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Old 03-14-19, 06:20 AM
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InvitroCanibal InvitroCanibal is offline
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Re: What to look for in a business partner

Find your customer before you find your business partner.

Go where you are needed.

Most customers are people who carry a quality you dislike.

Ex. Healthcare workers are afraid of illness.
Teachers dislike ignorance.
Artists hate uninspiring things

The problem is that uninspired people are the ones who buy art.
Ignorant people are the ones who need to be taught.
Sick people are the ones who need care.

So your ideal customer will have an attribute counter to your strengths.

Then look for a Partner who understands your ideal customer and who also has the qualities you need for your business to succeed.

Try to see if you can get along by working on a small project together. Don't commit too much of your life to strangers without testing them and getting to know them first.

Try to work with people who have strengths where you are weak but make sure that you are not just getting along because of money. You need to have a friendship or a cooperative mindset.

You need to both divide the work where it is fair and neither side wants the other person's role or responsibility.

You need respect, trust and communication.

Respect is understanding

Trust is knowing that the other person knows what you need and cares about what you need.

Communication can be broken down into 4 elements:

Simplicity
Clarity
Transparency
Proximity

Build these 4 elements into your companies culture from the very beginning.

Finally, you'll need to decide who leads the Business.

A leader is the one who defines success for whatever product you build.

It's important that you give whoever is leading the final say.

So make sure you work with someone you trust and who trusts you.
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