Business partnerships are quite similar and comparable to romantic and some casual relationships. Just as romantic relationships fails; business relationships fail and can get pretty bad. The good news is that a business partnership which is healthy and functional can impede a greater success than a sole business ownership.
Business relationships are complicated and sophisticated, it takes good nurturing, compromises and some level of intelligence to develop one that can make a business to soar great heights and achieve it’s general business goals. So how do you find or choose such relationships? My answer would be to build or create it.
As people do what they are skilled at, partnerships create room for various talents targeted to excel at a common goal; Business success.
Some entrepreneurs are good at everything; those who aren’t and can’t commit to do everything, resorts to multiple talents for help or partner individual expertise to make everything happen and to fill in the gaps.
There are also a whole lot of practical and legal aspects to starting a partnership business that may far exceeds the skills and expertise of ones field. Most particularly, first time entrepreneurs would seek the help of friends or families as seasoned business partners to help with their goals. The act to delegate responsibilities is one of the important traits of a successful entrepreneur. And To recognize the need to fill a vacuum in your business is a good start for an entrepreneur. You do not want to bring anyone on board, regardless of whom they may be to you. You will require a business intelligence skill and be discerning enough in choosing the right partners.
Most times, it is not how to find these incredible partners but where to find them. In cases as this, the notion that ‘surround yourself with great people’ becomes the ultimate; so that you can rely on them. But when You do not have people who are good at what they do around you, then the option is to go on a partner haunt or wait for a prospective investor to fill that gab.
It is critical to have partners or choose partners who have the right basic values and principles. These are people you would be going down the difficult roads of entrepreneurship with, spend a lot of time together; possibly the best hours of your days, but most importantly, entrusting your future to. At the end of the day, you could also end up adapting to some of their values and sharing similar interests as well. The minds should not only be in sync but likewise the vision, priorities and the values.
Startup businesses are a bagful ventures, and there are millions of ideas out there on how best to go about founding a startup and engaging some partners. How do you know you have made the right choice of a partner to help you build the next Big business?
Here are seven (7) tips to consider:
1. Similar work habits.
Sharing similar work habits is equally important to achieve the purpose of the partnership. Similar work habits such as; working hours and time discipline, working expectations, and energy. You can’t afford to have a partner who comes to work late and leave early, or someone who puts in little work and expects big outputs. These are early habits that needs to be noticed and corrected to avoid a feeling of unjust treatment from one side.
2. Complementary skills.
The goal of choosing a business partner is to have diverse skills and talents to grow the business and achieve the things you could not have done alone. So it’s necessary to choose a partner with a skill that complements than duplicates your skill.
Your skills should be different from your partner’s; it should be interdependent.
You should be able to rely on each other’s expertise and strength. You need a talent or skills, not necessarily an entrepreneur who can help with the daily operations, management and do anything else that needs to be done. So choosing a partner with the right skills that complements yours is crucial to your business. You can not have all lawyers as partners running a marketing company.
3. Share a vision.
You must share similar visions, it may not be the same visions but it should be one which at the end of the day, your partner can buy into with you. Most importantly, the business’s long term goals. Your partner must believe in them and be willing to work towards them.
Make sure the future you envision is in line with your partner’s ideals not yours only.
4. Financial and emotional stability.
Financial independence is crucial to choosing a partner. You ought to know the financial situation of anyone you are considering a partnership with. Will they become financial burden, seeking for quick gains from small profits or looking for financial salvation from the partnership?
Can they make some sacrifices in not good days and rainy days? A financially reliable partner would go a long way to support and sacrifice for the long term of the business success.
Emotions have ways of wrecking a business faster than any other business failures factors. The emotional stability of every individual plays a major key from making the right decisions to running the general business. Your partner or prospect partner should be able to withstand the pressure and tolerate the behaviors of co partners, workers and customers. An easily tempered and emotionally stressed partner would not be the best representative of the business in any kind of way.
You know what is said about Trust; it is earned, not given. Every foundation of a partnership is based on trust. When trust is given in any situation, it can easily be taken back at the least provocation or mistake and taken for granted. But when a solid trust is earned and built over the period between business partners, it will go through the hard journeys, hard days and the breaking down moments to build a very successful business.
There must be brutal honesty to have any conversations, like finances, Expectations among other important issues. Even sometimes, personal issues that can affect the long term success of the business.
As noted above, relationships are nurtured with patience, sacrifice, compromise and many other things. Don’t just build a business relationship, nurture them. They could become a lifetime relationship which could be a real “save” in times of future needs.
6. Healthy Competition
Accepting and adopting to competing strategies can create a balance between partners. In working together as a team, definitely, one would do better at some things than the other but focusing on the team and not the individual, can achieve a great milestone for the business. A healthy competition is good among partners business.
This in the long run, would compel you to fully be productive and contribute the best of your talent to the partnership and the company at large.
When a healthy competition is adopted between partners;
A stronger leadership quality is developed,
A fully contributive team is groomed and
A compelling force to beating all odds is achieved.
With the difficulties that comes with building startup businesses, you would already know that, it is not a game for the faint hearted. A business partner must understand the nature of startup businesses and be willing to dig deep down the mud, get nothing but go down and dig deep again without giving up.
You do not want a partner who would hold his head to grief for a loss and quickly run out on you for comfort at the first sign of hardship or trouble.
You need a partner who understands what it means to wear a thick skin when building a startup business is concerned. Must understand getting down into the mud with you if necessary and rebuild when all is lost and broken. Perhaps, starting all over because they have fully grasped the vision and have what it takes to rebuild it.