Internet Radio Show: 21st Century Entrepreneur | The Different Investor Archetypes in the Market | Aired Friday, April 24, 2015 at 12 NOON
This Friday April 24 we will be airing another episode of “21st Century Entrepreneur” which is an Internet radio program aimed towards educating business owners and their advisors on how to make their businesses more successful and profitable. It is a show hosted by JC Maldonado who is the CEO of BizGro Partners, a Business Development Firm that helps small and midsize companies grow, expand, and transition. This week we will discuss the different Investor Archetypes that exist in the marketplace. In particular, we will be discussing the various investors that exist in the market and different approaches for a business owner to raise money.
Below is a blog discussing ideas for choosing the right partner in business, which is a difficult skill to develop. Finally, we have gained some interesting insight during our recent interviews from experienced entrepreneurs. To hear recorded versions of these shows, click on 21st Century Entrepreneur Archives.
HOW TO CHOOSE THE RIGHT PARTNER
In one of our past blogs, we discussed the importance of partnering and the different partnership structures one can use to expand a company. Today, we will discuss methodologies of choosing the right partner. Here are 6 steps you can go through to procure the right partner for your business:
Assess Your Own Strengths and Weaknesses
I was at a seminar a couple of years back and one of the founders of 1-800 Flowers Jim McCann said, “one of the keys to having a successful partnership with my brother is our ability to understand our strengths and weaknesses which varies between us.” Knowing your core competencies can position you in partnering up with the right partners for the purposes of protecting you from your own blind spots. The last thing you want is a partner like you. Partnering can help you compensate for weaknesses, inabilities, or areas in which you lack interest.
Look For Someone Who Has the Same or Similar Business Vision and Personal Dream
It is important that anybody you partner with has similar dreams, outlooks, perspectives, and goals. Although it is not important to have the same exact dream, the goals must be compatible by nature for a partnership to thrive.
Examine the Integrity and Character of your Potential Partner
It is a lot harder to evaluate character than it is talents, but it is far more important. If a partner’s ethics and morals are not extremely high, sooner or later there’s a pretty good chance he or she will betray you, someone else in your company, or your customer.
Look For a Partner with Total Commitment
If you are totally committed and your partner isn’t, I can promise you that the partnership will not last long. While evaluating a potential partner, examine how the partner has performed in other situations where he or she has been committed. Are his or her commitments short lived or faithful until the end.
Look For a Partner with a Positive Attitude
People who are generally negative tend to be very poor partners. A partner does not have to be as positive or optimistic as you. Nevertheless, if a partner is quick to tear down others or find the negative in situations, he or she is likely to jump ship when the going gets tough, or worse, steer the ship in the wrong direction.
Look at Your Partner’s Natural Drives and Abilities Instead of His/Her Resume
Business is a sport of action. It is important to focus on a potential partner’s true circle of competence as opposed to his supposed work experience.
To learn more about business partnerships, feel free to call us at 201-496-6931 or email us email@example.com.