3 Tips for Creating Powerful Partnerships

Whether they’re mentorships or joint ventures, the right arrangements can provide strength.

Every entrepreneur dreams of building a successful business that will provide them with fame (or at least a positive and trusted reputation), fortune and the ability to make a difference.

One of the fastest routes to all of these goals is through powerful partnerships. These partnerships can range from a direct business partner, such as a co-founder, to advisors and mentors or strategic business partnerships, where each person or company benefits from the formal or informal alliance.

So how do you find the right partnerships and develop them into productive and profitable relationships?

This week I had the chance to visit with Jason Humble, CEO of Humble Capital Group in New York. He’s a former collegiate athlete and also a board member for the Precious Dreams Foundation in support of foster and homeless children, a cause that is close to his heart, having endured a challenging childhood of his own. He is also an avid networker and credits many partnerships for helping him advance to his current role assisting companies in pre-IPO fundraising.

As a serial entrepreneur, I have been a member of three formal business partnerships, in addition to countless mentorships and collaborative arrangements.

Most have been highly profitable, and all have provided valuable learning experiences. As you consider your own partnership opportunities, these three tips will increase your odds of success.

1. Always be networking.

With the meteoric rise of social media, it’s easier to connect with people than ever before. Social media is great, but it’s tremendously challenging to build long-lasting relationships, especially with a person who has an extensive network of contacts. How do you differentiate yourself so you can develop a deeper connection with ideal contacts? 

Read more: https://www.entrepreneur.com/article/343976