Many people want to start-up with a new business but they have many factors to consider while starting up. One of the very important factors to consider is whether to begin your start-up all on your own or with your partners. There may be some people who want to embark upon their own vision, while others may be comfortable sharing that vision with a team. If one is having a good business idea, they may like to have full autonomy and control over their business but on the other hand, by choosing a wise partner can help one expand the business more dynamically. The entrepreneurial path is stressful, lonely and expensive and so individuals would prefer teaming up and sharing the burden with a co-founder. But it comes at the cost of sharing half of your equity and control. Many people have great ideas to start up their business but they lack the experience required and hence they fail eventually. According to Gallup, almost one in three small businesses fail within their critical first two years and more than 50 percent will fail within the first five years due to lack of experience. The best way to combat this is to choose the right business partner. The most important relationship for your business and the work-life will be with that with your business partner as he should be the one to offset your qualities and bring out different strengths to meet the same common goal. Definitely, it is hard t o find someone with the perfect balance of traits, values, and experience. So, we share with you some of the important points to consider while choosing the right business partner for your start-up:-
1. Complimentary Skill Set
It is very important to know what the complementary skills of the business partner are, as it is going to help you decide what total strengths and weaknesses you both possess. But the first step here is to �first look within yourself.� One must be honest with themselves and able to identify their strengths and weaknesses. Do not try to partner with your clones as it is better to pick people who have different qualities and strengths. Also, one must be careful that they don’t partner with completely different personality as it can lead to conflict. Look for a partner who compliments your skills and not contrast with them.
2. Able to invest time and money
One must choose a partner who has personal resources to invest in the company. It may not be important to invest as much time and money as you have done, but they should be able to invest the maximum they can afford to. Lenders and capitalists are more willing to invest in a company where the partner also invests substantially. Your partner having a specific role and skills should be able to invest time as well to the business and give his contribution to help the business grow.
3. Bring New Business or Leads
It is important to ensure that your business partner has good contacts and can help in the business to grow and add lead to sales. The new partner should be in a position to use their previous contacts and relationships and the business can benefit out of it. For example, it may happen that your new business idea appeals other entrepenuers and they can contribute further to it.
4. Similar Goals and Vision
Different people have different vision for their business, but to have success in your start up, it is a must to have same vision and goal and work together towards it. Both you and your partner should work with same zeal to see those common results that both of you dreamt of while starting the business. But as we know that different people have different preferences. Like if you prefer quality over quick profits and your partner liked it the other way around then it might be a difficult situation.
So, having a business partner is just like having a married partner which makes it very essential to ask important questions from your partner before aking a deal in your startup.