business partner

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      A business partner is a commercial entity with which another commercial entity has some form of alliance. This relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties. Alternatively, it may be a very loose arrangement designed largely to impress customers and competitors with the size of the network that the business partners belong to.


      Partnership formation


      A business partner or alliance can be crucial for businesses. However, businesses can not choose business partners, called business mating, in any way they want. In many instances, the potential partner might not be interested in forming a business relationship. It is important that both sides of the agreement complement each other and have some common ground, for example in management style, mindset, and technology. If, for example, management style would be too different between the firms, then a partnership could be problematic. Kask and Linton (2013) investigate under what conditions business mating (formation) takes place for startup firms seeking business partners.


      Differentiation



      The meaning of the term is quite different from that implied in partnership, and it is because of the potential for confusion between the two that widespread use of 'business partner' has been discouraged at times in the past.
      A business partner can be:

      A supplier
      A customer
      A channel intermediary (such as an agent or reseller), or
      A vendor of complementary offerings (for example, one party sells the hardware, while the other sells the software)
      This is a wider definition than a business alliance.


      Cohesion


      One example of a business partnership is the "Agility Alliance" originated by Electronic Data Systems. Members of this IT-focused alliance include Microsoft, Oracle Corporation, Sun Microsystems and SAP. This highlights two problems with multi-party partnerships:

      Two of the companies may be partners with a third member of the partnership, but highly aggressive towards each other. (Oracle and SAP compete against each other in the ERP market.)
      One party may be partner to a second party when targeting one market, but competitive against that same company when targeting another market. (Microsoft may be happy to work with Sun when Sun is offering its servers, but far less happy when Sun is proposing OpenOffice.org, in contention with Microsoft Office.)


      Business partner search



      Business partner search or business matchmaking is the process/service of finding buyers/customers, distributors, licensees, and/or other business partners. This can be provided as a paid service by a commercial organization, or as a free service by the commercial section of a country's embassy/consulate or an association of businesses in a particular area.
      Customarily, commercial consideration of this service is a one time fee. The fee for this service depends on the business domain, the volume of business of both partners that will end up in a partnership relation as the result of this service, etc.


      Managing relationships with business partners


      The collaborative relationships with business partners are oftentimes prone to certain inefficiencies, which are represented by misalignments of either incentives or efforts between the partners. Business actors thus employ various approaches to manage the business relationships and facilitate both cooperation and coordination. Two mostly used mechanisms are legal contracts and social norms (e.g., trust, prior relationships, or continuity of future collaboration).


      References




      External links


      IBM's Business Partner website
      RediffMail Business Partner website
      Google Apps for Work Premier Partner website
      HP on its strategic partnership with BT
      BT on its strategic partnerships with Nortel, Accenture, Microsoft etc
      Emerge Vocational Skills - Business partners Web Page

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    Business partner - Wikipedia

    A business partner is a commercial entity with which another commercial entity has some form of alliance. This relationship may be a contractual, exclusive bond in which both entities commit not to ally with third parties.

    What Is a Business Partnership? - The Balance

    Sep 29, 2024 · A business partnership is a legal relationship that is most often formed by a written agreement between two or more individuals or companies. The partners invest their money in the business, and each partner benefits from any profits and sustains part of any losses.

    How To Find a Business Partner: 5 Key Strategies | Indeed.com

    4 days ago · In this article, we explore what a business partner does and the benefits of having one, plus tips for how to find a business partner who’s a good fit—for you and the job. A business partner is someone with whom you legally share the co-ownership of your company, including any profits or losses.

    Partnership: Definition, How It Works, Taxation, and Types - Investopedia

    Jun 27, 2024 · A partnership in business is a formal agreement made by two or more parties to jointly manage and operate a company. Learn when this business structure makes sense.

    Find a Business Partner Who’ll Help (Not Hurt) Your Business

    Nov 24, 2023 · Finding the perfect business partner sounds simple in theory, but does it actually work? Here are examples of co-founders we’ve interviewed that are making their business (and personal) relationships thrive.

    Business Partnerships 101- Types, Advantages and Disadvantages

    Business partnerships are a specific type of, legally binding, the business entity that is formed by the partnership agreement, accepted by two or more individuals, who are the business co-owners. Read my review of partnership agreements, what to include and pricing.

    Eight Essential Qualities Of A Successful Business Partner - Forbes

    Jul 15, 2021 · You have a great business idea that you're passionate about, and you're excited to get started, but before you do, you need to choose a business partner. This person can help you make complex...

    How to Find a Business Partner (and vet them) - Indeed

    Nov 4, 2024 · When you’re ready to find a business partner, understanding what to look for and where to begin your search can make the process easier. Ready to get started? A business partner is someone who shares the risks and responsibilities of your company with you.

    Business partnerships: 4 types + how to form one | QuickBooks

    Apr 26, 2022 · A business partnership is a legal agreement between two or more people or entities to run a business—learn more about partnerships with our in-depth guide.

    How to Find a Business Partner Online - NerdWallet

    Oct 22, 2020 · In this guide, we'll explain how to find a business partner online with tips from experienced entrepreneurs, as well as review the best websites to use to start your search. Smart money moves...