A partnership is an integral part of any business, especially when it comes to startups.
Indeed, the success of Google, Facebook, and Airbnb is due to a successful partnership. Below we will describe in more detail the effectiveness of partnerships in the context of startups, as well as explain where to find a great partner except in a startup’s directory (as it is a very time-consuming process).
Is It Possible to Build a Business on Your Own?
Businesses run by one person, like Amazon and eBay, are rare. Perhaps these were “legends” at all, composed by marketers providing increased market competitiveness for these projects. The fact is that usually entrepreneurs who do not have a formal set of co-founders always have those who can be contacted for support and help.
Indeed, creating breakthrough solutions always requires focusing on specific tasks, and even an experienced entrepreneur cannot cover them all. Therefore, a much more successful format for founding a business is one that involves the participation of startup partners who complement each other with expertise and skills, including through innovation partnership with specialized companies in a particular business niche.
Two Types of a Startup Partnership
Startup partnerships can be divided into two main types: ownership and participation.
In the first case, we are talking about equal equity participation or majority-minority partnership. At the same time, the unequal distribution of shares does not reduce the volume of tasks for which each of the partners is responsible.
You can also divide startup partnerships into active and passive ones. This is one of the most difficult concepts for entrepreneurs since those partners who take the passive side should not interfere in the processes of working on a startup outside of their competence.
How to Choose the Right Partner for a Startup?
Unfortunately, many business owners are even less careful about choosing a founder than they are about hiring their contractors. And this is their key mistake. This statement means that relatives and friends whom you would hardly hire for the position of a highly specialized expert are often considered partners, simply because you know them for a long time and like to communicate with them.
Therefore, one of the most important theses in finding a partner is the understanding that your co-founder should not become your close friend.
In fact, stories in which a group of friends or a married couple are behind successful businesses are not the only right way, but rather an exception. To avoid unnecessary disagreements that you could resolve diplomatically with a stranger, it is better to leave your acquaintances in their former roles.
In particular, it would be much better if, on the contrary, you find a specialist with radically different, fresh views on doing business and their own experience, which in no way intersects with yours. Otherwise, you run the risk of getting your “astral twin” into your team, who will not bring anything more innovative to the development of your project than you could do.
So where can you find the ideal partner for your startup benefits if you shouldn’t choose acquaintances, and look for worthy alternatives not from your circle of friends for a long time? The answer is simple: at present, many companies specializing in a particular business niche provide this type of service.
This approach will relieve you of possible risks associated with the non-fulfillment of obligations and also allow you to formalize partnership obligations and shares, which in the case of partnership with acquaintances are often agreed upon only in words.
Final Thoughts
We hope that we helped you figure out how to find the perfect partner for your program startup and now you can do it without any special risks and disruption of your project deadlines. If you are looking for reliable startup partners among companies, feel free to contact us.
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