Dear Rosie, how do I know when I should be business partners with someone?
The hardest part about having 10 new ideas every day, is and always has been execution. Sometimes that can be a good thing as not all ideas are great ones, but other instances I have found it frustrating as I knew I was onto something and then months or years later – then seeing that idea executed in market and performing. When you invest your money in the share market you are not looking to hit home runs on every swing, you take multiple swings to try and get the home run and truthfully business is much the same. You can only educate, prepare and work on your thesis so much before you have to put it in action, and this is why I believe utilizing Business Partners is one of the most crucial steps any young Entrepreneur should take.
My Generation – Gen Y, is very much about achieving the ultimate off your own back. They look to their idols in business like Richard Branson, Bill Gates and of course Steve Jobs but forget that for every Steve Jobs there is a Steve Wozniak who became the implementer and silent partner who took concepts and made them realities. Make no illusions, the innovation is definitely the hardest part. There are always good implementers out there to pull together a strategy, but innovating that strategy is a gift that only a small group possess. So what I wanted to do for my readership was construct some very simple and effective things you should consider if you are going to go into business with someone and how you should predict your future Business Partners potential performance by using only your history together as a guide.
You have to always want to take their phone call.
To start things off, you will communicate with your Business Partner more than many of your friends and family in most instances. Your eagerness to chat with them and mould the concept is a great indicator of your ‘Business Chemistry’. If it is the early stages of development and before the business is formed and you are already starting to avoid time together or conversation – it is safe to say they are not the right fit for you!
They have to believe in you enough to not need things straight away.
I have always had an issue with people that have had their hand out, but they were never quite sure what they are asking for. Businesses and ideas take time to form, patient and trustworthy people understand that. This is such a good gauge of your potential Business Partners intentions, in how much they are prepared to do just to help figure things out with you with whilst having no motives behind the action. I find myself giving time to people for no outcome personally on a regular basis, but in the majority just to explore opportunities. Sometimes things can work out straight away and we go forward, others it is not the case. Unless straight away this person can identify to you a quantifiable return on investment for you sharing the company with them, then take your time with this one. It could be one of the biggest decisions you ever make.
Can you see a future without them working alongside you in it?
The old adage is true – trust your gut. The best business partners are yin and yang. Ultimately you have to know what your skillset is and find someone to fill out the rest of the ecosystem you are trying to create with their complimentary skills. The best examples are always the sales gun and the operations specialist coming together. Two totally opposing skillsets but both so necessary and important to a business’s performance. Find the one who can help cover those areas you need support in.
So good luck in your exciting new ventures and just remember, you too need to be a great business partner and like the love languages you need to be reflecting on what it is you both need to get the most from one another.
Love, Rosie xx
Rosie Luik is a Mum of four, a successful Australian model, a published Author, a sought-after Public Speaker and an accomplished Business Woman. Her brand Mum Network is a dynamic Talent Agency which represents Mums with a social media presence. Rosie partners and connects Mums with companies and brands that she has worked with over the years to increase awareness of products or services.
To find out more about Rosie head to: http://rosieluik.com/