Foreignpreneur: The 9 Dependencies of Success, How to Think Like a Foreign Entrepreneur: What you need to start an international or small business by Iyiegbu Davies

Author:Iyiegbu, Davies [Iyiegbu, Davies]
Language: eng
Format: epub
Publisher: Davies Iyiegbu
Published: 2019-08-06T16:00:00+00:00

Chapter Six

Building Partnerships

The nitty-gritty of communication

B uilding partnership as a foreign entrepreneur is a very uphill task, starting with language deficiency, all the way to those skeptical questions of “Where are you from?” that you get in business meetings.

In some cultures, speaking too much is seen as being arrogant or proud and believe it or not, this may hamper business negotiations and increase your chance of losing out on business deals or even potential partnerships. Understanding culture is key to building alliances; it could be time management, paying for lunch, speaking the local language or merely being kind. Speak to a man in a language he understands 25 , and you can get his attention and win his heart.

Dealing with investor pressure or misunderstanding with a potential partner could be the end of a business relationship. There are businesses who’ve spent years pursuing lawsuits that have hindered the growth of the company.

I am usually not a fan of any form of partnership, but if you must go into partnership, always make sure that you and your potential partner understand the objective of the alliance. Otherwise, you could have important phrases getting lost in translation or even misunderstandings with your prospective partner.

I remember having to spend hours in arguments back and forth with an investor who signed a contract which clearly stated; “In the event of a loss, we lose together.” Well, when a loss did come, which I never wished for, the investor did not stick to his end of the bargain. His excuse was, “I did not understand the contract.” It’s none of your business if the investor does not understand the contract? I think you should give that a second thought.

There are several factors to consider when coming to terms with a partnership agreement and several practices to follow to keep the partnership on track to ensure that value is being delivered to all involved parties.

The following checklist can guide a foreign entrepreneur when building a partnership:

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