From the course: Strategic Partnerships
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The three laws of business combination
From the course: Strategic Partnerships
The three laws of business combination
- A strategic partnership can boost your business. But it can also be costly if it fails. About one-third to two-thirds of partnerships fail depending on various conditions. To beat these odds, you must follow three rules. These rules are so fundamental that I call them the three laws of business combination. If you're gonna learn one thing from me today, let it be these three laws. The three laws are simple to grasp, but like the rules of chess, they take a lifetime to master. The first law is this. One plus one equals three. By this, I mean that you and your partner must create more value together than you would separately. This is the value equation in every partnership. There are many ways to create joint value. If you share resources, it can lead to lower costs or higher sales. If you lean on what each party does best, you can create new products and services. You've heard this formula before. But it's worth stressing it here, because it's a must-have in every partnership. If you…
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