Want to join the great adventure of entrepreneurship?
very good idea !
But how do you choose the ideal partner for this “professional wedding”? Here is everything you need to know.
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Choose a Partner for the Right Reasons
The desire to choose a partner is often justified for 4 reasons.
- The first is economic: you want to open your business to one or more people to strengthen yourself financially.
- A colleague may even bring you an address book or some fame. The key advantage is knowing that the network constitutes a powerful lever for a company’s growth.
- He may also have useful skills for your project development. Even though versatility is a key quality in entrepreneurship, there are sometimes areas in which we lack personal resources. It may be useful to find a complementary person to expand your scope of work.
- Entrepreneurship is about multiple choices and decisions to be made. It can be reassuring to have someone else to talk to, think about, and share ideas with.
These are 4 main reasons to join forces: This collaboration should bring added value to the company.
Choose an Entrepreneur by Heart
This is your first challenge. If your partner has all the right qualities to help you out, but is unable to handle the challenges and uncertainties inherent in being a business leader, he or she will leave you in the middle of the first storm.
Be sure to choose a genuine entrepreneur who knows and considers the risks of pursuing a project. He should be familiar with the difference between manager and employee position, especially in terms of job security, professional responsibilities and pace of work.
keep one eye
To ensure the success of your project, you need to be on the same wavelength on fundamental points such as the future of the activity, the investments to be made, the growth strategy, the values ​​of the company…
Necessary
In the event of an anomaly, it is necessary to puncture the abscess immediately, to verify that a possible compromise is possible. If not then this partner is not for you.
complementary skills
Choose a profile that has a different skill set than yours and that can bring added value to your business. Hiring will always be a lesser skill and it also allows you to have a more consistent vision of the activity.
Still, if you do fall in love with a candidate with similar skills as you, divide up the tasks to save time and avoid stepping on each other. Let everyone take care of the situation in which they excel.
our advice
Don’t hesitate to set up job descriptions (which may change over time) so that everyone has an accurate vision of your mission.
trust and communication
Developing a business is a difficult journey, and it’s no secret. To associate is to accept all these tests together, for better or for worse. In such a situation, it is important to make sure that you can trust your partner.
Sometimes it’s natural to orient yourself toward loved ones, which seems like a comfortable solution. It is much easier to bring people you know into your business rather than complete strangers. However, not all good relationships can turn into good professional unions: Be cautious.
Before starting it is customary to thoroughly examine the characters, the vision of things and the aspirations of each one: it would be a shame to marry a long-standing relationship in the face of disagreement.
do a little research on the person
It is always risky to open the doors of your personal project to a third person. Make sure you collaborate with a trusted person who will take your project forward (and not the other way around).
Many entrepreneurs recommend working with someone you already know, someone you trust. Whether you’re lucky or not, do a little research on your future partner.
our advice
Find out about his legal and financial status, his experience and his reputation in the professional world.
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Protect Yourself With an Allied Pact
A union is formed by establishing the rules of your normal adventure. A shareholders’ agreement or shareholders’ agreement (depending on the type of structure) will allow you to clarify all the important points.
This document will define the rules relating to the division of powers, distribution of profits and settlement of disputes.
Remember to specify the terms of transfer of a partner’s shares, a non-compete clause and anything else you deem useful to this association. However, to make these documents official, consider having them overseen by a professional lawyer.
Conclusion
As you must have understood, joining the army can prove to be a real force in the success of your business. However, it should be borne in mind that this is a step that requires reflection: rushing the choice of your partner is a mistake not to make while being an entrepreneur.
So, are you ready for partnership?