Business partnerships are often just like a relationship. You can never know what the person you are associated with because you can not control what he thinks, feels or makes the person next to you. That’s why the process of choosing a partner is vital and should not be done after the ear. I have
Business partnerships are often just like a relationship. You can never know what the person you are associated with because you can not control what he thinks, feels or makes the person next to you.
That’s why the process of choosing a partner is vital and should not be done after the ear.
I have several businesses I’ve set up and not always with the right person. Many times the mistake was shown in the first few months, sometimes after years. The fact is that after 7 years of entrepreneurship, I can tell you what the main mistakes you can make when choosing someone to start a business with and what to look for in a potential partner.
What are these mistakes?
1) Looking for a partner out of insecurity, not for success.
When you start a small business you need someone to stand beside you to feel like you’re backing up. Unfortunately, the entrepreneurs at the beginning of the road are very interested in the others and instead of being encouraged, they are often attacked.
Hence the main problem in choosing a potential partner. The first question you have to ask is: “Why is he and not another? Anyone else..”.
It seems incredible to me, but often this simple question can predict a whole disaster that will arise.
2) When you look at your associate, you see yourself.
Another major mistake. Someone who is good in social relationships, who is very creative .. is often not good at numbers and organization. Unfortunately, if you are both creative and good in social relationships, but you do not understand anything from any figure you present, then your strength, both of you, do not grow. On the contrary, he’s serious.
When you have a potential partner in front of you, be careful that he presents the qualities you miss and vice versa. For this, I recommend the MBTI test, which we have talked about on the site, for a better understanding of both.
3) You want to inspire entrepreneurship in your associate
Not everyone can be an entrepreneur.
Values, entrepreneurship, and entrepreneurial vision do not breathe, do not borrow. Or you have them, or you do not have them. That’s why many times if you are in these directions, or if it is obvious that you are inflamed by the vision that you have and the other does not communicate with you, it does not help this vision and it follows you passively … then you are in great danger.
When talking about a potential partnership, both have to share the same business enthusiasm.
4) Do not share the idea of trust and business ethics
Business theft is very common. Either from the actual theft of funds or the fraudulent sharing of money until leaving the ship at an inopportune time for you and opportune for him, the opening by him of another business of the same profile as the stolen clients from the current company, etc. and so on and so on
These things can easily be overcome when you refuse to go over everything that is questionable, ranging from ‘trickle replicas’ to the discrediting of his former partners or friends, or ‘Thefts’ experiences he tells you from his past, the culmination .. to convince you how trusted he is.
5) You choose your emotional partner, based on friendship
It is one of the most common mistakes and the most serious mistakes because it almost always ends with real dramas. Choosing a partner is done as logically as possible, not emotionally. You have to follow the professional qualities and personality traits that he has and how the business will go where you go beyond the point where you can take it yourself.
Do not look for associates among your friends and it is not good to choose the ‘common’ option to please you in the short term.
I have seen cases where friendships ended up where they started, that is, a beer. This is the convenient way when the two celebrate the business they decided to enter, and this event remains the only thing the two can do. From that point on there are the hardships.
The partner must be an active person, with his dreams, not borrowed from you, with experience in the field. If you have a choice between two people, one that you do not know but it has results and one you know does not work .. but it can learn … it is best to refuse your friend and try to know the person with results, see if you fit into vision, ethics, etc.
6) You are not interested in the past of the potential partner
When you enter a partnership, it is still good to check your partner’s past for any inconvenience your business may have. Possible things that do not convince your past to discuss them in an open way.
Do not forget to tell him what you need from a partner and challenge him to a discussion in this regard. It is often better not to try to persuade a potential partner to sign the papers but to make the same effort for the well-being of the future project.
Find that in the past of the partner there are relevant experiences, however, in the field in which you will activate.
7) Do not both involve yourself financially in the project
It is again one of the biggest mistakes in entrepreneurship. I hear all the supreme desire of everyone to come up with the idea and find someone with money to associate with. A money man knows this is a bad idea.
The investment keeps you engaged in that activity and with the desire to succeed on the proposed goals. When associates have not invested in a financially equivalent way, most often it happens that the one who has not invested suddenly leaves the ship at a time when he found something better to do.
The money you put into a business is like a signature on a contract. Ensures that person is involved.
8) Do not discuss the future organization
We talk about the business plan or the strategy you are going to follow. You must both determine what you will do in the next period (we are talking about the long-term plan included). Discuss both of which are the tasks of each and assign your CLAR role to the company so that you have covered the basic driving needs.
Everyone should do what is best and now is the time to put on paper where you can help and everyone with what’s coming.
9) Make the association in haste
Joining in haste is like a marriage in a hurry. It can be a success, but the chances are great to be a marriage of completeness. A partner does not choose a beer after 5 minutes of conversation but after a long period of exploration and exchange of information.
You better wait and delay the whole project, than start this way. It relieves you of a lot of trouble.
10) You have a partner that is not 100% focused and is not balanced
A business requires long-term attention and much effort directed. A person who can not give you this because of personal or emotional problems that are changing every few months, which does not have effective emotional stability .. is not a suitable partner.
You both need to be on your shoulders. If you are at home and think of potential solutions to attract more income and he is in a club, a band of unhappiness that left his wife IAR, then all the effort is on your shoulders.
It still comes with incredible numbers of business failures for beginners. Fortunately, these figures can be greatly improved by better education. This article wants you. Fails? The next time you discuss a personal project with someone, will you know it is the right person or not?