Successful Partnership is Everybodys Business - Coursework Example

Successful Partnership is Everybody’s Business                                                                                                                                                                  Institution:                                                                              Date:     Aim                                                                                                                                          The purpose of this report is to investigate and identify suitable recommendations that may be applied to improve partnership working in various practices and environments. Scope To find out how partnerships can change the direction of the parties involved from failure to success. Provide case studies to support our discussion. Introduction Partnerships are formed to foster growth and understanding among individuals, agencies or organizations. However, these parties need to share a common interest for them to succeed together. It is like a marriage vow, both partners should be willing to accommodate and fully support each other for brighter future prospects. This should be the main ideology behind any partnership bond. How is Partnership Related To Success? Many people like to be associated with success. For some it comes easily with little help from others, while for others, it comes through enormous help from their colleagues, friends or family. But the fact of the matter is that we all need some help from our circles to maneuver. Success and partnership are inseparable. Partners are like birds, they certainly flock together for a common course, through the strong winds, rain or sunshine. Well defined unions are much more likely to succeed in the modern world. For Instance, the TV shows, “The Shark Tank”, which airs on the ABC network, shows five highly successful business moguls use their vast resources to support individuals who have bright ideas but lack the extra financial push to thrive their own business ventures in exchange for equity in the company. They generally, finance the ideas from mere imaginations to real life successes. This indicates the power of partnerships. Reasons for starting a Partnership Why do people form partnerships while they can as well work on their own and succeed? This is a question that we tend ask ourselves.  People form partnerships for various reasons. It depends with the kind of environment or the type of profession that they are in as well as the type of goal they have set to achieved. Here are some of the reasons why:          To enhance friendship: parties may decide to partner to enhance friendship ties. This is observed when different countries come together to form partnership ties that benefit them and their partners.          To foster growth and Development: Many African Governments such as Kenya partner with different financiers to accomplish various development projects in their countries. For example, many of them have partnered with the International Monetary Fund to obtain funds for development of their infrastructure, health and financial sectors. This kind of partnership has led enormous growth to various economies in Africa.          To improve Service delivery: Many companies involve other second and third parties to improve their services to their clients. For instance, many companies have partnered with major financial institutions to make transactions easier and better for their respective clients.          To foster improved living standards: In the case of various Governments, they form partner ships with different independent organizations to come up with opportunities that highly change the lifestyle of their citizens. This is particularly true for the countries that are still developing. For instance, many developing countries partner with international NGOs such as USAID to come up with programs that uplift the social, health and economic lifestyles of their citizens.          To enhance cooperation: This is highly encouraged in the working environment where teams can be formed to foster cooperation among the employees of an organization.          To forge peace and harmony in our environment: This partnership can be seen when warring parties are brought together to form unions that bind them to stop conflicts.  Successful Partnership: The Ingredients. As Carlos W. Moore, et al., in their book, “Small Business Management with Infotrac: An Entrepreneurial Emphasis” stated: The formation of a partnership involves considerations not only of legal issues but also of personal and managerial factors. A strong partnership requires partners who are honest, healthy, capable, and compatible (Moore et al., pp 167). In order for a partnership working to succeed in various environments, there should be an element of honesty and trust. These are the major components of a good partnership. No party of the union should feel aggrieved. Duties and responsibilities as well should be shared in the agreed order. Profits and losses should also be shared as per the initial understanding by the involved parties. For Instance, whenever a radio station goes into an agreement with a Telecom or Communication Company to get SMS hotlines or unique Phone numbers, they agree to a shared profit of a certain percentage as agreed with each SMS received by the station from their listeners on or off air. Failures of a Partnership Partnerships may collapse due to various reasons which are: Uneqaul sharing of duties and responsilities: If a partner becomes irresponsible and stops their involvement with the affairs of the union, they may cause the other party to feel short changed and overburdened and hence call for cancellation of the partnership. Dishonesty and lack of trust: partners may split because of trust issues. If one party begins to apply unsavoury tricks so as to gain an advantage over the other may lead to the collapse of the agreement. Non- cooperation among members: Non cooperating partners cause disturbance to the other parties hence leading to calling off of the agreement. Overdependence or overreliance on one party: If one party feels that they are being too relied on, they may develop fatigue and eventually health complications that may cause serious ailments. This situation might occur when one partner is more qualified or has knowledgeable than the other party. Recommendations To avoid the above mentioned failures, partnerships should focus on improving their bonds by practicing fair treatment of each other. As we had earlier seen through our work studies, we all need some effort in order to lessen the burden of the other partner. Like in the “Shark Tank” TV series, the bright individuals play their part by coming up with creative and unique ideas for them to be financed. This entails that we should all play our roles effectively no matter how small they are. Cooperation, collaboration and trust are the major pillars of a partnership. Hence these principles should always be adhered to strictly for a prospective future. Conclusion: Partnership working can be of great benefit to all of us only if we practice cooperation, tolerance, trustworthiness and other positive moral values. This is true since partnerships are based on trustful agreements and bindings. We can all achieve great successes if we introduce partnerships in our practices as proven by many success stories of successful individuals, businesses and agencies.       References   Carlos W. Moore, et al. “Small Business Management with Infotrac: An Entrepreneurial, Emphasis, Online, Available at: Google.books.com, Accessed 5/3/2013.                               Read More