A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in Changi may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.
A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.
Entering into a business partnership in Changi can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.
Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.
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Market segmentation is widely defined as being a complex process consisting in two main phases:
- identification of broad, large markets
- segmentation of these markets in order to select the most appropriate target markets and develop Marketing mixes accordingly.
Everyone within the Marketing world knows and speaks of segmentation yet not many truly understand its underlying mechanics, thus failure is just around the corner. What causes this? It has been documented that most marketers fail the segmentation exam and start with a narrow mind and a bunch of misconceptions such as "all teenagers are rebels", "all elderly women buy the same cosmetics brands" and so on. There are many dimensions to be considered, and uncovering them is certainly an exercise of creativity.
The most widely employed model of market segmentation comprises 7 steps, each of them designed to encourage the marketer to come with a creative approach.
STEP 1: Identify and name the broad market
You have to have figured out by this moment what broad market your business aims at. If your company is already on a market, this can be a starting point; more options are available for a new business but resources would normally be a little limited.
The biggest challenge is to find the right balance for your business: use your experience, knowledge and common sense to estimate if the market you have just identified earlier is not too narrow or too broad for you.
STEP 2: Identify and make an inventory of potential customers' needs
This step pushes the creativity challenge even farther, since it can be compared to a brainstorming session.
What you have to figure out is what needs the consumers from the broad market identified earlier might have. The more possible needs you can come up with, the better.
Got yourself stuck in this stage of segmentation? Try to put yourself into the shoes of your potential customers: why would they buy your product, what could possibly trigger a buying decision? Answering these questions can help you list most needs of potential customers on a given product market.
STEP 3: Formulate narrower markets
McCarthy and Perreault suggest forming sub-markets around what you would call your "typical customer", then aggregate similar people into this segment, on the condition to be able to satisfy their needs using the same Marketing mix.
Start building a column with dimensions of the major need you try to cover: this will make it easier for you to decide if a given person should be included in the first segment or you should form a new segment. Also create a list of people-related features, demographics included, for each narrow market you form - a further step will ask you to name them.
There is no exact formula on how to form narrow markets: use your best judgement and experience. Do not avoid asking opinions even from non-Marketing professionals, as different people can have different opinions and you can usually count on at least those items most people agree on.
STEP 4: Identify the determining dimensions
Carefully review the list resulted form the previous step. You should have by now a list of need dimensions for each market segment: try to identify those that carry a determining power.
Reviewing the needs and attitudes of those you included within each market segment can help you figure out the determining dimensions.
STEP 5: Name possible segment markets
You have identified the determining dimensions of your market segments, now review them one by one and give them an appropriate name.
A good way of naming these markets is to rely on the most important determining dimension.
STEP 6: Evaluate the behavior of market segments
Once you are done naming each market segment, allow time to consider what other aspects you know about them. It is important for a marketer to understand market behavior and what triggers it. You might notice that, while most segments have similar needs, they're still different needs: understanding the difference and acting upon it is the key to achieve success using competitive offerings.
STEP 7: Estimate the size of each market segment
Each segment identified, named and studied during the previous stages should finally be given an estimate size, even if, for lack of data, it is only a rough estimate.
Estimates of market segments will come in handy later, by offering a support for sales forecasts and help plan the Marketing mix: the more data we can gather at this moment, the easier further planning and strategy will be.
These were the steps to segment a market, briefly presented. If performed correctly and thoroughly, you should now be able to have a glimpse of how to build Marketing mixes for each market segment.
This 7 steps approach to market segmentation is very simple and practical and works for most marketers. However, if you are curious about other methods and want to experiment, you should take a look at computer-aided techniques, such as clustering and positioning.
With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Legal structure of partnership will dictate many decisions as to how the business is run.
Main partnership types are:
- General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
- Limited Partnership: most often chosen when business partners in Changi are taking an uneven level of involvement in business.
- Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.
What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.
First, ask yourself do you really need a business partner to build a successful business in Changi? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
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Solopreneurs who possess agile professional skills bring to the organizations with whom they work urgently needed expertise, often limited to a specific assignment and for a predetermined length of time. Agile Solopreneurs provide great insight, heightened productivity and relevant experience to countless mission-critical projects.
Agile innovation first swept through the Information Technology sector and greatly increased success rates in software development, improving product quality and speed to market. Agile management techniques are spreading to other industries and Solopreneur consultants ought to be aware of what is involved, both as regards the ways your clients and prospects may buy into agile practices and how you might incorporate certain agile methods into your consultancy.
More so than in the past, business ventures now exist in highly dynamic conditions. Customer priorities and technological advancements are known to change rapidly. Keeping a finger on the pulse of new developments and innovating or adapting as necessary the company's products and services in response are essential. Marketing strategies, advertising buzz words and sales strategies operate on short-term cycles that fit the parameters of social media platforms. This fast-moving environment demands the stewardship of leaders who command agile skills. But what does agile mean in practice?
Agile does not mean doing the usual thing, only faster. Darrell Rigby, a partner at Bain & Company consulting and Hirotaka Takeuchi, professor of strategy at the Harvard Business School and CEO of Scrum, Inc., a consulting and training firm, describe agile business practices as containing the following elements:
- Scrum: Creative and adaptive teamwork that solves complex problems.
- Lean development: That focuses on the continual elimination of waste.
- Kanban: That focuses on reducing lead times and the amount of time needed to complete a process.
- When the solutions to an obstacle or challenge are unknown
- When the specifications of a product in development may be subject to change
- When the scope of work to be done on a project is not precisely known
- When cross-functional collaboration is presumed to be vital and time to market is sensitive
External Solopreneur consultants must always present ourselves as being dependable, trustworthy, capable and able to meet or exceed the clients' expectations by way of the cutting-edge skills that we possess. In this way, we make hiring managers and project sponsors feel that they'll appear trustworthy and capable to their peers and superiors when they bring us on board. In this way we can build and sustain a viable consultancy.
Thanks for reading,
Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.