EOS Data Analytics: Balancing Risk, Reward And Intuition When Establishing Strategic Partnerships
One of the most crucial choices an entrepreneur must make is selecting the right business partner, writes EOS Data Analytics CEO Artiom Anisimov at Forbes. While business objectives offer guidance, it’s ultimately corporate ethics and personal intuition that drive the best decisions, in my experience.
With the fast pace of business today, it’s easy to get caught up in the allure of quick profits or immediate scalability, but at my company, we view partnerships as long-term commitments. It’s akin to a marriage; both parties must be willing to invest time, resources and emotional energy to make it work. The importance of this balance cannot be overstated, as it’s often said the majority of business partnerships fail.
When it comes to selecting a business partner, there are both objective and subjective elements to consider.
Objectively, you should look at track records and references and perform due diligence. For example, I believe companies like Apple and IBM have successful partnerships largely because of thorough due diligence before entering into an agreement.
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Subjectively, a successful partnership requires aligning in business approach, ethics and mindset. Before entering into any binding agreements, I always seek an opportunity to spend personal time with a potential partner and engage in informal discussions. This allows me to discern any red flags that could be detrimental in the long run.
Read more at Forbes.
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