When some people think of a business partnership, they think of a couple, or two people, in business together. However, a business partnership can be two or more people, organizations, or even a group of social media influencers and universities who come together in order to work towards a common goal or goals.
Partnerships in business tend to have legal contracts with specifics professionally executed in writing, agreed upon and signed by all parties involved. Many partnerships evolve through family businesses, or even spouses who work hand in hand from the very beginning while others are simply verbal and for a short period of time.
But enough of all the defining aspects of partnerships. Instead, let’s go over the reasons why partnerships can be quite awesome and the path many budding entrepreneurs can take on their way to the top through lessons from our Black Entrepreneur History.
Here are some of the benefits of partnerships:
- Projects can be concluded in a more rapid rate. Consider architects such as the Vertner Woodson Tandy, the first Black state licensed architect of New York. When he went into business, he did so with someone with a like mind and goals who was also an architect, the first Black licensed architect in New Jersey, George W. Foster. Together, in a short amount of years, they designed and planned projects after founding their own firm, building structures in the south and north of America, bouncing ideas off of each other.
- Two or more heads can be better than one. This is an easy one. The right hand can draw and the left can type. Fair enough. This concept can be shown in the lives of Mr. and Mrs. Jesse Bee Blayton. He and his wife were very successful in business, and as a team, one was able to launch the first Black owned radio station in America and the other a school. They weren’t only married in love but also in business.
- It can take a great goal and make it extraordinary. Consider what happened in Greenwood, or Black Wall Street. The founder of Greenwood was a man named Ottowa W. Gurley who partnered up with another entrepreneur from Canada named J.B. Stratford on an idea to assist with growing the Greenwood area, resulting in the largest Black owned hotel in the USA at the time while adding even more value and attraction to Greenwood.
- Finances can be pooled, making investments easier to obtain. Many entrepreneurs need capital to get started, depending on their goals. For someone desiring to go into something like real estate, it can be much easier to do as a team, or with a partnership, splitting ownership and profits while growing and building faster than being solo.
Those are just four examples and types of partnerships that have one thing in common – there were end goals. Finding a partner in an idea, on paper legally, or even setting a particular goal for success in a marriage, one thing is for sure is that partnerships can bring huge benefits in the long-run if developed properly.