Staying Ahead

Is Finding a Partner Necessary To Start A Business?

Most startup founders are in the haste to find an appropriate partner but the question is whether a partner is even needed.

While serial entrepreneurs mostly have partners, there is no hard and fast rule that you must have a partner in order to launch a business. In fact, choosing a partner could actually work against you in the initial stages. You are inexperienced and you barely know anything about the business world. You do not know how to find a partner but you have it inscribed in your mind that you need to have a partner. That is the reason why you start looking for a partner without giving it a second thought. You typically look for someone who is an expert at something that you aren’t. Most startup founders choose partners who are experts in financial matters because they are either not good at them or because they want some support to feel secure about their decisions.

The thing is, experts say that if you are looking for a partner just to feel secure and just because you find the road to entrepreneurship too lonely, you are doing it wrong. These are not the reasons you should use in order to find a partner. At the end of the day the entrepreneurship path will definitely be lonely and there is nothing that you can do about it. The risk of choosing a bad partner is generally incredibly high unless you have closely worked with that person for several years and you know how his thinking process and work commitment are. This is because you can’t assess a person through a single meeting or a few chats. You have to know the person inside out and not many people give this much thought.

Think of it like this – you are actually giving your partner a share of your business. You are including him or her in almost everything related to the business. Will you be able to trust any random person with the responsibility of your business? Perhaps, not. This is why you shouldn’t pressurize yourself about finding a partner. It is not mandatory to have a partner. It is no rule that only partnerships turn out to be successful businesses. Numerous businesses have failed due to bad partners. You surely don’t want to take that risk.

Find a partner only when you are assured that you will be benefitted from the business relationship.

Entrepreneurial Learning

There is a little too much hype surrounding partners. Many are under the impression that you definitely need a partner in order to launch a business. That is not true. You can very well head a business all by yourself. Choose a partner only when you are sure that you found the right one.

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