Match making for business partners

Finding the right people to work with you on your business venture can be challenging.  Some have put it as similar to getting married, which is very true. Finding the right partner (or partners) is essential if you are to surmount the various challenges your business is bound to face.

While some businesses can definitely be run by a single person, many businesses will require the expertise and financial backing of multiple people to succeed.  Here are some tips to make it easier for you to find your ideal partners.

Decide whether or not you need a partner in the first place

Think about why you’re searching for a partner.  Is it to help implement your ideas and policies in the business?  Is it to take charge of the details of your business idea while you do other things?  If your answers to these questions are yes, then you don’t need a partner.

A partnership would involve collaboration and co-creation.  Because business partners will have a stake in the business, you’d want them to be as passionate as you are about it.  In order to do that, you’ll need to give them room to place their own personal touch into your business.

Define the role(s) your business partner(s) will play

Before you get a partner on-board, you’ll have to know what role he or she will play in your business.  What are the tasks that would fall upon that person?  How much of the business are you willing to give to that person?  

Knowing what roles your partner(s) will play will give you a better picture about the skillsets that your ideal partner should have, as well as how many partners you may need for your business.

Create a character profile for your ideal partner

Getting a partner is very different from recruiting an employee.  Once you’ve picked a partner, you’ll be sharing your resources, contacts, money and energy with him.  It’s a much more committed role than an average employee in short.

Try to come up with character traits you’ll want from your partner.  What do you need from that partner?  Is it time, money or connections?  Maybe it’s a combination of all of those or maybe it’s something else entirely.

Create an initial list of candidates from your existing pool of contacts

Your ideal business partner will need to be someone you can trust.  Usually, that means that person is already someone you know and like.  Try to surround yourself with friends of similar interests and passion for entrepreneurship.  Bounce ideas with them, discuss current events and issues and promote open discussions.  This will build your relationship with them while giving you some insight on who will be on the same page with you should you enter into a partnership.

Same goals, same passion; different skillsets

Your ideal partner should have the same goals with you when it comes to your business. Differing goals will only result in disagreements and may potentially rip your business apart from the inside.  Having the same goals will allow you to work with your partner efficiently and allow you to keep your efforts focused to where it matters.

Your ideal partner should also share your passion for what your business is about.  If your partner isn’t at least as passionate as you are about your business, he or she might lose interest or push out a half-hearted effort when times get tough.  

Your skillsets shouldn’t be the same.  You want your partner to have the skills to cover for your shortcomings while your strengths cover his.  This spread of skills between you will provide you with better tools to face challenges head-on.

Share a similar ethical and moral standard

Your partner should share the same values that you have when it comes to ethics and morality.  These values are usually very strong so any difference here can pose potential problems in the future.  Differences in these values can also create inconsistencies and indecisiveness in dealing with your customers and employees.  These can eventually lead to weaknesses you cannot afford to have in your business.

Unfortunately just like finding your ideal life partner for marriage,  no amount of pointers can definitively point you towards the right direction.  These are guidelines that will help you through your decision and ensure the best possible fit, however that ultimate decision lies with you and you alone. Best of luck with it!  


Allan Bennetto

Allan Bennetto

Founder at JMango

Full time Founder, part time Bootstrappr. Love the surf, snow, startups, technology, music, arts, design, mobile and food. And lots of it. www.twitter.com/allanbennetto www.linkedin.com/in/allanbennetto www.google.com/+allanbennetto

JMango

JMango 12 FOLLOWERS

Information and communication technology


Questions

Anonymous asks

Comments (1)

User
Loading...
Wendy Huang

Wendy Huang , Full Time Blogger and YouTuber at A Custom Blog in 4 Minutes

Sometimes I joke that finding a business partner is even harder then finding a marriage partner! Lots more to consider as you've listed above!