When you’re sitting at the kitchen table eating takeout, what do you dream about doing? What activities fill your day? It’s easy to dream about having money, nice cars and young beautiful pool cleaners who re-enact some of our favorite late night movie fantasies. But money is not the question of the day, it is what do you dream about doing?
When deciding on a partner, it is first important to understand what kind of person you are. Do you like:
- Putting deals together?
- deciding where the business is going?
If this describes you, then you’re an entrepreneur. Find someone who likes to build something. Spend all of your time studying the market, generating sales, and bringing your company from imagination into reality.
Don’t worry if the questions above don’t apply to you. But it does make it easy to find a partner. If you don’t like to sell, put deals together, or decide the direction to take a business, then find someone who does. Creative abilities or skills are just as important. Many people watch the Apprentice and dream of flying in Donald Trumps helicopter. Find someone like that who you can trust, and let them steer sales while you focus on creating the product for the company.
It’s a milestone in your business career when people start asking to partner with you. There may not be a lot of money in the bank account, but people are starting to see potential. Here lies the trap!! People who previously never looked at you are now recognizing your ability. Status in the group has been elevated and now everyone is trying to do business with you. Just remember, that in order for it to work, there has to be a benefit. The benefit has to be equal to the reward the other person will receive. If this is a one sided partnership, DO NOT DO IT!!!!
People are going to come out of the woods by the thousands with arms outstretched singing songs of what they are going to do for you. But remember, it’s not the smile you watch, it’s the eyes. Giving someone an extra key to the office and putting their name on the letter head can serious consequences, so think about it thoroughly. Think about what you’re going to gain as well as what they will. If it’s not in both people’s favor, don’t worry, more people are coming out of the woods.
Find someone to balance your skill-set. At least one person has to have the ability to sell. Marketing and Sales are the key to depositing money in the business account. One person needs to run the business and generate sales, and this will allow the other person to develop the product. Having two business people can work, but if all partners are technical, then who will find the customers with the money?