11 Things to Look For In Your Startup Partner : Under30CEO 11 Things to Look For In Your Startup Partner : Under30CEO
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11 Things to Look For In Your Startup Partner

| May 28, 2013 | 3 Comments

PartnershipQUESTION: WHAT SHOULD YOU LOOK FOR IN A POTENTIAL STARTUP PARTNER?

Question by: Ashley

THE DATING GAME

“When searching for a potential startup founder, you must search based on how you would if you were looking for a long-term relationship. You need to look for someone that can share the long-term vision of the company. Founding and running a business is like being married and having a child — you’ve got to remember that its for better, for worse, for richer, for poor and in sickness and in health.”

Aj Thomas | Founder & Executive Director, Infuse Entrepreneurship Foundation
 

ARE YOU MY TWIN?

“Your startup partner should share the same vision for the business and have a skill set that compliments yours. Make sure the candidate is financially secure and equal to you in terms of past experience and future potential.”

Alexandra Levit | President and Founder, Inspiration at Work
 

ALIGNED GOALS

“It’s easy to get excited about the big launch and the early stages of the business, but make sure you sit down with your potential partner(s) and talk through the long-term vision for the company. How big do you want to be? Where will your home base be? How much money will you each need to live? Do you have other commitments that could be distracting? Are you all in for the long haul?”

Allie Siarto | Partner, Director of Analytics, Loudpixel
 

SIMILAR WORK ETHIC

“Working with someone who doesn’t seem to putting as much effort into your startup as you are is a fast way to break up a partnership. You can learn new skills, figure out scheduling issues and generally make every other part of a partnership work if you have to, but there is no way to change someone’s work ethic.”

 

LET’S GET MARRIED!

“Starting a business together is a long term endeavor, and you shouldn’t consider co-founding with someone you wouldn’t be willing to marry. This means good communication, ability to adapt, and someone you can trust.”

 

LIFESTYLE MATCH

“Choose a startup partner who has similar lifestyle values and desires so you’re working for the same goals. If one partner wants to travel and the other loves 60-hour work weeks, then it’s harder to overcome the sense of imbalance — even if you reach your goals.”

 

STRONG COMMUNICATION

“There are many factors that determine whether or not a business partnership is going to work well. However, strong communication skills play an important role in every startup environment and are imperative in choosing a partner. There will always be disagreements and issues to work through, and good communication channels will make them that much easier to solve.”

 

AUTHENTIC REALISM

“You want to partner with someone who is firmly based in reality in terms of how much time, money and energy it will require to make the venture successful. You also want to be sure that they’re being realistic about their own passion for the business and about potential challenges that may arise. Talking through and planning for difficulties should be welcomed, instead of causing defensiveness.”

Elizabeth Saunders | Founder & CEO, Real Life E®
 

LOSE THE FLUFFY SUPPORT

“I’ve worked with thousands of women entrepreneurs and the biggest mistake I see women in particular make is that they often choose what I call a “moral support partner” which is usually a friend or spouse. Ask yourself why you really need a partner, what expertise that person brings to your business, what your day-to-day roles will be, and whether you’re willing to risk your personal relationship.”

Natalie MacNeil | Emmy Award Winning Media Entrepreneur,She Takes on the World
 

EVERGREEN PARTNERS

“When securing a new internal partner, it is best they work to help you throughout the life cycle of the business. Conduct a gap analysis (with them) of your business and inefficiencies and bring them in based off their skill set to overcome such challenges. External partners are primarily established when the net profits are favorable and other internal factors are considered (vision, focus, etc).”

Carmen Benitez | Co-Founder and Managing Director, Fetch Plus
 

COMPLIMENTARY SKILLS

“A startup partner is ideally someone who can bring a new set of skills to the table. Business is all about many functions coming together to create a top-notch organization that benefits customers — having redundant skills in the startup stage is not ideal when you’re contending with so many unknowns. Seek out a startup partner who can bring something new to the table.”

Doreen Bloch | CEO / Founder, Poshly Inc.

 

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world’s most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Image Credit: Shutterstock.com

About the Author: theYEC

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched StartupCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.

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Category: Entrepreneurship, Startup Advice

  • http://www.remarkableinterviews.com/ RemarkableInterviews

    Very true..all of this 11 things.

  • http://www.callbox.com.my/ Christine Steffensen

    It is right having partner for a business. For me the best partners are those who have much positive than me, the one that never consider the idea of failing. They must be skillful and did not falter with a little difference. Nice piece. Thanks for imparting:)

  • http://www.callboxinc.co.uk/ Hannah Hamilton

    Going into business with someone is a major decision. For me I want a partner that will approach my business with the same level of enthusiasm and commitment that I have. It’s really good to have a business partner who shares the same business parenting philosophies and the same vision. Great post! :)