Fri 07 Jul 2017 10:07

How to Find a Business Partner of Your Dream

No man is an island. The majority of business projects require more than one person to work.

You can do it by yourself only if you have a very small business of making cakes or sewing exclusive dresses – the job that a single person can do in amounts he or she is able to handle. And even in this situation, if you want your business to grow, one day you'll need at least one business partner to collaborate with. Where do they hide and how to find and make them interested?

Take a look to your connections

Experienced entrepreneurs usually distinguish three most promising groups of people in that you can find suitable business partners for your small business or startup. 

The first group is your business surroundings. In simple words, these are people you work with or have worked with before. Why should you pay attention to them? As a rule, you have already seen them in the business, you know how professional they are, how responsible they are for their duties, what individuals they are. So, some experience (even if not in the same project) you've already got. If there are no candidates in your current company then open your notebook and find old contacts - it is quite possible you will find someone suitable.

The second group is friends. Many experts do not advise to work with friends, there is even such a saying: either friendship or business. But psychologists say: a friend is always a person with whom you've formed common interests, a certain common vision of the present and the future, you've establish good communication. It is important to be sure that both of you are emotionally stable, have a common vision of development, calmly take criticism and understand that in work, controversial moments are inevitable, and you all should be ready to keep going on without making enemies all around.

The third group is relatives. Sometimes this is the most conflictious and complicated group, because in the case of a break in business relations you can't get rid of your relative - you can part with a colleague, lose a friend, but the relative will be there forever. However, the related partnership sometimes is the most successful in business: you know each other all your life, and finances can always be divided. Different "brothers", "sisters" and family contracts - most likely, you know several companies of that type. Most often, siblings are chosen as partners, but this is not necessary – you can choose anyone of your family.

What You Should Know Before Running a Startup

Where to find new contacts

If you don't want to work with friends and relatives for some reason (and you have the right not to do this), it is necessary to look for absolutely fresh new contacts. It is better to receive the contacts as a result of live communication in real time - at least at the first stage of the discussion. Attend thematic exhibitions and professional conferences, prepare business cards, remind about yourself and make arrangements at the first meeting about when the second one will happen. Partners can be found on thematic forums or social networks on the Internet - a group of people interested in your topic is usually good to new ideas and many of them may want to become your partners.

5 Best Tips for New Entrepreneurs

What kind of a person to choose?

Look for someone who wants to succeed the same way as you do. It is important that this person understands the topic of your business. He or she does not have to be a guru – everyone can learn a lot, besides, he or she can have skills you don't have. Ideally, it's good that you complement each other like puzzles - the missing details of the whole picture. 

Look for a non-conflicting person. There is no business without controversial moments and mistakes - it is important that everyone support each other for common goal, and not fighting to be more right. 

Look for a talented person - you do not need a partner who will sit in an armchair and collect laurels. He or she should work to succeed. Relations with a business partner are almost like marriage. Both of you should remember why you are together, and in any conflict you should be mutually interested in continuing the relationship, not fighting. Business partnerships are about respect and mutual support, too.

How to Find a New Business or Startup Idea  

Have realistic expectations

Business partner is not connected with you on the hands and feet. And if he or she finds more promising proposals, he or she - like you, too - has every right to leave the current business and do something else. He does not have to be a fan of your common idea throughout all his life. And you too! Describe in your contracts the duration of your work, where your rights to exit from business will be provided - with the warning of the other part in advance. Even if your business is growing brilliantly, you both need to have a plan for how to complete work with a specific product or, in general, to finish the whole life of this company or even a corporation. This is normal, and one should not be afraid of this, no product or service does not live forever. The more transparent and realistic your expectations are, the more comfortable you will work together.

Good luck with your business!

© Assiomatica SA

How to Find a Business Partner of Your Dream

How to Find a Business Partner of Your Dream

Posted on 2017-Jul-07

You can do it by yourself only if you have a very small business of making cakes or sewing exclusive dresses – the job that a single person can do in amounts he or she is able to handle. And even in this situation, if you want your business to grow, one day you'll need at least one business partner to collaborate with. Where do they hide and how to find and make them interested?

Take a look to your connections

Experienced entrepreneurs usually distinguish three most promising groups of people in that you can find suitable business partners for your small business or startup. 

The first group is your business surroundings. In simple words, these are people you work with or have worked with before. Why should you pay attention to them? As a rule, you have already seen them in the business, you know how professional they are, how responsible they are for their duties, what individuals they are. So, some experience (even if not in the same project) you've already got. If there are no candidates in your current company then open your notebook and find old contacts - it is quite possible you will find someone suitable.

The second group is friends. Many experts do not advise to work with friends, there is even such a saying: either friendship or business. But psychologists say: a friend is always a person with whom you've formed common interests, a certain common vision of the present and the future, you've establish good communication. It is important to be sure that both of you are emotionally stable, have a common vision of development, calmly take criticism and understand that in work, controversial moments are inevitable, and you all should be ready to keep going on without making enemies all around.

The third group is relatives. Sometimes this is the most conflictious and complicated group, because in the case of a break in business relations you can't get rid of your relative - you can part with a colleague, lose a friend, but the relative will be there forever. However, the related partnership sometimes is the most successful in business: you know each other all your life, and finances can always be divided. Different "brothers", "sisters" and family contracts - most likely, you know several companies of that type. Most often, siblings are chosen as partners, but this is not necessary – you can choose anyone of your family.

What You Should Know Before Running a Startup

Where to find new contacts

If you don't want to work with friends and relatives for some reason (and you have the right not to do this), it is necessary to look for absolutely fresh new contacts. It is better to receive the contacts as a result of live communication in real time - at least at the first stage of the discussion. Attend thematic exhibitions and professional conferences, prepare business cards, remind about yourself and make arrangements at the first meeting about when the second one will happen. Partners can be found on thematic forums or social networks on the Internet - a group of people interested in your topic is usually good to new ideas and many of them may want to become your partners.

5 Best Tips for New Entrepreneurs

What kind of a person to choose?

Look for someone who wants to succeed the same way as you do. It is important that this person understands the topic of your business. He or she does not have to be a guru – everyone can learn a lot, besides, he or she can have skills you don't have. Ideally, it's good that you complement each other like puzzles - the missing details of the whole picture. 

Look for a non-conflicting person. There is no business without controversial moments and mistakes - it is important that everyone support each other for common goal, and not fighting to be more right. 

Look for a talented person - you do not need a partner who will sit in an armchair and collect laurels. He or she should work to succeed. Relations with a business partner are almost like marriage. Both of you should remember why you are together, and in any conflict you should be mutually interested in continuing the relationship, not fighting. Business partnerships are about respect and mutual support, too.

How to Find a New Business or Startup Idea  

Have realistic expectations

Business partner is not connected with you on the hands and feet. And if he or she finds more promising proposals, he or she - like you, too - has every right to leave the current business and do something else. He does not have to be a fan of your common idea throughout all his life. And you too! Describe in your contracts the duration of your work, where your rights to exit from business will be provided - with the warning of the other part in advance. Even if your business is growing brilliantly, you both need to have a plan for how to complete work with a specific product or, in general, to finish the whole life of this company or even a corporation. This is normal, and one should not be afraid of this, no product or service does not live forever. The more transparent and realistic your expectations are, the more comfortable you will work together.

Good luck with your business!

© Assiomatica SA