How to pick a Business Partner
Many individuals feel it's a bad notion to go into business having a companion because you really need to split the possession and gains. Nevertheless, getting a business spouse can in fact boost your gains and total business results. Lots of on the most successful organizations had been depending on a partnership: Ben Cohen and Jerry Greenfield- Ben & Jerry's ice-cream, Larry Page and Sergey Brin- Google, Jerry Yang and David Filo- Yahoo, Dr. Katie Rodan and Dr. Kathy Fields- Proactiv Solutions. Owning a business associate can substantially boost the total accomplishment of your business, mainly because a associate can offer their own connections, expertise, and skills the business needs in becoming productive.
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Look for a spouse who shares your passion, vision and excitement: You want to decide on a associate who shares your vision, believes in what you are trying to accomplish, and is as excited about the notion as you are. You've to understand this is the person you will be spending and living a lot time together with. In developing the business you and your husband or wife are bound to face lots of stressful challenges as well as successes. You need a spouse that is tolerant as well as positive during both the good and the poor times, and will not leave when things become challenging, but will rather stand up to the challenge and be in it for the long haul. Therefore, allowing the business to grow by achieving the short-term and long-term goals in the business.
Opt for a partner that is complementary: It may be tempting to choose someone who is just like you, but this will not make a business successful, as you want someone who can bring different skills, experience and know how. No person is a master of all things, if you are skilled in finances you may want to settle on a husband or wife who is skilled in sales and marketing. The combining of different skills allows for greater innovation, more ideas, better planning and a greater chance that your business will be successful. As the popular saying states: "Two minds are greater than one."
Find a Partner who shares your values and practices good business ethics: You only want to go into business with someone you can trust, someone who values honestly and full disclosure. Choosing an unethical and dishonest business husband or wife will destroy the business. You need someone who will respect the businesses ideas, its assets and the laws of business, as you do not want to get into trouble. It is wise to conduct a thorough investigation of the husband or wife you are considering, look into their previous business history, check their references and do a background check, which can include a police clearance, this will show if they have any previous criminal violations.
Find a spouse that can offer the business resources: Financial resources is only one with the resources a spouse can offer, there are a lot of other valuable resources a lover can offer which can greatly improve the chances for business achievements, for example:
• Connections within the business industry such as vendors, distributors, recruiters, investors or suppliers.
• A strong client list that can lead to potential sales from business owners, specialists, or media contacts.
• Credentials and business expertise.
Define and allocate responsibilities: In creating a partnership it is important to assign roles and responsibilities for each husband or wife, whether that is VP of engineering, marketing and sales or operations. It is best you do what you know best, and let the partners do what they know best, give each husband or wife the freedom to improvise, as they will perform better when you respect them for knowing what works and what doesn't.
Write a legal partnership Agreement: In choosing a spouse you will need a legal agreement, stating the responsibilities, the financial obligations, how expenses and gains are distributed, what are the terms and conditions in the event the spouse decides to leave the partnership, and how will the issues of breach of contract or disputes be resolved. There are numerous partnership agreements online that are free to view and some can be downloaded for free. Nonetheless, each partnership is different, and it is recommended in forming a partnership you hire an attorney, who will customize the agreement to the specifications on the business and its partnership.
Look for a companion that does not come with baggage: A partner, who is consistent, will be able to devote tremendous amounts of energy and commitment to the business. You can not afford to have a associate who has a lot of personal issues or problems, as this will interfere with the ability for the business to grow. Constant excuses, for example I can't make it for the reason that....are not acceptable when the accomplishment of a business depends on each associate giving 100%.
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