Whether in business or in personal life, finding the perfect partner is hard. Building a relationship is even harder. But the most challenging of it all is maintaining the relationship. Many partnerships result to failure. You can prevent this thing from happening to you by understanding why partnerships fail in the first place.
Why Do You Need a Partner
Life is more worthwhile if you have someone to share it with. That is the main reason why we need a partner in life. And this is not necessarily the romantic kind of partnership. A partner is someone who will be with you in your life’s journey. Someone you can trust and depend on. That someone can be your inspiration to become a better person.
In business, a partner is an important resource for the success of your business. We all have limitations – whether it be knowledge, finances, networks or even time. A business partner can supplement what you lack. That person can serve as leverage in helping you achieve your goals faster.
Why Partnerships Fail
So, why do partnerships fail? Any kind of partnership, whether romantic or not, is a breeding ground for conflict. Why? Because no two people are exactly alike. We all have differences. Even twins do fight sometimes.
For example, think about this. Are you a perfectionist? A perfectionist is someone who wants everything to be flawless and perfect. Well, it is great to work with someone who strives for excellence but being with one can be quite tiring. Their impeccable standards can cause a lot of unnecessary stress and conflict. On the other hand, being with a laid back and complacent person can be quite frustrating as well. Thus, it is important that we know not just the characteristics we are looking for in a partner but our own traits and values as well.
There are many reasons why partnerships fail but a deeper understanding why partnerships fail in the first place can actually lead to a successful partnership. Here are reasons why partnerships fail:
1. Misaligned Goals
Before entering into anything, you first need to know what your goals are. What do you hope to achieve in the partnership that is being formed? In the day-to-day course of business or personal relationships, it is so easy to be caught up in the trivialities of life. But with a bigger goal in place, you and your partner can always look at the bigger goal and make decisions based on that in mind. Thus, it is important that goals are aligned for a successful relationship.
2. Different Vision of The Future
How do you see yourself 5 years from now? How about 10 years from now? Is it the same as that of your partner? If it is a business partnership, what are your visions for the business? Is it the same as that of your partner? The same is true for personal relationships. Do you have the same vision of the future?
Many businesses fail because one partner wants to bring the company to a different direction. Likewise in relationships, if one partner wants something different, then the relationship is bound to fail. Having opposing visions for the future like having children or migrating to a different country are issues that couples need to address first before committing. Otherwise, it might lead to separation.
Whether personal or business relationship, money has always been a big factor in partnership failures. Mismanagement of money and lack of transparency are often the cause of financial constraints.
4. Lack of Communication
The lack of communication is a sure way to ruin relationships because this leads to confusion, frustration, blame, anxiety, fights and even depression. It creates a tense environment for both parties. To prevent this from happening, good communication is needed.
5. Conflicting Values
What is important for you? Your values define who you are. More often than not, our values influence our decisions in life. Values define not just what is important for us but also what is proper, what is correct and what is worthwhile. Conflicting values will lead to differences in opinions and resolve.
6. Lack / Failure of Trust
Can you work or be with someone whom you do not trust? To trust means that you feel safe and secure with the other person. You trust that the person will be loyal to you or to your business. You know that you can rely on the person to make the right decisions. If this link is broken, negative and harmful thoughts will take over. There will be jealousy or suspicions. These negative emotions can lead to disruption.
7. One Partner is a Control Freak
A control freak is someone who wants to be in-charge of all things, events and people to the point of being unreasonably controlling. If one partner is trying to control everything including your time, decisions and even your values then that person is a control freak. If that is the case, then you are dealing with a toxic person. Nothing good can come out in a relationship with a toxic person.
8. Unequal Commitment
Are you putting in more time, effort and energy compared to your partner? It is immensely frustrating if one person is more committed than the other . As a result, the partnership suffers. Whether it be business or personal, it is best that both parties have more or less equal commitment to the partnership. Thus, it helps to lay out expectations from the very start.
9. Pride / Unwilling To Accept Own Fault
We are all humans. Everyone commits a mistake every now and then. The problem lies when one person is unwilling to accept and acknowledge one’s fault because of excessive pride.
10. No Defined Role
Do you have a defined role in the partnership? Relationships without clear roles are bound for conflict. Disagreements are bound to happen especially if you have not defined from the very start the roles and responsibilities that each person in the relationship. If it is a business partnership, it is even advisable to have in writing the expectations, the investment and resource requirements of the partnership.
Avoid these mistakes to ensure a long-lasting relationship with your partner.