How To Find The Right Business Partner

How To Find The Right Business Partner

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Newsflash: entrepreneurship is not an easy path. It’s rewarding to be sure, both financially and personally (if done correctly), but that doesn’t come overnight. Few people have all the skills necessary to really make a go of it, so we’ve got some tips on how to find the right business partner.

We’re All Swiss Cheese

Firstly, let’s throw one notion right into the garbage (where it belongs). Seeking help or partnering with someone is not a weakness. While even the most successful businesses in the world may have started with a single person, they all eventually branched out.

Secondly, we’re Swiss cheese, you’re swish cheese, everyone is Swiss cheese. No explanation needed right? Okay, okay. If you imagine a piece of Swiss cheese, all of those holes are your weaknesses. You don’t have many, and the strengths far outweigh them, but they are there. If you put another piece on tip, there’s a good chance that you will cover up each other’s holes and leave only a solid structure of pure cheesy strengths.

You might have the numbers down. You might know exactly how many of each product you need to sell, how much manufacturing needs to cost to make a profit, which markets to enter, etc. However, when it comes to selling that idea, you have the charisma and public speaking skills of a rock. That’s okay! That’s where finding the right partner comes in, so you can do more together than you ever could apart.

Decision, Decisions

So, how do you pick the right partner, and what steps should you take before and after? Here are some questions to ask yourself:

Do You Trust Them?

It seems obvious, but never underestimate it. You’re going to be sharing a lot with this person, so if you have any second thoughts on whether you would share your bank account with them, maybe take a step back and re-evaluate.

Are They Different In The Spots That Matter?

As we talk about before, you want to find someone who complements your strengths and fills any gaps you have. If they have the same skill set as you, you’re likely going to bump heads on a few things, while missing the mark on others. Don’t just find a carbon copy of yourself.

Are They The Same In The Spots That Matter?

While skills are one thing, values are another. Whatever things you both bring to the table on a daily basis, you need to ensure that you’re both doing it for the same reasons. If you’re in it to create and support an awesome team, but they want to change the world, there will be more than a few budget disputes in the future.

This also helps you know that decisions made for the company in the event you have to step away for a time, will always be made with those values in mind. Never forget that just because you were friends before the business venture, doesn’t mean things will just magically work out.

Are You Even Ready For A Partner?

Now, we aren’t trying to scare you away from the idea. After all, it’s better to have 60% of something than 100% of nothing.

However, sometimes people jump into a partnership simply because they can’t afford to hire someone as a consultant. Think twice about this, as it often backfires, and they soon find themselves in a situation where the partnership was not actually a good match. Just because they have the skills you need right now, doesn’t mean their values align with yours, they are easy to communicate with, or they’re financially stable.

Are you starting down the path of entrepreneurship? You won’t want to miss the latest episode of the Thinc Underground Podcast!

This week’s episode welcomes medical practitioner, researcher, coach, and author of Live Your Dreams: Doctor’s Orders, Dr. Sam Gerstein. Entrepreneurship is more popular than ever, yet some aren’t sure where to start or fail to make a solid plan of action. It takes more than just dreaming on a wing and a prayer. However, that doesn’t mean it’s not worth the effort. “The old myth that work is just for survival…that was true, years ago. There’s never been a better time in the history of the world to do what you love.”

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