How to find the best partner
2011/03/09 6:00 AM
If you know me at all, or have read my bio, you know I've had many partners and investors during my entrepreneurial life. Experiences that were good and bad (well, mostly bad if you must know the truth), but experiences that I learned a lot from. I want to share my tips on how to really look at a partner to see if they are the right fit for you and your company. I have also called upon my experts to contribute their thoughts to help you be really clear about your decisions!
People bring on partners for many many varied reasons. It might be just because we are lonely, or we think that if someone else took on 50% of the responsibilities the business would flourish, or even that we hope someone we think is smarter than we are will save the business with their fabulous knowledge……. all valid and all for the wrong reasons.
I like to look at what this partner and you can do as a TEAM.
Depending on the structure of your deal, this could involve them buying (giving you money) into your company, or simply giving sweat equity for a percentage of your company……or both.
When deciding to bring on a partner, I like to ask myself these questions:
1. Am I doing it for the money?
2. What are they contributing that I cannot?
3. What business tactics, systems or connections are they bringing to the table that will benefit us?
4. Would I partner with them if I had all the money in the world?
5. What is their best attribute?
6. Do they have integrity?
7. What makes them as committed as I am to the business?
8. How did they react to the shareholder or partner agreement?
9. Do they have characteristics I don't like? If so, can I live with them?
10. Do they keep and honor their commitments?
Every time I have honestly answered these questions, the partnership has been a success and one that has flourished!
Related posts
There are 3 comments
CORLINE says: Thank you for some great information to think about. I appreciaate it!
[…] How to find the best partner – The Entreprenette Gazette […]
I’m impressed, I must say. Seldom do I come across a blog that’s both equally educative and interesting,
and let me tell you, you have hit the nail on the head.
The issue is something too few men and women are
speaking intelligently about. I am very happy that I
found this in my search for something relating to this.
Leave a comment
Want to express your opinion?
Leave a reply!
Leave a Reply
Testimonials
I’m already getting orders from the email with the updated pricing that I just sent to my current st…
Makeupjunkiebags.com
Follow me on Facebook
Do you think there's a difference between Fashion and Style?
#sarahshawconsulting #fashion #producttocelebrities
Keep your heels, head and standards high. 💜
#sarahshawconsulting #producttocelebrities
I had the pleasure of speaking with Mae Karwowski, the founder and CEO of Obvious.ly, a leading global influencer-marketing agency and technology platform. Mae shares some amazing tips on working with influencers and how you can forge relationships to build your brand.
Want to learn more? Drop me a comment below.
#podcast #maekarwowski #obviously #sarahshawconsulting #entrepreneur #streetsmartMBA #PR #celebrities #business #fashion #celebs #celebrityaccess
Do you know how to set the right price for your product line? Lordy knows I sure didn’t when I first started my handbag line. But once I learned the correct way to do it, I never mispriced anything again! Now I want to share this method with you so you can be profitable and not wonder why you can’t pay yourself.
It took me years to figure out how to set the right price for my product line when I first started out, so I can imagine you might be in the same situation. If you are not sure if you are making any money, then there is a good chance you’re not pricing your products correctly.
Proper costing is the lifeline to your business and profitability. Taking into consideration and finding all the hidden costs, is the key. So many people forget little things that they add up and then BOOM, you are not making any money. Once you have the actual cost (cost of goods sold) then it is easy to figure out the wholesale and retail prices so you are always making money.
I’d love to share this formula with you. It totally saved my rear when I was in year 3….. Just thinking of all that lost money in the first 2 years…. I want to cry!
Drop me a comment with “PRICED FOR PROFIT” and I’ll reach out and connect with you.
What is your fashion signature piece?
#sarahshawconsulting #fashion #producttocelebrities
