How to find a motivated business partner?

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  • david14beckdavid14beck Posts: 40subscriber Bronze Level Member
    Partnerships can be tricky.Below are the steps you need to know while choosing your partner.

    1.Find someone who genuinely enjoy,like and trust:Trust is an important factor because mistrust is difficult to overcome and may lead in the failure of your business.

    2.A person who shares your values:Successful partners agree on standard decisions,regardless what is desirable or not.Your values shape your personal and professional identities.When values of both the partners align they make congruent decisions and are united.

    3.An individual with complementary set of skills:Successful partners possess different set of skills.The broader the range of their skills, more beneficial it would be for the business.

    4.Find someone who gives and takes:Partners should believe that there rewards are equal.Casual acquaintance would help in keeping track of benefits they exchange.

    5. Someone who wants to grow and will support your growth:They should be adaptable to changes which would help in the growth of the business and benefit them individually as well.

    6.Person who can share your vision:Vision reflects the future of an organization.When partners share different vision they can easily become disconnected.In order to get benefit of shared vision it is necessary to create a vision,translate vision into action and selling the vision to others.

    7.Find someone who is prepared for the end:An exit strategy should be included in business plan.Without exit strategy partners may face difficulty in making crucial decisions while their business is not doing well.It is an important aspect but is often neglected.
  • Dr. JB OlsonDr. JB Olson SF Bay Area / East BayPosts: 4subscriber Member
    I'm a software developer and started a self-funded company with two sales and marketing guys. Unfortunately I was working on the company full-time while they had full-time side jobs that kept taking all of their attention so I bought them out and tried going it alone. I found it VERY difficult to do the software development which I enjoyed and the sales/marketing/accounting/customer support stuff which I hated not only because I wasn't good at it but because it kept taking me out of the development flow.

    It's very expensive to hire employees -- especially in the San Francisco Bay Area. I wish now that I had taken the time to go out and find a good business partner and give him/her equity in the company. The right partner can create synergy and make the work much more exciting and fun. Of course the wrong partner can make life a living hell, but because of my limitations and focus issues, I think partners are definitely the way to go.

    Which is why I'm here on this site...
  • Sandra YanceySandra Yancey Dallas , Texas , 75254Posts: 34subscriber Bronze Level Member
    Strategic business partners come in all shapes and sizes. Choosing the right business partner allows you to accomplish your goals and fulfill your dreams. Partners aren’t just the ones with whom you share profit and expenses. They are everyone from your supplier to your customer to your investor. Your partnerships can affect your business on many levels, so you need to know how to choose your strategic business partners with great care. 

    Some criteria for choosing a strategic business partner is based on the following questions you should ask yourself: 

    1. What value would this partner bring to your company that would have the greatest impact?
    2. Is your company and theirs compatible?
    3. Are their goals and strategies consistent with yours?
    4. Do they have a good reputation with other partners?
    5. What are the risks of being in partnership and what are the risks of not being in partnership with them?
    6. Can they provide access to other potential partners?

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