Strategic Partnerships

No matter the individual, there will always be some aspect to a business where they could use additional assistance. Trying to figure out this the aspect of the business on an individual basis is possible, but can be costly by costing them valuable time, resources and money. Whether it is accounting, technology, marketing, legal, etc.� there are outside resources and individuals that can assist an entrepreneur in building the business. Strategically partnering with someone who compliments your own given skill sets will help a business grow that much faster and can be a great determining factor on whether or not the business is a success.

There are disadvantages to bringing in a partner or additional help. When bringing in an additional partner you may not retain as much equity in your company as you originally had wished. A lot of entrepreneurs struggle with this notion because they feel they it is their idea and they deserve to own all of it. What entrepreneurs need to understand is that a strategic partner can be the difference between succeeding and failing. It is better to own part of a successful business, than all of a failing one. Even if not giving up any equity, bringing someone on board will at least be an expense in the manner of paying an additional salary. It is extremely important to bring in someone based on his or her skill sets and knowledge that will most benefit the company. Make these decisions based on skill sets and knowledge, not emotions.

A lot of times when entrepreneurs or aspiring entrepreneurs do partner with someone, they often will partner with someone who they are connected with on an emotional basis, someone like a family member, friend or former colleague. Aside from the personal issues that can arise in any business setting from hiring someone on an emotional level, this person may not always be the most knowledgeable person in the aspects that are needed most of all, or that compliment your own skill set as much. It is important to partner with and hire the best candidates possible. To be the best of the best in your business’ industry, you need to work with the best of the best.

Don’t try to be a one-man hero when it comes to your business. It is ok, and wise to bring in additional help to make your business a success. The knowledge, skill sets, capital, and social capital that can be brought to the table by bringing in additional partners or employees can be an immense help to building any business. You have to be strategic in everything you do when building a company; it is no different when it comes to partnering and hiring people for your business.

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