COMPATIBLE BUSINESS ASSOCIATE
The fact is that in todayâ€™s corporate world, getting funds is not really a problem. The Indian market is flooded with money for anyone who comes up with good ideas.
Of course, in the initial struggling phase, a new businessman may think his idea is not good. However, if he strongly believes in his own concept and continues to put in efforts, the situation will change eventually. He will even get many people who are ready to finance his company.
This is when opportunities crop up for getting a new and financially stronger partner. However, when such offers come flooding in, the challenge is to choose the right partner or associate of financer.
So when multiple partners arrive with a lot of money and even experience, one intending seeking a partner should be very alert and cool-headed. After all, a wrong choice can ruin the business that the initial entrepreneur has created from scratch. It is like the ancient great economist and strategist Chanakya saying that if situated between two stronger kings or kingdoms, the weaker kingdom should seek shelter of the one capable of protecting the weaker ones.
Connecting to the above paragraph, It means the partner selected should be so strong that he may not be interested in grabbing the small business (original set up) but only interested in expanding the business to a limited extent (assuming the stronger partner is interested in making only limited investment) and sharing the profits or good returns on his investment.
To make the correct choice, one should be able to evaluate strengths and only then tie up with the one who is strongest. Here are a few things to look into for determining the right partner.
Business is about values you follow. Each person brings with him his feelings, hopes and emotions into the organization. When a new partner comes, it is important to consider if your values and his values match. Both the parties should have the same wave length in thinking.
The long term approach: At times, one may impulsively accept funds when itâ€™s readily available. But consider all possibilities, and have a long term approach before you tie up with anyone. Otherwise it would be just like the person who was not getting married for a long time. As soon as someone said â€œYESâ€?, he jumped into wedlock, only to realize later that it was the greatest blunder of his life! So check all the credentials with known sources before the partnership becomes main agreement. It may take some more time but you will be winner in the long run.
Remember, every business story is a story of team work and having the right team with you. No wonder then that choosing the right team members is highly important to win the game.
Partnerships are not just about money. It is not just a plain give and take. In fact, it is about a life long relationship that needs to be built upon. You will have to spend time with your partners regularly. It is necessary to communicate with them so that the relationship builds beyond just business transactions.