This is the 5th article of the Making Of An Online Business series and it will deal with your partnerships. After talking about your projects, teams and money, it’s time do dig a little on your alliances, associations, or, in other words, partnerships.
If you came here directly I encourage you to read the rest of the articles in this series by clicking on the links below:
- Start Your Own Business
- The Making Of An Online Business – The Series
- The Making Of An Online Business – The Projects
- The Making Of An Online Business – The Team
- The Making Of An Online Business – The Money
What’s A Partnership?
A partnership is at the organizational level what your team is at your human resources level. As the words imply, it is a resource, a complementary resource that will provide more value to your business.
Generally speaking, a partnership is an alliance in which each part is providing specific values to the other parts. It is based on trust, acceptance and common goals or resources. A partnership is a temporary association of two or more organizations in order to attain a specific goal faster or with fewer resources consumption.
I will say this again, until it will be really clear: online is the most dynamic business context ever. Things are happening lightening fast. Like really lightening fast. Keeping the old individualistic approach of “I’m the best in my field” won’t work anymore. Because you can’t be the best in your field anymore. You can only offer a slightly more interesting perspective than your competition, and even that only for a limited time.
If you want to increase your market penetration, you have to let go a little on your ego and trust on partnerships. I’m not saying to rely exclusively on partnerships, but treat them at least as necessary tools for expansion.
The real trick here is to chose your partners extremely carefully. They must operate in the same business context as you, but they don’t have to make the same things as you. They will be, of course, your competition, in this case. I can’t believe how many people ignore this simple and apparently dumb rule when they are going out for partners. And they do that by either trying to partner with the competition (not a bad thing for a desperate business, by the way) either by going for partnerships way too far from their audience.