Question

What are the key ingredients for building a successful business partnership? How do they relate to each other and how do they differ from each other?

What is the primary factor in establishing a company's real market expectations for a successful partnership?

What is the first, most direct way sellers can encourage buyers to buy their products?

What is the very first step in establishing a successful business partnership?

What is one of the primary ways trust can be lost for a successful partnership when business is conducted online?

Answer 1

1. The key ingredients for building a successful business partnership are:

• Respect and trust
• Clear communication lines
• Collaborative decision making
• Reconcilement after each disagreement quickly

2. The partners can relate to each other with the common objective of making profits and achieving common goals. The partners may differ in perspective and business style.

3. The primary factor in establishing a company's real market expectations for a successful partnership is being clear and realistic with the business goals. Business goals must be set based on the demand pattern and the market trend as well as the analysis of the external and internal factors affecting business.

4. Most direct way sellers can encourage buyers to buy their products is person-to-person marketing. Here the seller meets the buyer himself and convinces him to buy his products.

5. The very first step in establishing a successful business partnership is aligning the core values and culture of both the partner organizations. The common culture propagates the core values and ensures business success.

6. One of the primary ways trust can be lost for a successful partnership when business is conducted online is by telling lies to the other partner. Both the partners, involved in partnership, must remain open and transparent to each other about the business activities.