When it comes to launching a new venture, many like-minded entrepreneurs go into business together. This has many many benefits for both parties. Financially, you can pool each others’ resources so that you start off on a better foot. You also have the advantage of collaborating together and networking as a team.
Historically, some of the most influential companies were birthed as a result of a dynamic partnership. Paul Allen, co-founder of Microsoft with Bill Gates, claims that Gates was the “sanity check on the flow of ideas.” Microsoft was (and is) a pioneering company, so the relationship between Allen and Gates shows just how important it is to work with the right person: Gates kept the company on track conceptually, while Allen contributed to the company as a strategy advisor over the years.
However, a partnership can also be a melding of common interests or ideals. Jerry Greenfield, co-founder of Ben & Jerry’s alongside Ben Cohen, claims that they both believed that “business should be using its power to help address social and environmental issues, and not just making money.”
From both of these examples, we can see just how important partnerships are. To find the right partner, you need to figure not only what your business model is; you need to agree on what your vision and goals are as a company. Aligning with the wrong business partner is one of the worst entrepreneurial mistakes for a business.
So, what exactly goes into finding the perfect business partner for your business? Fundera lays out the process in eight easy steps for you below: