THE POWER OF PARTNERSHIP BY BUSINESS IQ

From Germany, at the age of 18, Levi Strauss, his mother and two sisters sailed for the United States where his brothers, Jonas and Louis, ran a wholesale dry goods business in New York City. They specialized in the selling of imported fine dry goods such as clothing, beddings, combs, purses, handkerchiefs etcetera.
Three years after Levi Strauss
arrived in the United States; he
obtained his citizenship and was
chosen by the family to open a
branch of the family business in San Francisco. That was during the California Gold rush in 1853. Instead of starting off a branch of the familynbusiness, the enthusiastic 21 yearnold Levi had something else in mind
—He wanted to hit his luck as a gold miner in California. But the god of luck was not on his side.
Yes, the god of luck was not with Levi Strauss for his projection to make it big as a gold miner was anbad one; he failed woefully. But like
Machiavelli said, “an entrepreneur does not know the differencenbetween failure and success, and is able to use both to his advantage.”
Levi Strauss was that kind of
entrepreneur for he quickly ruled
out his badly taken decision. In
business, you cannot help but take wrong decisions or projections once in a while. But how quickly you bounce back after you fail is the most important thing.
Levi Strauss braced himself and
started off a branch of his brothers’ business in San Francisco. But the unforgettable success story of Levi
Strauss and his business came to be when he met Jacob Davis.
Jacob Davis was a Nevada tailor who frequently purchased bolts of cloth made from hemp from Levi Strauss.
After one of Jacob’s customers kept purchasing cloth to reinforce torn pants, Jacob had an idea—to use copper rivets to reinforce the points of strain, such as on the pocket
corners and at the base of the button fly. His idea was so unique and brilliant that he needed to patent it.
But Jacob did not have the money to purchase a patent, so he wrote a proposal to Levi Strauss, suggesting that they should go into business
together. Three years later, on May 20, Levi Strauss finally accepted Jacob’s offer. So began the endless success story of Levi jeans.
In business, when you have a unique and brilliant idea for a product or invention; make sample and purchase a patent right for it. To patent a product is to have the official right to be the only person to make, use or sell the product or invention. Again, don’t you forgetbthis in growing your business— know when to bring in the right partner or partners. Partnership
makes the journey smoother and shorter. You have the idea; your partner has the capital. Together you will both build a mega business.
This is what Jacob Davis and Levi Strauss did to create the all time popular jeans—Levi jeans.
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