How to choose a business partner

How to choose entrepreneurial partners

Entrepreneurship is when entrepreneurs and entrepreneurial partners optimize and integrate the resources they have or can possess through efforts, thereby creating a greater economy or social value process. Below is what I have compiled on how to choose a business partner. You are welcome to share.

How to choose a business partner

1. Find in a circle of acquaintances

The most important thing between partners is mutual trust , respect each other, and at the same time have a "cool" feeling. This feeling is a bit like falling in love, and it is a marathon love. Therefore, it is best to find early-stage entrepreneurial partners in a circle of acquaintances. Many people usually look for entrepreneurial partners from their spouses, relatives, classmates, colleagues, like-minded people, etc. For example, the founders of Google are classmates, and the same is true.

There are many couples who work together to have fun and make money. For example, Debbie can make a kind of chocolate chip cookies, and her good craftsmanship is praised by everyone who tastes these cookies; and her husband Randy has the talent and ability to do business, and the two form a system. , and developed the store to hundreds. Partners can also be found among some good friends. Judd. Malkin chose Neal, his college roommate. Bloom opened JMB together, and fortunately, their friendship led to business success.

What should you pay attention to before looking for a partner? Of course, the first thing is to set the goals and objectives of cooperation, which is the main premise; secondly, to plan the responsibilities of partners, so that we can better guide ourselves to find what kind of partners; thirdly, we need to handle the cooperation process seriously Profit distribution in proportion to investment is an institutional guarantee that can ensure long-term stability for partners.

2. Book an agreement for possible conflicts

Another important point is that every entrepreneur does not want to think too much about it, but it is a very realistic issue, that is, cooperation Exit mechanism for partners. In the early stages of starting a business, you must "be a villain before being a gentleman" and plan in advance how to deal with obvious conflicts with your partners; at the same time, you must establish a set of general procedures to deal with unexpected conflicts. A good attorney with experience in entrepreneurial partnerships can help you consider more possible conflicts. Be realistic. The number one problem in a partnership is unrealistic expectations, so make sure you and your partner are not overly optimistic about the future.

One of the main reasons for becoming an entrepreneur is to control and determine your own destiny. But all is not lost if your efforts to gain a vote go to waste. Being indispensable because you do a good job is true control.

No matter what system your business adopts, before making a decision, it is recommended to remember three main principles: First, reduce liability. There is no need to put everything you own, including your home, car, investments, and art collection, at risk in your business. Secondly, avoid double taxation - if the company makes a profit, it has to pay income tax, and if it pays dividends to shareholders, it has to pay another tax, while those non-corporate systems do not have to double tax; finally, keep it simple - in the early stages of starting a business , try to avoid setting up complex systems, because that will confuse your business, and the gains outweigh the losses.

Five questions to help you find an entrepreneurial partner

Before Jeff Ball started his own business, he studied in law school and worked in a large law firm for a period of time before joining JPMorgan Chase, responsible for investment banking in the semiconductor equipment sector.

He now runs two real estate investment companies, currently has about 40 employees, and plans to recruit 20 more people this year. Like most entrepreneurs, Ball interviews job applicants in person. He said: "I mainly focus on five essential qualities." How do you know if the other person is the person you are looking for? He will ask these five questions:

Question 1: "Tell me about a skill you are trying to improve."

Ball said: "I don't care about the answer - But it’s telling if a candidate doesn’t have an answer. “Most employers want “leaders who can continually improve their own abilities and help others improve,” and in a startup world, this is a problem. Essential qualities. Because “people who are committed to continuous self-improvement are generally more willing to take risks.

In a large company, making too many mistakes can be fatal, so everyone tries to avoid risks. Startups are different. We want people to be quick to try new things, and if it doesn't work this time, keep trying. ”

Question 2: “Who is your ideal work partner? "

In other words, please describe whose skills and strengths can make up for your shortcomings. Ball said: "This question examines self-awareness. See if this person knows what they are good at and what they are not so good at? The more detailed and specific the answer, the better. "Smart people," responded one candidate he recently interviewed. " Ball thought this answer was too vague and somewhat evasive, so he rejected the applicant.

Question 3: "Have you ever solved matters beyond the scope of your responsibilities? What was the work scene like at that time?

Ideally, this should be something you take on yourself, rather than being assigned or hinted at by someone above you. Ball said startups can't afford the excuse that's so common in big companies: 'This Not my job.' "We need super-flexible employees who can find ways to make a difference and make a positive impact, rather than just doing what's stated in their job description. "

Question 4: "What is your usual work arrangement like? ”

Parkinson’s Law holds that the importance and complexity of a task are closely related to the time allocated to complete the task. This is the magic of the ever-approaching final time limit. If you are given 24 hours to complete a task Tasks and time pressure force you to concentrate on execution, and you have no choice but to do the most important part. If you are given 1 week to complete the same task, it will take 6 days to make a fuss. "When people learn how to work efficiently, they can get the most important work done in less time," says Ball. "So, I ask candidates how they usually spend their time. I'm looking for someone who understands the 80-20 rule, which is that the most critical responsibilities of a job are actually very few. In a startup, you need people to get important work done quickly, and you can’t waste time. ”

Question 5: “How do you deal with continuous, unpredictable change? "

Ball compared the work of a startup to "building an airplane in mid-air." He said that in large companies, change is difficult. But in startups, change is inevitable. A person from It is really difficult for people from large companies to adapt to this situation. In fact, many people cannot tolerate frequent changes.

By asking this, you can basically judge whether this person is "right." "People". For startups, the impact of choosing the wrong person is more serious than that of a large company. Before issuing an offer, you must make sure that he/she is the one who has the ability to face various uncertainties with you and likes to solve problems. Rather than complaining.

Looking for entrepreneurial partners is not simply recruiting an employee. This may have a great impact on one's career development. Therefore, many people are extremely concerned about this aspect. Be cautious. In short, if you want to find a satisfactory partner, you can ask the above questions;