6 Reasons You Don’t Need a Business Partner Just Yet!
It is important that every entrepreneur gets and does whatever it takes to build a successful business, and this involves going through the journey with a partner who isn’t just as motivated as you are but also compliments your skills, which would help guarantee success to an extent if many other factors are right.
But what if there are instances when you shouldn’t get a business partner yet? If these instances exist, what are they?
While having a business partner is key to growing a successful business or even convincing investors that you have a great team, here are 6 reasons you don’t need a business partner yet:
1). You Haven’t Figured Out What Business You Want To Start Yet:
Before you choose a partner to start or run any business with you, you should have first determined what it is that you want to do and what it would take to execute it.
In many instances, people come up with great business ideas with their friends, with whom they go on to become business partners with. But in some other instances, they bring people who have zero skills or contributions to the table, come up with a business idea to share with them, then launch the company with them, only to realise they made a mistake of choosing them as their business partners in the first place.
If you want to reduce your risk-exposure of picking business partners that would add little or no value to the startup only to eventually leave and walk away when you need them the most, then you should figure out what business you want to start and work out its modalities first, before you pick the people who would go on the startup journey with you.
2). The Prospective Partners Have Little To No Experience:
One key factor to building a successful business is to ensure that the partners you have around you are good in areas you’re not, even if they’re not experts per-say. When the people in your life have little to no experience on what you’re setting out to build, it is a no-brainer to bring them onboard because they’ll add no real value to your business and occupy unnecessary space in its decision making process.
Before you bring anyone onboard as a business partner, first assess their level of experience in what role they want to play and determine if they’re even at the very least skilled at a minimal level required to help you achieve a form of success in through the role they’ll play.
3). You Have A Different Work Ethic:
The people whom you want to bring onboard your team must have almost the same passion, drive, and enthusiasm that you have for the business. When people do not do all it takes to build a successful business, sales start to dwindle, other team members start to lose faith in the venture, and eventually, the business starts to crumble.
Before you choose a business partner, first see how passionately they chase or pay attention to anything of value to them in their present lives. While this may not be a total determinant for how committed they would be to your startup, it is still better than signing them on blindly to the potential detriment of your business.
4). You Don’t Agree On The Same Thing With A Lot of People:
People who disagree on many things have no business working together. But most people fail to recognise the fact that they have widespread disagreements with some of their friends, family members, and even colleagues, and so, make the grave mistake of bringing them onboard their business as partners.
Just as having the same work ethic is critical to success, the level at with you agree with your prospective partner in several other things is important to knowing if you can work with them in building a new company or not.
If you bring on people that you rarely ever agree with on anything to work on your business, it is almost guaranteed to experience a crash.
5). You Want To Retain A Large Portion Of The Company’s Shares:
If you plan to retain a reasonable portion of your startup’s shares on the long-run, then you may consider trying to come up with the business idea, the plan around it, and starting off before you bring on a partner. When you do this, you would have covered the preliminaries and would be on a balanced growth trajectory, giving you a higher bargaining chip when you choose to bring on business partners or investors onto your company.
6). Your Business Is A Common Easy Setup:
There are so many types of businesses that can be started, ran, and grown successfully without the need for a business partner at the onset. One of such businesses is starting a neighbourhood grocery store (supermarket).
With this, all you need to do is to hire the required staffs that will help you manage the move around and sales of products within your store. When you choose to expand on a much larger scale and probably take on investors, you could get a partner who’s highly skilled in market expansion and growth. But until then, you can start, run, and grow the business alone.
What are your thoughts on these 6 reasons you don’t need a business partner yet? Let me know by leaving a comment below.