Going in business by yourself is never easy and in most cases unlikely to succeed, as one man’s ability and time can only take him so far but 2-3 people can take you so much further and in much less time. There is however one issue, who can you trust and how can you find such people?
Many people will tell you that their past business partners were the reason their businesses failed or perhaps ended poorly due to a constant argument over financials just like a bad marriage but there are people out there who have had significant success with partnerships and will continue to find and identify great people to work with. So today we look at the breakdown of different ways we can select the right business partners and some important facts to take in consideration when trusting your life’s work to someone else.
1. Many voices but one vision
It’s very easy for people to want the best on their team and rightfully so, but the best often are entrepreneurs themselves and make it harder for you to move ahead in the direction you see fit. As the primary owner and CEO of your company, you must select individuals who will respect and recognize you as their CEO and will also understand what your particular contribution to your own project is but will also align their thinking to your vision rather than constantly try to push you to change yours. Finding people who will voice their opinions and feedback around the way you execute on your project is more important than having 3 leaders in the room wanting to go different routes.
2. What motivates them?
Motivation is the key to perseverance and consistency is the key to success. As you select partners, ensure that they are motivated by the same things you are. If your motivation is money, then it will be easier as most people chase money but when you grow past that phase and look at the business as a whole and decide to be more important than the money it makes, your partner’s thoughts may not be aligned. Make sure their motivation is the same or you will soon find yourself arguing about the project not making enough money instead of worrying about the business itself and its growth.
3. Look for specific skillset
Its always great to find people who do everything but its unlikely that they are the best at just one thing since they know a bit of everything. Focus on individuals who have a particular skillset and a talent for it rather than a good worker. For example finding a proven online marketing expert is great even if they don’t know much about offline advertising. You’ll most likely be able to contract out a few of those in-between guys but will need to identify the most needed players and then will need to see which are so valuable that donating a piece of your life will be worth it.
4. Emphasize mindset, then track record
More people these days always want the best of the best proven track record guys, but those guys have less and less interest in working for you. Instead identify individuals who believe in the same core fundamentals as you, and make them buy into your vision. If the person’s skillset is right and their track record lacking, they are more likely to work twice as hard to establish themselves. Look past their proven resume and instead take a chance on the right people especially if you get that good gut feeling.
5. Their present condition
The last thing to look for is someone’s present condition in life. We often under estimate if someone’s basic needs are not met and often forget that as humans they may not be able to be as dedicated is food and shelter is a constant concern. Ensure you find stable enough individuals who can support a side project until it becomes their full time gig.
Hope this helps you identify some important fundamentals to picking business partners. Join us in our community for more in depth discussions on how other proven entrepreneurs have selected the right partners.