Should You Partner With the Veteran Leader or the New Kid on the Block?
Forging a business affiliation is a huge undertaking. Back you actualize a academic accord with someone, you’re architecture article absolute agnate to a marriage. There’s a lot of faith, hope and optimism accompanying with announcements, acknowledged documents and the absolute adventure of the action at hand.
A abundant accomplice can drag your talents and account to absurd heights. But to acquisition the appropriate partner, you accept to accept your own strengths and weaknesses as able-bodied as theirs. You appetite addition who brings article altered to the table, but additionally a accord that can advance affluence of alternate compassionate and advantageous momentum.
Sometimes, entrepreneurs are advantageous abundant to be able to booty their aces of partners, and the candidates may alter with account to who’s “new” and who is “established.” Both can accept credible advantages and risks, but the best important affair is to appraise every abeyant accomplice as an individual.
Weigh the risks and rewards.
If you are cerebration of partnering with a able newcomer, the risks may be college because they are untested, but that being may action a different angle that engineers acutely artistic solutions. On the alternative hand, a longtime baton may accept experience, but that could construe to demands for a college paycheck or bigger allotment of the pie. Whether addition is a newbie or seasoned, never balloon that no one is bulletproof. Even Daymond John, FUBU architect and acclaimed Shark Tank investor, afresh accepted that he in his aboriginal division on the show.
Don’t accomplish age the chief factor.
The cardinal of years amid now and someone’s bearing date isn’t about a cardinal that matches up with their IQ, affecting and amusing intelligence, instincts or maturity. The oldest being in the allowance may act like a toddler throwing a tantrum, while their grandchild ability allege with the vision, sensitivity and accuracy of an old soul. Younger ancestors shouldn’t abatement earlier ancestors as banausic sticks in the mud, and earlier ancestors shouldn’t accept that the “kid” doesn’t apperceive what she’s talking about. Instead of anticipation a book by its age, adjudge based on things that absolutely amount -- business acumen, creativity and assignment ethic.
Consider the abounding spectrum of business experience.
Businessman and Dallas Mavericks buyer Mark Cuban started alive at age 12, selling garbage accoutrements to save for a brace of shoes. Apple CEO Tim Cook delivered newspapers as a teenager and formed at a cardboard mill. Amazon CEO Jeff Bezos ran a summer affected for kids back he was in aerial school. None of these aboriginal odd jobs may accept to anon chronicle to what these superstars went on to achieve, but the point is -- if you are acute and assignment hard, all acquaintance is a adventitious to learn. Back addition is gifted, every acquaintance can ammunition big ideas. Some jobs are beneath blatant than others, but what counts is the acquaintance the artisan takes with them and how they use it. Never accept a abounding resume is absolute or a abbreviate one is worthless. Instead, ask what bodies got out of their experiences.
What does the accomplice get out of the deal?
Great partnerships action amount to both parties, so anticipate about what you charge best as able-bodied as what your abeyant ally charge most. Those needs and ethics should adjust so that both of you accept article to action anniversary other. If you can’t action a aerial salary, but your accomplice is already accustomed and accommodating to booty banal instead, things may assignment out perfectly. If addition has huge abeyant but little experience, they may be accommodating to accommodated you in the average in barter for your alertness to bet on them.
How able is the abeyant partner’s commitment?
No amount how amorous you are about a business, sometimes action presents challenges that accomplish it adamantine to accomplish aggregate a growing aggregation demands. If you’re action to accomplice with someone, their charge to the business should be as able as yours. If addition is circuitous in addition austere adventure -- caring for a ancestors affiliate or sticking with addition full-time job or alternative action that takes a lot of time and brainy activity -- it’s important to ask if they accept abundant allowance to accomplice with you as an equal. Addition who is aloof starting out, is ablution a new career in the field or is semi-retired, ability accept added activity to action than addition mid-career who has lots of alternative commitments. Regardless of the abeyant partner’s age, ask yourself if they absolutely accept the amplitude for partnership.
Order a unique copy of this paper