Oh, you were meant to work together forever? They were meant to be together forever? Partnerships, regardless of the type and depth of the relationship, fail for many different reasons. People engage in partnerships because multiples are most often better than singular. Partnerships start out very optimistic and ambitions; few envision failure. Knowing the top reasons why many partnerships fail might prepare you to avoid a partnership failure in future. There are many different types and levels of partnerships including business, short-term, marital, political and non-profit.
Why Do Once Upon A Time Perfect Partnerships Fail?
- No Strategy or Poor Strategy. This is usually caused by intense excitement in the early stages of the partnership. So intense is the excitement that it doesn’t matter where or how they’re moving as long as they’re moving together at that point in time. Overtime, once the excitement dwindles, lack of direction and mixed input and output leads to a failing partnership.
- Unrealistic branding. Many fail to keep up with the brand promises they established early in the partnership. They promoted perfection but deep within, there was little to be happy or perfect about. Once they’re unable to keep up with the lies and blemishes, cracks show, causing turmoil and eventual failure.
- Bankruptcy. Money matters a lot in growing any partnership. Once bankrupt, the partnerships that are unable to rebound will fail.
- External Interference from “Outsiders”. Once partners start welcoming other new partners and making individual decisions based on outside influences, disagreements will increase potentially leading to a failed partnership.
- Weak foundation and contracts. When foundations and contracts are weak, the bond and essence of partnership diminishes over time. It’s important for partners to get to know each other deeply- their goals, aspirations and every pertinent detail necessary to push the partnership forward beyond all obstacles and avoid a partnership fail.
Push Your Dreams 2020
Want to push your dreams in today’s great-people, good-nations, technology-driven world? You must read Olatorera Oniru’s 2018 e-book titled Push Your Dreams available now on Olatorera.com and on Amazon.com.
The Olatorera Consultancy brand has grown from an ambitious solo-preneur to a team of over 50 people highly assertive on providing the seal and stamp of “Africa’s Best” to great businesses in Africa and beyond.