Participants who gathered at the May Edition of the CFA’s Startups Hangout, weekend, have been exposed to the nitty-gritties of formidable partnerships and business relationships.
The industry heavyweights and serial entrepreneurs who provided these insights at the Hangout unanimously agreed that trust remains a veritable tool to forming the right partnership.
Speaking at the Hangout, Muhammad Rudman, CEO, Internet Exchange Point of Nigeria, IXPN, explained that partnership is the coming together of individuals, families or businesses, with a view to achieving certain results. Harping that one needs to set goals right and build trust before venturing into partnership.
“There has to be a reason for partnership which is primarily to achieve a common goal. For instance, the internet as we have it today is a combination of the efforts of experts from Stanford University, UCLA and many other experts.”
The IXPN boss charged entrepreneurs at the Hangout to change the narrative of Nigeria, claiming that being dependent on politicians to do that might be of jeopardy.
“Entrepreneurs who have ideas hold the key to unlocking the potentials of this country. Do not limit your ideas to yourself just like some entrepreneurs do when they think they have wonderful ideas.”
He advised entrepreneurs to seek the right collaborations with like minded people to bring their ideas to fruition.
Expanding and exploring the theme -“Building on the Right Relationships and Partnerships”. Ojikutu Adeniyi, President, CAPDAN and CEO of Pacific Network Solutions Limited concurred that trust is a prerequisite to forming the right partnership. However, stated that challenges in the process are inevitable but finding a solution is key.
“Challenges are constant, but how constantly you solve those challenges, will determine how far the partnership will go. For the partnership to work effectively, the partners must be faithful to each other.”
He advised participants that before going into a partnership entrepreneurs need to have a roadmap and know what they will gain which must be connected to their vision and mission.
“The main reason for going into a partnership is that, no one has the answers to everything,” Nkiru Balonwu, Managing Partner, RDF Strategies said.
“You need to partner with those who know about that aspect of the business you want to engage in and collaborate.”
She frowned at the idea of wanting to be the sole CEO or Founder at all cost, even when it is apparent that partnership would work fine and better.
“For partnership to work, the partners need to have the same values, as well as bring something of value to the table. But there is need for trust to exist among the partners for it to work effectively.”
About CFA’s Startups Hangout
CFA’s Startups Hangout, is a forum where startups meet up with successful and experienced entrepreneurs, with a view to learn from them.
Entrepreneurs get the right skills to help them grow their businesses, exposing them to pitfalls to avoid in the course of running their businesses. They tap through the experiences of these successful entrepreneurs, as well as network and synergize with one another.