How to choose a partner

How to choose a partner

Deciding to start a business is a strategic decision that has deep personal connotations and family, not only because you are deciding to commit the time, but you must also commit financial resources that often inevitably affect the family economy. That said, in some cases, it may be necessary to consider the establishment of a company with another person.

Usually, a partner in a company can make economic resources (capital), intellectual resources (know-how) or capital (networking); in all cases, the contribution may be necessary for the growth and development of the company.

However, employers often only “entangled” two aspects that tend to slow their development and their growth potential. These two aspects hindering possibly now with other people or companies that could improve their entrepreneurial spirit:

  • One is the fear or resistance to partner.
  • The other is the love for the product or service.

Both of these aspects, with the passage of time, become major obstacles on the path of development. The company is one of the pillars of entrepreneurship. Collaborating with other people or companies presents undeniable advantages, usually in terms of providing financial capital (money), social capital (networks and business contacts) and intellectual capital (know-how).

choose a partner

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But in most of the local business there is a certain cultural resistance to associate with others, perhaps to past experiences (also out of business), but above all for the constant feeling of “uncertainty” and the lack of trust in the partner of the business.

Often, however, this resistance all associate leads the entrepreneur to lose good opportunities to give more appeal to the business or to strengthen and accelerate the rapid market penetration.

These are the most common fears faced by entrepreneurs:

  • Insecurity in relationships
  • Fear that others will lay their hands on its creation
  • Feel superior to others, as the owner and creator of business
  • Fear of losing the respect of the founder
  • Do not trust anyone
  • They want to avoid exchanges of views
  • You do not want to share power

From this list, it is clear that the resistors are usually related to ego or emotional aspects. Taken from these emotions entrepreneur loses sight of the opportunity for a substantial improvement and objective view.

However, the fears of the entrepreneur actually are likely if you do not choose your partners carefully. Therefore, advice to the entrepreneur a sort of checklist with useful criteria in deciding whether to join or not, carefully assessing the partners will dramatically reduce the risks.

  • Know the objectives of the potential partner
  • Check the history of professional, commercial, etc.
  • Analyze “standards of behavior”, verbal and nonverbal. If it does what it says, if they work on time, etc.
  • Evaluate what give in exchange for equity participation
  • Feel the “feeling” that you experience personally with potential partners
  • Assess whether your personal and emotional are in line with potential partners

After this analysis, adding your perception of the situation, you have solid elements to assess whether the partner is right or whether it is better to look for new people about it.

In conclusion, the choice of a partner must meet criteria rational, reasonable and logical, on the one hand, but also emotional criteria, which often end up putting a brake when the first rational process had given the green light.

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