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How To Find The Right Business Partner

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ByMohd Azad Jasmi
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A lot of the famous and well-known companies of today were started by two people. Additionally, investors favour group investments. However, some claimed that disagreements among co-founders are to blame for the failure of 65 per cent of high-potential startups. People who have previously worked together are frequently the members of the most effective teams. On the other hand, when the boundaries of their relationships blur and cross over, married couples, friends, and family often run into trouble because it’s hard for them to have conversations that could hurt feelings and have a negative impact on their life outside of work.

A partner can be a significant resource while you’re beginning another business organisation. While some partners come up with business ideas together from the start, others meet in the middle of starting a business. If you’re looking for a business partner, it might be helpful to look over some of the options you have.

We’ll talk about what a business partner does, the advantages of having one, and how to find one that works well for you and your job in this brief chat.

I’m going to offer some advice based on my own experience.

  1. Find a person you truly enjoy, trust, and like. There is a continuum of trust. A partnership can be doomed if mistrust is not overcome. Over time, true trust is built. Therefore, a growing sense of trust indicates that you are on the right track.
  2. Find a person whose values align with yours. Partners who work well generally agree on standards for what is good, bad, and desirable. Their decisions, judgments, and actions are guided by these values. Your personal and professional identities are shaped by your values, which typically have a powerful emotional impact. It is more likely that partners will make decisions that are in line with their shared values and remain together when they do so. For instance, they may share a sense of commitment to family, prosperity, ambition, work ethic, or political persuasion.
  3. Find a person whose abilities and characteristics complement your own. Different (complementary) skills and characteristics are necessary for successful partners. The division of labour (and power) between the partners can be clearer with a wider range of skills. It’s easy to tell the marketing gal from the technical guy. Other fundamental factors are frequently not really obvious. The classic book “The E-Myth” by Michael Gerber explains that every business has three essential roles: the creative visionary, the entrepreneur, and the manager. Supervisor the overseer who brings arranging, request and consistency; and the Technician, who is a craftsman. The fact that two or more invested individuals are available to carry out these three responsibilities gives partnerships a distinct advantage.
  4. Find a person who takes and gives. Ineffective associations, each accomplice accepts their prizes are equivalent to or surpasses their commitments. By keeping track of the benefits they exchange, casual acquaintances can maintain this sense of equity. However, keeping track is unhealthy in relationships that last longer and are more committed. Instead, each partner ought to have a sense of equity, realizing that there are days when they give and others when they receive.
  5. Find a person who wants you to grow and will help you do so. From birth to death, every one of us is reliably travelling through a course of progress. We may not always be aware of the changes we are going through. Additionally, change can be viewed as a threat to the status quo at times. Knowing that this attitude benefits them individually and collectively, successful partners embrace change and growth.
  6. Find a person who is willing to actively manage conflict. Competing and avoiding are not effective conflict management strategies when people share a close connection. Utilize those procedures just when no ongoing relationship exists.) Instead, successful partners will resolve disagreements through proactive and strategic conflict management strategies like cooperation, compromise, and accommodation.
  7. Find a person who can support your vision. The organization’s hope for the future is reflected in its vision. When partners have opposing perspectives, it is easy for them to become disengaged, overwhelmed, and discouraged. There are four tasks that need to be done in order to create a shared vision and benefit from it: creating the initial vision, converting that vision into a set of actions, articulating and promoting the vision to other people, and remaining true to the essence of the vision when reality alters the plans are all part of the process.
  8. Find a person who is looking forward to the end. A graceful exit is frequently cited as evidence of a successful venture. Partners may be forced to make crucial decisions when they are least prepared if there is no exit strategy in place. A shared understanding of when and how an alliance will end is called an exit strategy.

Despite the fact that anticipating the end is a basic part of business possession, it is one of the most disregarded. When the issue is not urgent, it is simple to avoid an exit, and raising it could sour the deal or signal a lack of trust. Four main ought to be answered by an exit strategy: which occurrences might result in the partnership’s termination; What will the final value of the company be? which alternatives to ownership in the future are acceptable; and what post-alliance ties and restrictions must be included, such as non-compete clauses.

You can achieve outcomes that would otherwise be impossible to achieve if you partner with the right people. When choosing your next business partner, use these eight methods to increase your chances of achieving true synergy through a partnership that is greater than the sum of its parts. Enjoy your search for a partner!

With a partner, we recently launched a content-sharing platform. Let’s just call him Mr A. I support his brilliant moves and business model with our new entity. We’re gearing ourselves towards something interesting for the global market.

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