Good and solid partnerships have seen many simple ideas turn into some of the greatest ventures of the decade. In fact, most of the top firms today draw their success on healthy partnership. A good case in point includes Google, Facebook, Microsoft and many others. However, not all partnerships are healthy or lead to success. So, how sure are you that your business partner-to-be is the right one?
How Well Do You Know Each Other?
Just because you share the same vision or were classmates in college doesn’t automatically qualify him/her to be your partner. It takes more than just knowing a person to build a good business. According to Scott Wilson, CEO and Co-Founder of Marathon Consulting, it is important first to work with the person who is to be your partner. This helps the individuals know each other better. For instance, how he handles pressure, is he an extrovert or introvert, what are his style of management and much more.
What Is Your Partnership Based On?
Yes, business is supposed to be the key link to the business partners. But the truth is that good partnership requires more than business association. It also entails having a common social bond or feeling that your partner is like family. Curtis Priest, CEO and Partner of Pixelcarve Inc, states that partners who have a more personal relationship are more likely to succeed. They always know they have the right backing no matter the situation.
Can Your Partnership Be Equated To A Marriage?
In a marriage, both partners clearly understand their roles and expect to be treated as equals. This concept should also prevail in any partnership. And like in most marriages, finances also plaque most partnerships. RJ Lewis, The CEO and President of e-Healthcare Solutions suggests that before putting pen on paper, the partners should first discuss the finances. Not only should they be discussed and agreed upon but put down in writing. This saves the business from unnecessary wrangles down the road.
Do You Share a Common Goal?
Why are you starting the partnership? Is it because one has the idea while the other has the money? Or is it because you share the same background? The right partnership is founded on sharing the same ultimate goal. According to Mike Stratta, The Executive Vice President of LimeGreen, the business should focus more on the end-game rather than the initial gains. If you share a common mindset and have the goals alignment with the future then succeeding is more likely.
What Extras Can Each Partner Bring In?
Although the venture is founded on similarity of skills or experience, it is important to consider other complementary talents. As Charlie Brock, The President and CEO says, every partner will have some strengths as well as weaknesses. Both of you may have good experience in technology. However, you may not be good in marketing while your partner is. You will be outstanding in coding but your partner is not. At the end-of-the-day, your strong coding skills and your partners marketing prowess will influence the success of your business.
The above are some of the aspects that will help you determine whether your partner is the right choice. A partnership that is treated as a journey instead of a destination is more likely to succeed. Yes, there will be misunderstanding and friction along the way. But if it is founded on the above principles it will be much easier to overcome the challenges.
Latest posts by SnapMunk (see all)
- Buzz Marketing: 5 Ways to Hype Your Crowdfunding Campaign - November 2, 2017
- 5 Things Private Investors Look for in a Startup - October 30, 2017
- Guide: The Different Types of Crowdfunding - October 24, 2017