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Old 25th March 2012, 07:08 PM   #1
Shiv
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Default How To Find A Partner

I have quite the dilemma. I started a business and realized I don't know much about operating a business. I have a lot of creative ideas and I can implement and direct well, but the fundamentals of business, networking and contacts I lack in severely! I need a business partner, but I don't know where to start. I know no one who is a serious business person and if they are they are not great resources for starting the type of business that I want to start. I want to find a solid business partner within the next two weeks and begin to develop my business. Where did you find your business partner? Where are some places to find individuals who are willing to invest and partner in a small business?

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Old 26th March 2012, 03:13 AM   #2
SanWay
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Hi,
from my own experience eople usuallyy think that it is better to start a business wit ha friend but this is a huge mistake, you should chat, share your problems with your friends but make business with other people.

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Old 27th March 2012, 02:09 AM   #3
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Wink Nice thinking

Hi Shiv,

My only suggestion is that you need to initiate your own business alone. Because as-per my experience partnership business is not good for future. Hope you will think again before choosing your business partners!

Have a great day!

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odisha property


Last edited by Patra01; 27th March 2012 at 02:10 AM. Reason: spaling
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Old 27th March 2012, 05:12 AM   #4
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Write out a business plan, identify the skill sets needed and look around to see if there is anyone that fulfill the skill sets. If not, ask around your friends to see if they know anyone who they can recommend. Go for some networking events to expand your social circle.

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Old 27th March 2012, 05:51 AM   #5
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Shiv, You are smart to identify gaps in your knowledge and experience that you need to address. In my mind, you have at least two options: you can find a business partner, with whom to run the business, or you can look for people to serve on your Board of Advisors - people, paid or unpaid - who can advise you.

Pro's / Cons: Any business partner is going to want to share fully in the business decisions, and business profits. So this can be risky for you, obviously. You either need to find the business who shares your ideas, goals, and ethical and other principles, or you need to be prepared to make serious compromises in how you do things. On the other hand, a business partner is there to work with you on a daily basis, and complement, on a daily basis, your strengths and weaknesses, and skills and experience.

A Board of Advisors on the other hand is a group of perhaps 3 to 5 people, who can be paid, but may agrees to serve on an unpaid basis. These people too can complement your experience and strengths and challenges but mostly at a strategic level, rather than on a day-to-day basis.

So here is an idea: Why not start to interview people for a Board of Advisors. Even in these interviews, you will learn a lot, and people you talk to as candidates for a Board of Advisors may be able to suggest candidates for business partners, if indeed you choose to go this route. From among the people you talk to about being on your Board of Advisors, you may identify a candidate for a Business partner.

To find candidates for a Board of Advisors, look among your current friends and contacts. (Caution: the best Board of Advisors is unlikely to include friends.). Look on LinkedIn. Get out there ad go to local relevent networking events. Visit the local Chamber of Commerce, and other local business / social organizations. For more information on Boards of Advisors, visit http://www.schammond.com/programs-pr...ory-board-kit/ or http://www.schammond.com/ (I have no affiliation).

I went through the process of putting together a Board of Advisors a little over a year ago, and found the process very, very useful.

Hope this helps.

Northxnortheast

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Old 27th March 2012, 10:09 AM   #6
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It sounds like you are wanting 1 person to sort of close the gaps of everything you are lacking. I can't tell the scope of your intended business

it sounds like you need an investor, a manager, and a sales rep., and the types of individuals who fill all three of those roles well are usually very successful business people.

I'd say you should draw up a business plan, and take it to the bank to see if they will invest in it. In that investment amount you will want money for you (if you're not going to be profiting immediately) salary for any employees you will need, and business expenses.

If you really only need one other person to make the business work, maybe find a sales guy with manager capabilities.

Honestly its difficult to offer direction when i don't know the field or scale of your business.

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Old 29th March 2012, 01:13 PM   #7
John Tabita
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Quote:
Originally Posted by northxnortheast View Post
Shiv, You are smart to identify gaps in your knowledge and experience that you need to address. In my mind, you have at least two options: you can find a business partner, with whom to run the business, or you can look for people to serve on your Board of Advisors - people, paid or unpaid - who can advise you.

Pro's / Cons: Any business partner is going to want to share fully in the business decisions, and business profits. So this can be risky for you, obviously. You either need to find the business who shares your ideas, goals, and ethical and other principles, or you need to be prepared to make serious compromises in how you do things. On the other hand, a business partner is there to work with you on a daily basis, and complement, on a daily basis, your strengths and weaknesses, and skills and experience.

A Board of Advisors on the other hand is a group of perhaps 3 to 5 people, who can be paid, but may agrees to serve on an unpaid basis. These people too can complement your experience and strengths and challenges but mostly at a strategic level, rather than on a day-to-day basis.

So here is an idea: Why not start to interview people for a Board of Advisors. Even in these interviews, you will learn a lot, and people you talk to as candidates for a Board of Advisors may be able to suggest candidates for business partners, if indeed you choose to go this route. From among the people you talk to about being on your Board of Advisors, you may identify a candidate for a Business partner.

To find candidates for a Board of Advisors, look among your current friends and contacts. (Caution: the best Board of Advisors is unlikely to include friends.). Look on LinkedIn. Get out there ad go to local relevent networking events. Visit the local Chamber of Commerce, and other local business / social organizations. For more information on Boards of Advisors, visit http://www.schammond.com/programs-pr...ory-board-kit/ or http://www.schammond.com/ (I have no affiliation).

I went through the process of putting together a Board of Advisors a little over a year ago, and found the process very, very useful.

Hope this helps.

Northxnortheast
Very solid advice here. I had nothing but good experiences with my former partners, and I'd do it again in a heartbeat, with the right person.

That said, a partnership gone wrong can be your worse nightmare. I wrote a couple of articles for SitePoint on the subject that might help:

Partnerships: Boon or Ruin for Your Business?

Partnerships: It’s All Fun and Games Until Someone Loses an Eye

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Old 9th April 2012, 07:07 AM   #8
Peter Biskind
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One way to find partners is among friends and the people you know. I had an online business before with a friend of mine. It went well for a while but our mistake was that we didn’t set rules since the beginning so I had certain expectations and he – other and so we started fighting pretty soon…my point is – the advantages of having a business with friends is that you can trust them but be sure you are aware what are the good sides and bad sides of your partner because as a business owner you should be as objective as possible in order to survive.

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Old 29th April 2012, 07:29 AM   #9
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In internet business, Ims actually find partners by being partners themselves. So, basically, you stroll the net, interact with netizens and business men, and try to work out on your customers and services.

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Old 21st May 2012, 03:35 AM   #10
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Quote:
Originally Posted by Patra01 View Post
Hi Shiv,

My only suggestion is that you need to initiate your own business alone. Because as-per my experience partnership business is not good for future. Hope you will think again before choosing your business partners!

Have a great day!

---------------------
odisha property
I totally agree to what Patra has to say. Although partnership is good, it can often hinder you from growing or expanding, knowing that you need to consult their opinions or take into consideration your financial contributions before making any directive decisions.

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