How to Find a Business Partner By Ezirim Promise Are you in the process of starting a business? Do you need an injection of capital into your business? Are you looking for a business partner for your startup company? Then read on. A partnership in business at times seem to be risky. Honestly speaking, most business partnerships fail. However, the ones that succeeds can bring greater level of progress and success than if the same individual focuses on the same goals alone. After all, most successful tech companies were a result of good partnerships. Examples of companies that were built on partnership includes Microsoft, Google, Yahoo, Youtube, Facebook, Koch industries, Apple, etc. Without wasting your time, below are some tips that will assist you in building a successful partnership. How to Find a Good Business Partner for your Company 1. Seek for Ambitious Partners Great businesspeople always have fire in hearts So always look for a business partner who dreams and thinks big. “I cannot’’ should not exist in the diary or dictionary of such individual. But it is important you bear in mind that ambition is a double-edged sword, so act 2. Do not mistake volume for voracity That a business partner is energetic and self driven does not mean that they know what they are doing. So you should try to remove the curtain after the initial connection to discover what substance is there beyond energy. Make sure that you really know the person because great business personnel’s are always doers and not just talkers. 3. Great business people are known for given honest feed back The right business partner will always want to discern your great ideas from ones that may not be right for the business. He or she never talks to impress you and sometimes, will oppose even your best idea; just to make you think through your ideas critically. 4. Observe the person’s personal values This is the most critical factor that affects partner relationship. It is assumed that everyone has his or her own set of values, but some are more self aware than others. What are the top values of that partner and how committed is he or she to such values. This should be your number one question and observation. The reason is because cultural differences, religious differences, moral values are some of the issues that affects the smooth relationship in business partnership. 5. Observe if there is a common goal In order to prevent competing interest and disagreements, you should discover what your partners goal is in that venture, for you to know if there is a common goal between two of you. It is obvious that one’s assumed goal is to make profit, but the question should be, how much profit do each of you expect to make?. 6. Observe the level of commitment You should try to be aware of the competing priority that is in each of you that could impact the level of commitment towards achieving the common goal. Because in some cases, a partner will like to work nights and weekends, day in and day out while the order partner shuts his work down at 5pm to have dinner with his family. The partner will feel that the other partner is not carrying his or her own weight. 7. Try to note your partner’s expectations There is a popular saying in business that at the end, self-interest prevails. Therefore, you should be able to know what your partner is expecting to get out the partnership. Your partner should be honest to inform you if his or her interest involves his ego. The most important factor is to set a limit on the amount of time that you are going to be working with each other. At the end of the agreed time frame, you people should have a plan to evaluate your partnership. A lot of heartache will be saved if both of you agree in advance on the appropriate method to run the partnership. 8. Observe the financial position You should be careful when selecting a partner that has great deal more experience or much deeper pockets than you. Obviously, it is profitable to have a partner that is able to lend financial resources and experience to your business. 9. Check the complementary strengths There is a saying that two minds are always better than one. In other words it means that two good heads are better than one and there is another saying that a rope of two strands is strong. Therefore, the strengths that each partner possesses should be listed and then both of you should determine how well they will match up. If one partner is interested on building relationship while the other is interested on building system and technology, then those strengths coming together could make a good and better whole. In summary, it is important you know that looking for someone who understands your goals and wants to assist you work toward them is not a bad idea. However, making it certain that you and your partner are be on the same page is imperative. Take the time to have honest discussions about your values, goals, strengths, finances, and expectations. Develop a clear strategy by which to examine your partnership on a quarterly basis. Adhering to these simple steps will grant your partnership the opportunity to become a successful one. This article was written for SMALL BUSINESS STARTUPs. LIKE IT, SHARE IT. #FB #BUSINESS #PARTNER #BEGINNER
Posted on: Sun, 16 Mar 2014 19:03:56 +0000
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