There are certain aspects in life that good practices are given you for having assimilated well the theoretical part, and in others, apart from a theoretical basis other factors enter the fray such as intuition or insight. When you have to choose a partner for your business you need to look into this second situation for your choice as possible to what you really are looking to complement your business approach.
Aspects to consider could be summarized in the following points:
1- Do not make important decisions too quickly or viscerally: Avoid anything that makes you decide prematurely; most often occurs because of the “rush” we have to start with our company.
2- Periods test or testing: Sometimes it is not possible, but it can be very beneficial if when you start with a partner whom you can review the agreement. Maybe it’s then that you can realize if you’ve made a bad decision.
3- Looking complementary skills to yours: When you refer to that: “4 hands make more than two,” the second hands are not equal to yours because otherwise all you will do is hinder the work of both. What’s more, hopefully they are looking for skills that are diametrically opposed to what you do. Only then will ye your needed each other.
4- Learn to overcome the initial fear: bad experiences with partners there are kicked but for that you have to go find partner with a pessimistic or overly distrustful air. Every precaution is good but at some point you have to give a vote of confidence in someone if you want your business to thrive.
5- Define well the role of each partner: Sometimes, tensions arise only for failing to set a foundation at first. Everyone has to have their share of authority in their field.
6- Knowing in advance what kind of partner you want in your business. We can be divided generally into 3 types:
- Capitalist: The contribution to the company is only monetary.
- Capitalist + worker: Apart from the capital, the partner performs its functions within the company.
- Technical Partner: Partner that only provide labor. Usually occurs when technological advancements made or when the knowledge is very technical and difficult to access by a third party.
7- In reference to the previous point and a recommendation (although it would have to study each case): try searching for your company what is often called “Smart money”. Aside from getting the necessary financial support, it would be even better at the strategic level if this source of money can bring validated knowledge in the sector, new skills or network useful.
8- It is key that the same business vision is shared, and the same values in those who want to make your company recognizable.
As a separate point and last point to note, it would be what we might call “tightening the rope” before starting the business. That’s what I mean predefine all possible conflict situations in which you you can find. This will serve as a test to see if you are compatible in the trickiest situations:
- Possible entries new partners
- Opportunities sale of the company
- Situation in which one partner wants to leave the company
- Regular monthly remuneration
- Compensation in unfavorable situations