Businessman, Chukwudi, yelped and looked up from his large cushion when his office door burst open. But he hissed and relaxed when he saw that it was Obinna.
“Guy, wetin happen na? Why you wan scatter my expensive door?”
“Is it not my business partner, she don almost run me dry,” Obina said as he sat frustrated beside his friend and financial adviser.
“She said she’d take care of bookkeeping being that she studied accounting in school. I swear, Sister Nkechi no fit even define accounting, not to talk of keep books. If you check records now, roadside Akara sellers go better pass am. I was questioning her, and she stormed out saying ‘Am I your mate?’. Shey na that one go bring back 2 million naira wey we no get record for?”
Chukwudi laughed until he started coughing, while Obina glared at him. “My friend, na your fault. I warned you about starting this business with a family member who didn’t share your vision.”
Choosing his elder sister Nkechi, as his business partner opened Obina’s eyes to 7 things that were wrong with the partnership.
1. She lacked the required skills
When Obina told her he was starting a transportation business, she was super excited for him but told him he couldn’t leave her on the sidelines and she wanted to be his partner. “We are going to be so big that even Agofure Motors will envy us”, she had said with so much enthusiasm. What Obina didn’t anticipate was that she lacked the skills and experience to keep accurate records even though her certificate said otherwise. He should have found out first, before agreeing to enter a contract. 9MOBILE- 1614 7921 0024 958
2. Nkechi does not share the entrepreneurial spirit
It’s not enough to be excited about a business because of how big she thinks it will get in the future. She needed to have the entrepreneurial spirit and share in his vision. With a drive for success, your partner will be able to see things from your perspective and not be lazy to work. Unlike Nkechi, who couldn’t be bothered about a balanced account.
3. Overfamiliarity
This is a clear case of ‘see finish’. She was his elder sister and had no respect for him. She didn’t feel the need to be accountable to him and couldn’t stand the fact that her younger brother was questioning her actions. Obina, on the other hand, couldn’t give the business the due diligence it needed because his partner was a family member. Which is why serious business folks are advised to keep family members off their businesses unless they shared the same goals.
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4. Bringing nothing to the table
The reason for a partner is to combine expertise or funds. It is not a club or a charity organization. Your partner should be good at something. They are either coming in with a skill you don’t have or financially supporting the business. All sister had to offer was noise.
5. Personal Luggage
MTN- 2942 7857 1788 03882. We all have one issue or the other, be it with family, friends, education or other factors that we tend to give our attention to, occasionally. But when choosing your partner, you do not want someone who prioritizes other factors above the business. If your partner has many problems and baggage, there’s a likely chance that they will not give the business all they’ve got. Nkechi could have been dealing with a cheating husband and stubborn children, or maybe she had to look good for the women association.
6. There was no contingency plan
Obina did not foresee his sister’s behaviour; therefore, he did not make provisions for events and occurrences like this. A good business person should have legal bonds and signed documents in the case that a partner refuses to be accountable or a breakup.
Can you think of any other reason why Nkechi or other family members are probably not a good idea for a business partner? If you have one, leave us a comment.
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