Best Ways to Find A Reliable Business Partner
Martin Zwilling, the world-renowned author and entrepreneurship mentor, states the perfect business partners must share the “same attributes of chemistry, values, and passion.” Every business is the brainchild of an entrepreneur, and a reliable partner is like the second parent. They share the single parent’s burden and work together to ensure a bright future for the company. Find your best business partner using these ten tips recommended by the experts.
Identify Your Weakness:
Get feedback from competitive peers and investors regarding your business strengths, and notably the weak points. Identify the core skills you lack and choose a partner who can fill in the gap efficiently. When Bill Gates and Steve Ballmer partnered together, Steve took complete control of the business and marketing while Bill Gates worked only on the technology.
Jot Down Essential Partner Skill Set Requirements:
Finding a reliable business partner is easy if you have a clear goal on what you expect from your partner. Be it a strategic alliance, technology-based talent, sales mastery, or administrative skills; create a skillset profile you desire in your ideal business partner. Knowing what you are looking for is the first step in searching for the right partner.
Establish boundaries from the very beginning to avoid them, making the relationship ugly. Though partners share equal rights, the stockholders always expect one boss. Communicate regarding who will hold the absolute power to make decisions in crucial matters and set clear territories to function independently and innovatively.
Similar Mindset Partners:
Ensure your partner shares the same work ethic and passion you have. Bill Gates once said he always assigns the most challenging jobs to the team’s most lazy person. They will find the easiest way to get the job done without straining themselves much. It is easier said than done because handling partners with a versatile work approach is not easy. Most entrepreneurs get incredibly irritated if the partners or co-workers do not work as hard as them. So, unless you are as ingenious as Bill Gates, try to choose a partner who fulfils your expectations.
Always define the business visions and critical milestones together. Ensure you and your partner agrees on all aspects before explaining any project to the workers. There is a common proverb saying, “it takes a village to grow a child.” Similarly, it takes a team to make a business successful, and your partner is the core member next to you. Committing to work together and sharing responsibilities, ethics, and vision is ultimately essential. Ensuring your partner is a team worker and can work pleasantly with you and your team is critical.
Now that we have covered some important points to look for in a business partner while choosing them, here are a few best ways to scout them using online and offline resources.
Start from A Familiar Boundary:
- The best place to look for reliable partners is among your friends and family circle. The second choice is to approach a person you think is an expert in the industry.
- They might be your past employee, a wise investor, or someone you follow for their ingenuity.
- No matter how talented the person is, ensure they match the above five criteria mentioned above before deciding to partner with them.
Ask your Mentor:
- Ask your mentor for partnership recommendations. Talk with several people they recommend and choose the one that fits your requirement best.
- Go to business parties, conventions, and events to meet the recommended people or get to know them through your mentor’s direct introduction.
- Interact with the screening partner to know more about their work, attitude, and business passion.
Search using Various Networks:
- Combining both online resources and physical networks is a great way to find the most reliable partner quickly. Make use of websites like FoundersNation and CoFoundersLab in your partner search.
- Follow popular social media accounts related to your industry and select like-minded people. Ask consulting agencies and use online sources like the Nuwber database directory to search for the right partners.
Social media sites like LinkedIn give the entire job profile of a person. Do the necessary backgrounds check on them if you think they are potential partner material. If you find exceptional talent in other companies or related industries, try to scout them to become your partner for your company’s benefit.
Look in The Versatile Background:
Approach people from diverse backgrounds and related industries to give your business more exposure. Look for partners from diverse backgrounds, ethnicities, and geographical locations. They will provide you with a fresh perspective on how different target customers think. A master sales executive from Texas leading many technical guys from Boston can show them how to market their skills better and learn a few tricks from them. Select open-minded people who are flexible and enjoyable to work together. It is imperative for your employees to like the partner as much as you do to succeed.
Use Old Contacts:
- Keep in touch with your college professor, alumni group, or the previous company manager you worked for a few years.
- Talk to them about your partner’s requirements and get their recommendations about student entrepreneurs, a person who works vigorously on a new project, etc. Your partner might be anywhere from your old team in your previous company to a new student studying in your college.
- Keep your eyes open and search without prejudice to find the people with the right talent and mindset.
Scouting from old contacts is often successful as the people who give you recommendations about partners to you know about both of you.
Selecting a reliable business partner is a two-tier process. List the critical attributes in terms of skills, passion, work ethics, and the mindset you expect in your potential partner. Scout them from various online and offline sources like business networks, friends or family circles, and online sources. Use your alumni group, old university links, check the person who showed enormous gusto when you worked with them previously, and look for people from diverse backgrounds. Select a business partner who is liked equally by you and your employees for the best results.
Mustafa Al Mahmud is the Founder and CEO of Gizmo Concept and also a professional Blogger, SEO Professional as well as Entrepreneur. He loves to travel and enjoy his free moment with family members and friends.