So many people today are getting into the economic sector by coming up with their ventures. This can significantly be attributed to the fact that the number of job seekers is way above that of the available jobs. When looking for a small business enterprise partner to start a venture with, you need to consider some features.
Before getting out to look for a partner, ensure it is necessary, and that you indeed need them. You have to gauge your venture and tell whether it indeed requires another person for it to thrive. When bringing another person on board, they should have a lot of value they will add, such that they will increase your contacts with other people, and the skills they have are as well impeccable.
One of the most critical factors is to ensure that you find a person with the same vision as yours. This typically means that this person must be interested in the same things as you. This is because you do not want to have to coerce them to believe in you or your vision. It should come naturally. Two or more people working together to achieve similar interests will always be a force to reckon with.
Many are the cases where shareholders in this kind of venture contribute equal amounts of capital. There are however unique instances where one may be contributing all the finances and the other all the expertise needed. Whichever the case, the vital thing is to sit and analyze what each person is offering then proceeding to decide on how to share all losses and profits.
In scenarios where one is considering bringing in a spouse or a relative, then one may have to have well-defined boundaries between work and the relationship. You may also have to define your time-lines so that you do not end up with a booming business and a dead relationship. The approach used when dealing with a stranger must be maintained.
The partnership needs a formal structure to be put in place. An attorney ought to be brought on board to ensure this process is given the legal attention it deserves. When there is a conflict, you will need the help of these professionals. It should never be done without indulging them. You must be willing to comply with legal agreements to ensure no conflicts arise.
This deal, however, should not be taken as a lifetime affair. It reaches a point where one person will feel like leaving, and they have the right to do so. You should put in place the precise terms and condition that will be followed when such a point ever reaches. The agreement signed at the start should be re-visited at this moment.
Addressing all matters at the young stages of the venture will give you time to focus on it once it is operational. The manner in which all these steps are carried out largely influences the success or failure of it. You must, therefore not overlook any factor lest it starts hunting you in later.
Before getting out to look for a partner, ensure it is necessary, and that you indeed need them. You have to gauge your venture and tell whether it indeed requires another person for it to thrive. When bringing another person on board, they should have a lot of value they will add, such that they will increase your contacts with other people, and the skills they have are as well impeccable.
One of the most critical factors is to ensure that you find a person with the same vision as yours. This typically means that this person must be interested in the same things as you. This is because you do not want to have to coerce them to believe in you or your vision. It should come naturally. Two or more people working together to achieve similar interests will always be a force to reckon with.
Many are the cases where shareholders in this kind of venture contribute equal amounts of capital. There are however unique instances where one may be contributing all the finances and the other all the expertise needed. Whichever the case, the vital thing is to sit and analyze what each person is offering then proceeding to decide on how to share all losses and profits.
In scenarios where one is considering bringing in a spouse or a relative, then one may have to have well-defined boundaries between work and the relationship. You may also have to define your time-lines so that you do not end up with a booming business and a dead relationship. The approach used when dealing with a stranger must be maintained.
The partnership needs a formal structure to be put in place. An attorney ought to be brought on board to ensure this process is given the legal attention it deserves. When there is a conflict, you will need the help of these professionals. It should never be done without indulging them. You must be willing to comply with legal agreements to ensure no conflicts arise.
This deal, however, should not be taken as a lifetime affair. It reaches a point where one person will feel like leaving, and they have the right to do so. You should put in place the precise terms and condition that will be followed when such a point ever reaches. The agreement signed at the start should be re-visited at this moment.
Addressing all matters at the young stages of the venture will give you time to focus on it once it is operational. The manner in which all these steps are carried out largely influences the success or failure of it. You must, therefore not overlook any factor lest it starts hunting you in later.
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