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Could Collaboration Be The Touchstone For Entrepreneurial Success?

For many years, we’ve harbored the idea that entrepreneurs work best alone. It may be true that no man is an island, but somewhere along the line, we seem to have reassessed that phrase to refer to personal life only. No MAN is an island, perhaps, but an entrepreneur most definitely should be. How else do they stand any chance at breaking from the crowd and building an empire? Have not some of our best business figures been lone wolves?

Perhaps not. When you actually consider entrepreneurial successes, many are down to collaborations. Steve Jobs may have become the face of Apple alone, but he could never have done that without the help of Steve Wozniak. Mark Zuckerberg might like us to think that Facebook was all him, but anyone in the know will be aware that Eduardo Saverin had plenty to do to with it.

While these partnerships gone bitter might not be the best examples, they still show what’s possible when entrepreneurial minds come together. For near enough every great invention of our times, the chances are that there’s more than one person behind it. If you’re currently struggling to find success, then, it may be because you’re attempting to do so alone.

The moment entrepreneurs come together, magic is made. And, the moment you let someone else in, you may finally be able to turn your dreams into realities. What’s more, we’re living in an age where collaborating is easier than ever. When you choose G Suite for your business or other cloud-based tools like it, it’s possible to work closely with other entrepreneurs, even if you live at opposite sides of the country. But, why exactly should you bother?

Shared expenses

There's no use pretending; shared expenses are probably the best part about collaborations like these. Too often, entrepreneurs have to let their dreams lie because they can't afford the costs to see them through to reality. The benefit of bringing someone else onboard is that you split the costs and thus make it much easier to get going. There is a slight downside of needing to halve profits, something which is essential if you want to avoid a bust-up which beats Zuckerberg and Saverin's. But, this is a small price to pay given that your partnership itself will be the thing which made those profits possible.

Double networking abilities

Networking is an entrepreneur's holy grail. This is the thing which can get your name in the right circles. Making some good networking connections could help you to secure investments and brand collaborations. And, both are vital for getting your products off the ground. Sadly, there are only so many events that little old you would be able to attend. This brings a certain degree of limitation to what you’re able to achieve. But, with a partner to hand, you can double those networking possibilities. That’s because two people can, obviously, attend more events than one. Not to mention that the other entrepreneur would bring already-formed connections for expanding business reach.

Larger skill pools

The more skills you bring to your product developments, the better chance you have at creating something spectacular. That’s why it’s also worth noting that two entrepreneurs in one can often lead to larger skill pools all around. When you try to do everything alone, gaps in your knowledge can fast become your undoing or even cost you over the odds in outsourced services. When you consider that, it’s madness not to enter a partnership like this. During your collaboration, you and the entrepreneur in question will likely even share knowledge, meaning that you’re both better able to tackle a variety of tasks than you would if you continued trying to do everything alone.

Moral support

Lastly, it’s worth noting that collaborations like these are fantastic news for moral support. Let’s face it; the life of an entrepreneur can be lonely. When you’re stuck on the idea of being an island, you only have yourself to lean on for support during things like business pitches. And, if things fall through, no one will understand quite how hard it can hit you. But, your partner will be right there with you, through highs and lows, pitches and business meetings. And, that moral support can do much more for your mindset than you might imagine.

It isn’t easy to let someone in, especially with something as valuable as your business enterprise. But, as you can see from these benefits, it is often worth doing.

About the author, Mark

Mark Asquith is a serial entrepreneur who has built globally successful design, marketing, software and digital businesses since he quit his real job in 2005.

A passionate podcaster, global keynote speaker and helpful bloke, Mark is the co-founder of Podcast Websites and the creator of Excellence Expected. He has a terribly embarrassing beard.

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