By Wisdom ANKU
Partnership and entrepreneurship are no strange bedfellows. In a time when entrepreneurship has become so crucial more than ever, it’s appropriate to explore the subject through the eyes of partnership. Will it be safe to say entrepreneurship thrives better on great partnerships?
Partnership may be defined as an association of two or more persons. Legally, a partnership is an agreement where parties agree to cooperate to advance their shared interests.
The parties or partners may be individuals or legal entities such as businesses. Partnership is as old as man, from the garden of Eden to life in the metaverse and everything in between and beyond.
Talk about marriage, family, society, community, environment, and the unending list points to a stark reality – we hardly do anything without a relationship. In business, partnership is simply business itself.
Whether it’s called a company, firm or enterprise, it is a group of people working together for a common goal. Partnership may be used in more specific terms to technically define the level of association but the basic meaning remains.
Entrepreneurship on the other hand may not be as old but certainly has its birth deeply rooted in partnership. For perspective, entrepreneurship can be defined as the pursuit of starting, managing and scaling a business along with its uncertainties, by acting on an idea in order to make profit.
In entrepreneurship, the idea usually starts from an individual but developing an idea goes well beyond that single individual and that’s where partnership comes in. Hence, when these two are forged together, the resulting Partnerpreneurship is much more than a mere portmanteau word.
The concept of Partnerpreneurship may be explained as harnessing the strengths of partnership whilst dealing with its weaknesses to foster responsibility-sharing and bridge-building that makes entrepreneurship less risky, less burdensome, more effective and more rewarding.
The concept promotes partnership as a foundation for developing entrepreneurship. In the context of developing economies, the concept qualifies to be targeted mainly at the problem of inadequate resources for entrepreneurial efforts.
In many underdeveloped countries, there are little or no provisions to support young entrepreneurs. Women and youth led businesses struggle with a plethora of challenges. The situation is much worse for those that fall within marginalized or heavily disadvantaged categories.
It is accepted generally that entrepreneurship is a tested means for economic empowerment as it is for job and wealth creation.
Through viable and sustainable entrepreneurial ventures, individuals, families, communities and nations become empowered economically as well as socially.
Globally, entrepreneurship has become a powerful engine for change, opportunity, and growth. It is driving economic and social progress in many ways including the following.
- Job creation: Entrepreneurs start businesses that hire people, helping reduce unemployment.
- Innovation: Entrepreneurs bring new ideas, products, and technologies to the market, improving our quality of life.
- Economic growth: New businesses generate income, pay taxes, and contribute to national and local economies.
- Problem solving: Many entrepreneurs create solutions to real-world problems—whether it’s in healthcare, education, energy, or everyday life.
- Competition and choice: Entrepreneurship creates healthy competition, which improves products and services and gives consumers more options.
- Community development: Successful entrepreneurs often give back by supporting local causes, investing in infrastructure, or inspiring others.
Partnership is very important in entrepreneurship because it allows entrepreneurs to combine their strengths, resources, and ideas to build strong and successful businesses. It is therefore without argument that great partnerships increase the chances of success by providing balance, support, and greater capability.
For developing economies especially, partnership in entrepreneurship means providing for adequate capital mobilization, allowing room for relevant skill sets, promoting risk sharing as well as expanding network and market reach.
Various forms of partnership can be explored by entrepreneurs and startup businesses. These include strategic partnerships, joint ventures and other resource pooling arrangements.
Partners in a business venture may be active or silent. Whatever the form of partnership, it must provide capacity, capital and connections that the venture needs.
Propartners Exchange Limited provides various services designed on the foundation of partnership. Our equity partnership and investment crowdfunding platform gives real meaning to the concept of partnerpreneurship.
It is the meeting place of partnership and entrepreneurship. It is the meeting place of entrepreneurs and investors. It is the meeting place of businesses and business partners.
>>>the writer is CEO of Propartners Exchange Limited, an investment crowdfunding and equity partnership services company. Propartners operates an online platform for small businesses to raise funds from interested investors. He can be reached via [email protected]
