Just because you believe you have a unique business idea doesn’t mean that you will achieve optimum success in no time. In fact, research shows that most new businesses go down in year five, and one in five new ventures don’t even make it to the second year.
Therefore, if you want your business to stay ahead of the competition, you need to develop the right strategy. This includes finding a like-minded business partner who is willing to take risks and push you to the limits.
The business partner duos outlined below joined forces and converted a small business idea into some of the biggest empires we know today. Read on!
William Procter and James Gamble
William Procter was a humble English teacher, and James Gamble was a poor soap maker. They married Olivia and Elizabeth Norris, respectively. Alexander Norris, their father-in-law, suggested that they stop competing with each other and instead create a joint business venture.
On October 31, 1837, these men created Procter and Gamble, which has thrived for over a century despite facing stiff competition.
Henry Wells and William G. Fargo
If you have shipped products in the past, you probably did it using American Express. Also, you may have used Wells Fargo at some point in your life. Well, these two household names were created by two enthusiastic entrepreneurs Henry Wells and William G. Fargo.
They founded American Express in 1850, in a bid to capitalize on the expanding US size and population by providing fast, dependable, and affordable delivery service between the Midwest and the East.
In 1852, they raised $300,000 and founded Wells Fargo, which brought reliable banking services to California.
Bill Hewlett and Dave Packard
Bill Hewlett and Dave Packard met while studying at Stanford. It is during this time that they discussed forming a company, and this is when Hewlett and Packard was born in 1939.
From humble beginnings, HP became a tech giant producing PCs, servers, printers, software, and a lot more. Today, HP is the most crucial company in Silicon Valley and has a market value of over $60 billion.
Bill Gates and Paul Ellen
Imagine living in a world without Microsoft? Well, thanks to Bill Gates and Paul Ellen, we don’t need to envision this.
This duo met at Lakeside School in Seattle and became friends due to their love for technology. They created their first venture – Traf-O-Data and made $20,000 from it. They later founded Microsoft in 1975, which has become lucrative over the years. Forbes reports that Bill Gates is worth $106 billion, while Paul Allen is worth $20 billion.
If the people mentioned above decided to take their own paths in business, they wouldn’t have achieved the immense success attributed to them. Therefore, endeavor to look for a business partner with whom you share the same interest and work towards a similar goal.