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Wednesday, June 12, 2019

Do Entrepreneurs Need Partners?

It is said that no entrepreneur goes it alone and has un-dreamed
of success by himself. In fact, if you look at every wildly
successful entrepreneur, you will see that they didn't do
everything themselves - they had a partner or partners. This is
true in every market. 

So my question to you is - are you trying to go it alone or are
you partnering with others and in doing so allowing yourself to
go farther than your own limitations? 

If you've never partnered before or if you've attempted it
unsuccessfully, here are some tips: 

1. Figure out what type of partner you need. 
Do you need a graphics partner, a writing or copywriting partner,
a silent financial or legal partner, someone with technical
skills, or a joint venture partner with far-reaching contacts? 
Before you can go any further, you need to know what you want;
identify the category of partnership you're seeking. 

2. Identify your own weaknesses. 
Maybe you procrastinate, don't care to micro-manage details, or
you're an ideas-man. Look at plugging up the holes where you're
weak. Find partners who are strong in what they do best so they
can compliment what you do best. 

3. Determine your goals, your USP, your values, and decide what
you're not willing to compromise on. Ideally, you want your
partner(s) to share your values and work ethics. 

4. Look first at your business contacts and determine if any are
a good match-up with you and your plans. You'll never know if
they're interested in partnering with you unless you ask. You
may need to actually do some recruiting to find partners. In
that case, you can ask business acquaintances you respect, ask on
business forums, and look through social media sites such as
LinkedIn. 

5. Make the right offer. Don't try to be cheap, give the
partner their fair share. If they feel they're not getting paid
what they're worth, be it through salary or a percentage of
profits, they're not going to put out 100%. 

6. Be clear and honest up front with the potential partner and
ask them to do the same. If you don't see eye to eye about the
direction of the project or the time frame, etc., you need to
decide whether these differences matter to you both or if they
can be worked through. Above all, you want total commitment from
partners and if they can't, it's best to find out up front. 

It's not always easy to find the right partner(s), but take the
time and put in the effort required to find people who will help
you take your business to the next level and beyond. It's worth
it.









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