When beginning with a start-up that you wish to share with an individual, it is important to fully know the partner. You should remember, that a partnership is far more different than being a sole trader. In a partnership, you are no the only one in charge. You also cannot make all the decisions by yourself. Your profit is being shared. Therefore, before choosing a partner, you need to first realize what you’ll look for in one. To help you start, we’ve brought you a list of traits you can tally with:
The first and foremost trait that you need to test. Your partner should have the ability to inspire your trust in them. It should be visible that they actually possess the skills that they’ve claimed to have. Their passion should be visible, and you should test them in their field of strength to find out if they’re good enough for the job.
Strengths That Complement Yours
Nobody is perfect, and neither are you. If you’re looking for a partner to your start-up, you want someone who will do the things you cannot. The best way to go about this idea is the “one builds, one sells” approach. So for instance, if you’re an architect, you want a consultant for a co-founder. If you’re a chef, you want a manager. If you’re good at comprehension, you want someone who’s good at expression. The idea is that their skills shouldn’t be the same as yours, they should be complimentary.
An open-minded associate will make the work much easier. Entrepreneurship comes with a fair amount of risk. This means that there really is no guarantee about what you might have to do to get a job done. The trend of the work could take abrupt turns because of surprise situations. A co-founder should possess the ability to accept variances and adapt themselves accordingly. They should be able to take quick, but wise decisions.
Apart from unexpected change, a co-founder should also be humble and not picky. This means that as a part-owner, they should be willing to lead the firm and not just boss around. They should willingly carry out any task that needs to be done, whether it is getting photocopies or brewing tea for a guest coming in for an important meeting. Smaller tasks should not hurt their ego.
You and your partner should share mutual long-term ideas. It’s necessary for the partner to have a vision for the future. They should begin with the end in mind. A drive like this will make sure that the partner is putting in more than enough effort. However, whats more important is that they share the same goals as you do. If they are looking for different results as compared to yours, then you might want to consider changing your mind.
Passion is a natural instinct. You cannot force that or influence the partner into acquiring it. If the co-founder needs some kind of motivation or incentive to get their job done, then their probably not passionate enough. They shouldn’t need to be told to do something. Before choosing a co-founder, make sure that they’re relationsahip with the position is not just limited to the money. It should be more about satisfaction. Don’t choose a partner who might bail on you later, only because they got tired of the work. If your partner walks off, you will also spiral down along with them.
Without honesty, your relationship with your ally is meaningless. To really be successful, and get the most out of your operations, both of you need to wear your heart on your sleeve. You should not be hiding anything from your partner, and vice versa. Being crystal clear about what you are and what your intention for the firm is, will generate more benefit than what you might earn by being closed up or deceptive.
A Pro-Active Attitude
Your partner should understand the value of their time as well as yours. A start-up is the beginning of a venture. To start any experiment, you first need activation energy, before you settle to a more paced, constant amount. Your partner should be willing to give their best in all aspects. Procrastination and unwillingness to do work are negative for your growth. You can’t expand unless you really push it. And if your colleague refuses to do so, they will not be the only one suffering. You will also be held back.
A good control is needed for your emotional abilities when you start as an entrepreneur. Many things could go wrong, and many losses can be incurred. These could possibly break your heart and bring you a lot of stress. A good co-founder is who, even after being under such kind of pressure, manages to survive and thrive. Weak emotional strength might upset the relationships across the firm, force bad decisions and cause apprehension.
Values and Integrity
You and your partner should share the same amount of respect. It is important that when it comes to the level of skill, you and your partner should be at the same position, or at least close to each other. This will drive you, challenge you and make you come out better after every project you work at. Shared values will keep decorum between the both of you. These are all vital for the stability and success of your plans.