Startup Journey and Risks

Startup Journey and Risks | No#2 Finding the Right Partner

In the second installment of our series, we delve into the risks associated with the entrepreneurial journey, focusing on the crucial aspect of "finding the right partner."

It would not be an overstatement to say that the decision-making process for startup investments is largely influenced by the entrepreneur's profile.

Selecting the right partner for your venture is one of the most significant decisions you'll make as an entrepreneur. Choosing a partner who will stand by your side throughout your entrepreneurial journey, share responsibilities, and ease the burden can greatly simplify your path to success. However, finding a suitable business partner is often challenging, and at times, due to wrong choices, you might feel like you're carrying an additional burden on your shoulders.

To prevent making the wrong decision, you can start by asking yourself the following questions before embarking on the search for a partner. To do this, you must carefully assess the current situation.

"Do You Really Need a Business Partner?" Let's take a step back and address a critical question: Do you genuinely require a business partner? What drives your search for one?

• Are you overwhelmed by high-level responsibilities?
• Do you struggle to navigate a new industry or product model?
• Is additional capital needed to kickstart your business?
• Do you lack strategic connections and a network?
• Do you require emotional support or a sounding board for ideas?

Answers to these questions will help define your expectations from your partner and simultaneously determine what you can offer in return for these expectations.

"Is the Partnership You're Building Sustainable?" You've outlined your expectations from your partner, and perhaps you've found the right person easily. In such a scenario, continue to consider the best-case scenario for your company.

• What are your partner's long-term expectations for the role? Is their goal to establish a sustainable, long-lasting company, or do they intend to establish and sell it as quickly as possible?

Ensure alignment in your strategic direction. While personalities and communication styles don't have to be a perfect match, your business vision should unquestionably align with your partner's.

Can you establish clear boundaries? When researching potential partners, maintain openness and transparency about your mutual expectations and what each party can contribute. Remember that the partnership should be mutually beneficial. It's crucial at this stage to be aware that broken promises, exaggerated predictions, and setting unrealistic expectations may lead to issues later in the journey.

If you can easily answer these questions and achieve mutual agreement, congratulations! Consider yourself fortunate.

While addressing these questions, documenting your responses, sharing potential risks you identify, and conducting regular feedback meetings will strengthen your partnership day by day.