How To Find The Right Business Partner In Nigeria
Getting the right business partner in any business endeavor is usually a plus to the people involved and it could also be a terrible mistake if it is not done well. Therefore, one must take special care in getting partners involved his or her business. Getting a partner requires that you answer some critical questions and be mindful of who you choose to partner with. Well, it is all good if you trust and get people to trust you but the nature of man in fallible and cannot remain constant and that is why caution is advised.
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There are things or reasons that may pop up and sound logical as the rationale for bringing a partner in but there could always be better alternatives. If you are looking for a partner so that you can brainstorm together, you might not need one. The reason is simple. A coach or mentor can fulfill that role and you did have the best course of action. Again, if capital is the main motivation behind entering into a partnership, you can get money through other means, even if it has to be through loan. Debt in business is always better than equity unless the partner can add significant value to your business. If an equity partner can open a sizable new market, take on critical responsibility or provide access to valuable resources, it may be worth serious consideration.
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Base your decision to have a partner on sound logic and reasoning. Be careful of just wanting to dump responsibility on anyone who will agree.
We shall take a look at what you have to consider in choosing a business partner.
Steps to Finding the Right Business Partner in Nigeria
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Begin with what is available to you.
The first step towards getting a business partner is getting an overview ready and getting a particular business idea into reality. It has to be developed to your strength. What you do best should be the core of your draft. Bear in mind that your partner complements your skills and knowledge. This ensures that whoever you pick will have the requisite skills and knowledge needed to compliment you. For example, if you are great at creative ideas, you have to partner with someone who is hopelessly optimistic and can execute your ideas. Also determine the roles your would-be partner will play in decision making and in operations. This makes for better workability of the arrangement.
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2. Values needed must be identified.
Away from skills, you have to answer the question of values and principles and character. What is the need of having a crook as a partner even if he is talented when you are sure he will eventually bring down the company? The image of the company is very important especially if you want it to grow. You have to get a partner who has the right values required for the success of the business. Any set of values needed to make it work should be considered critically in making the decision of partnering with anybody.
3. Advertise it and make inquiries.
We cannot be everywhere at the same time. Therefore, we must let people know what we seek. People within the niche you operate or the network you cover should be aware that you are looking for a partner with certain skills and certain qualities. They can tell you the people available to you who possess the requisite skills and qualities. However, you have to be rational and discreet when informing them and like Abraham Lincoln said, sieve their advice on the Altar of truth.
4. Be open minded
Getting the right business partner who possesses the above mentioned qualities and has the requisite skills might be quite cumbersome. To this effect, you have to be open to analyze situations so as to know your best course action. The money might not be there but the person has the capacity to make things happen within the company. Open Mind always attracts objective people who can help in making the company or business grow as a partner.
5. Study the potential partner.
Before finally settling on the person you think has the requisite skills and values, you have to take some time out to study the potential business partner. You have to find out the person’s motivation, drive and ability to kick start a business or stabilize a business or even improve a business. You see, the essence of doing this is that you will have to eventually hand over some responsibility to your partner. You want be sure it is done well. You want to be sure he has what it takes to handle the responsibility without endangering the company. Do all your necessary background checks and be intelligent in drawing agreements. Take a word or two from the legal personnel around you and you might want give the person some trials before you make it permanent.
The steps you take in life make or mar you. Who you are in cohort with help define you. Choose your partners carefully and enjoy the bliss of business.
