{"id":18295,"date":"2023-10-21T04:48:52","date_gmt":"2023-10-21T04:48:52","guid":{"rendered":"https:\/\/mysourcefunding.com\/startups\/how-to-choose-a-business-partner-you-wont-regret\/"},"modified":"2023-10-21T04:48:53","modified_gmt":"2023-10-21T04:48:53","slug":"how-to-choose-a-business-partner-you-wont-regret","status":"publish","type":"post","link":"https:\/\/mysourcefunding.com\/?p=18295","title":{"rendered":"How To Choose A Business Partner You Won\u2019t Regret"},"content":{"rendered":"
\n

Kevin Markarian is the cofounder of <\/em>Roopler<\/em>, an AI-driven lead generation platform built for the real estate industry.<\/em><\/p>\n

Working as a solo entrepreneur can be a challenging, risky and, at times, lonely endeavor. After all, when you attempt to launch and scale a business independently, you have to rely solely on your skills, networks, personal stamina and resources. For this reason, I often, but not always, recommend collaborating with one or more business partners.<\/p>\n

However, choosing the right business partners is easier said than done. Here’s my advice on how to choose business partners you\u2019ll never regret and why the best choice isn\u2019t always obvious.<\/p>\n

Five Strategies For Finding A Great Business Partner<\/h2>\n

1. Recognize that past success is only one criterion.<\/h3>\n

A person’s past success doesn\u2019t guarantee that they’ll be successful again in the future. It also doesn\u2019t mean they are necessarily the right business partner for you.<\/p>\n

<\/fbs-ad><\/p>\n

While a past record of successfully launching, scaling or leading a business may be one factor to consider, avoid relying on a potential business partner\u2019s past track record as your only or primary deciding factor. After all, not everyone can repeatedly replicate success, and even if they can, they may not be the right business partner for you because they aren\u2019t compatible, don\u2019t share your values or don\u2019t bring anything to your business that you don\u2019t already possess.<\/p>\n

2. Assess for compatibility.<\/h3>\n

Even if you\u2019re the type of person who loves to hit the ground running, slow down! Execution is critical, but when choosing business partners, it is also important to avoid moving too quickly. Ensure your potential business partner is compatible.<\/p>\n

Can you tolerate their behaviors? If they are remarkably different from you, are the differences likely to be an asset or potential source of friction and conflict?<\/p>\n

3. Avoid redundancy.<\/h3>\n

Like it or not, many people suffer from similarity bias. Put simply, we tend to be attracted to and even trust people more easily when we already share more, rather than less, in common. When choosing a business partner, this can put us at a disadvantage.<\/p>\n

To avoid simply replicating yourself, actively seek out a business partner who isn\u2019t your doppelganger. Among other questions, ask yourself what they bring to the table that you don\u2019t. Also, understand why these skills, networks, resources or insights are critical to your future business venture\u2019s success.<\/p>\n

4. Be attentive to value alignment.<\/h3>\n

When choosing a business partner, don\u2019t underestimate the importance of value alignment. How do they treat people? How do they respond to difficult situations?<\/p>\n

I believe the best way to read someone\u2019s character is to watch how they treat people from whom they can\u2019t gain anything (e.g., their employees or even a passing stranger). Do you feel confident that they will be able to represent you and your company\u2019s brand when you\u2019re not present?<\/p>\n

Of course, to find a business partner with aligned values, you first need to have a clear sense of your own values and the values you want to instill in your business and brand.<\/p>\n

5. Avoid partnering with “professional partners.”<\/h3>\n

If you\u2019ve spent time in the business world, you\u2019ve likely met your share of \u201cprofessional partners.\u201d These are people who have an interest in multiple companies but often seem to have little interest in any specific company.<\/p>\n

While there are times when it can be incredibly strategic to partner with someone in this category (e.g., if you are looking for an investor, strategist or someone with an established reputation in a specific industry), it is important to understand they won\u2019t treat your business like their baby. This also means that they are unlikely to support you in the daily grind.<\/p>\n

What matters most is recognizing the difference between going into business with a \u201cprofessional partner\u201d and someone who is willing to go all in and share all the grind and the glory.<\/p>\n

Stronger Together<\/h2>\n

Whether you\u2019re a first-time entrepreneur or an experienced business owner, when you choose the right partner or partners, collaborative endeavors are nearly always strategic. Among other benefits, I’ve found starting a business with a partner nearly always comes with at least four key advantages.<\/p>\n

\u2022 Reduces risk:<\/strong> In business partnerships, you share the risk with other stakeholders.<\/p>\n

\u2022 Facilitates expansion:<\/strong> If you already own one or more businesses, a business partnership can also be a great way to scale a new business while keeping an eye on your established companies.<\/p>\n

\u2022 Quickly build credibility in a new industry:<\/strong> If, for example, you\u2019ve always worked in retail or real estate and now want to launch a customer relationship management or lead generation platform, bringing in a partner with a background in technology is an easy way to help quickly gain credibility in a new industry.<\/p>\n

\u2022 Reach new markets:<\/strong> If you\u2019ve always been regionally based, a business partner with a strong reputation in a different area of the country or globally can also be a great way to gain a foothold beyond your established territory.<\/p>\n

Whatever your business goals, if you choose the right business partner for the right reasons, you will likely be stronger together and better positioned to launch and scale your next business venture.<\/p>\n

Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?<\/em><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Kevin Markarian is the cofounder of Roopler, an AI-driven lead generation platform built for the real estate industry. Working as a solo entrepreneur can be a challenging, risky and, at times, lonely endeavor. After all, when you attempt to launch and scale a business independently, you have to rely solely on your skills, networks, personal […]<\/p>\n","protected":false},"author":1,"featured_media":18296,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[77],"tags":[],"class_list":{"0":"post-18295","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-startups"},"yoast_head":"\nHow To Choose A Business Partner You Won\u2019t Regret | Brandiary<\/title>\n<meta name=\"description\" content=\"Kevin Markarian is the cofounder of Roopler, an AI-driven lead generation platform built for the real estate industry. 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