future of our business should be a concern to us, emerging from the small-scale to the large-scale. To emerge from the small-scale to the large-scale, we should probably think of engaging in a partnership. Partnerships bring a new light to business growth. Here are 3 reasons why you could try out a partnership:
- Collaboration: The proverb “two heads are better than one” implies that working in pairs brings out an effective result. Collaboration goes a long way in business, it allows to cover up loop-holes and also, a gap an individual cannot fill, another can. It is essential for a business owner to pair up with like minds, individuals who share the same vision as you.
- Innovation: Peter Drucker says, “If you want something new, you have to stop doing something old”. To make expansion and growth possible, you have to come up with new ideas. At a point as an entrepreneur, you might be brimming with all the ideas needed to grow your business then at another point, you need new words and new insights, which can only be poured to you by engaging another in the business you run.
- Funds: A lot of us have loads of ideas but we fall short when we have no fund to launch out. At this point, you can think of an investor as a partner when you partner, he covers the loop of funds and you then work as the idea tank. For instance, when Facebook’s founder Mark Zuckerberg started off, he had no fund to get a server to host his website but rather than lose the vision, he discovered a rich Brazilian boy, called Edouard Saverin, Edouard paid for the first $15,000 to host thefacebook.com. This tells us an investor can be a co-founder.