How to Attract the Right Partners for Your Business Project: 10 Recommendations from Your Mentor

In the previous article, I provided recommendations from my experience on how to set your goals for a successful start in business. I believe that those of you who read the previous article now have a clearer idea of what launching a startup entails, especially the entrepreneurial mindset, and the need for your “WHYs” and objectives to be translated into a clear and predictable action plan. It is important to have clear personal and entrepreneurial objectives, but equally important are the resources you attract to achieve them, particularly human resources and business partnerships.

My experience over the past 5 years as an Investor and Advisor in local startups (Blugento, Telios, Ugears Romania, Deveo Media, BNB Catalyst), as well as a Mentor in important support projects for entrepreneurs and startups (Transilvania Startup, Noi Antreprenori, Startup AIR, Transylvania Business Angels, Innovation Labs, Startup Weekend Women) has (re)confirmed and validated the importance of having the right partners and partnerships in developing business projects. My motto, “Investing in people and lasting relationships is by far the most important investment we can make in life,” is not just a catchy PR message but something I deeply resonate with at this point in my professional evolution. This message is organically linked to things that have always existed in my DNA but which I have understood over time, through many human and professional experiences. It’s a message I convey to every entrepreneur and collaborator starting out. Some might consider me “old-fashioned” in a world where Artificial Intelligence is rapidly adopted, but in my view, neither technology, innovative products, nor money can replace human relationships, friendships, and thus business partnerships.

There is an idea in the business world that a successful business is one that operates perfectly without the presence of the entrepreneur or the founders. Have you ever wondered where this perception comes from? Certainly because that business has developed high-performing products or services, a strong brand, and has managed to formalize optimal procedures and operational processes. But none of this would be possible and sufficient if the partnerships between stakeholders and the management team of that business did not function in an optimal professional and human mix. In my view, harmonizing these “relationships” and “partnerships” for the benefit of the organization and business is the hallmark of successful entrepreneurs.

One of the people I admire and who has influenced my evolution is Warren Buffett. He says that financial performance is not the only measure of success. One of his mottos is: “I measure success by how many people love me.” Paradoxically or not, this is said by one of the people with the greatest financial performance in human history.

My experience working with entrepreneurs and startups tells me that a startup cannot be supported and developed by just one person. Thus, you need business partners and a team to make your project viable, sustainable, and strong. “You don’t have to do everything yourself—a partner can be a good asset to your business.”

At first glance, it might seem easy to find a partner to carry out a business project, but things are not always so straightforward, and in some cases, partners may end up in complicated and delicate situations that will ultimately negatively affect their business.

If you are currently looking for the ideal partner for your business project, here are 10 recommendations to increase your chances of success:

  1. Ensure you have shared WHYs with your partners, so you can set and implement common business objectives.

Find people who have an open mind to new opportunities and who already have identified WHYs or personal objectives and, most importantly, are willing to share and achieve them with you. It’s a complex and lengthy process. As I say, it involves “many coffees of acquaintance” . But from my own experience, I can confirm that this effort and time consumption is worth it as it helps you start off on the right foot, alongside people with common WHYs. We are driven by our WHYs, and there is no stronger partnership than one based on common WHYs.

  1. Find partners who share your values, entrepreneurial spirit, and vision.

Among the things to look for in a partner, these are some of the most important. You need to be able to communicate effectively with your partner to make decisions, set objectives, and lead the business. If you associate with someone who is reticent, combative, or unable to consider your point of view, it will be harder to succeed. You want a partner who is as enthusiastic and committed to the project as you are and who shares the same “business parenting” philosophy. You can validate these common values through discussions with your potential partner. Through small talk & coffee and questions, you can observe how the person thinks and whether you would make a good team in your project. Questions like “How do you define success?” or “Where do you see yourself in 5 years?” are suitable tools to check if your values and vision intersect.

  1. Look for “friend” partners.

Get into business with a friend (even though some experts might advise against it). Partnering with friends is one of the most common ways to find business partners. My logic is that you can more easily validate the two points above (1. WHYs, and 2. Values and vision) with a friend given your shared history and experiences. The process can also be reversed, meaning you become a partner with someone and then a friend, even if there wasn’t a long-standing shared history before the partnership.

If the targeted person is a good friend, ensure that their objectives, values, vision, and responsibilities are aligned with yours. Do not enter into a business partnership just because you get along as friends. Analyze their personal life and stability. Personal problems are challenging and can easily complicate professional life. If there is any doubt about these aspects, do not start the business partnership! Maintain the friendship.

  1. Trust, transparency, and mutual respect. Choose a partner who practices good personal and business ethics.

Start partnerships only with people you can trust. Look for someone who values honesty and practices good personal and business ethics. A poorly chosen business partner can end up stealing from the company, taking your ideas or clients, starting their own business, or breaking laws that could get your business into legal trouble. You should never partner with someone you do not respect and appreciate. The main goal of forming a partnership is to achieve success as a team. It is possible that you will not appreciate the opinion and efforts of someone you do not respect at least on a professional level. Also, seek to partner with someone who will show you respect as a partner, business professional, and founder of your business..

  1. Test your potential partners through various situations and tools that validate trust and compatibility. Trial run.

It is preferable to select someone with whom you have already had professional experiences. You should validate whether that person is a team player and how they react in difficult situations. If you have not had any experiences with a potential partner, conduct a trial period before finalizing the partnership. I recommend setting KPIs and milestones for the first stage of the partnership before signing a formal partnership agreement (e.g., Shareholders Agreement).

Test your potential partner before signing a formal business agreement in various business and non-business situations to validate aspects related to values, trust, transparency, ethics, cohabitation, etc. A few hours of traveling together could reveal what kind of person they are and how they handle certain situations along the way. Another testing exercise could be a sports game (football or basketball), which will help you observe if and how you work together as a team and how you handle a potential tense moment or failure (as happens very often in team sports). And again, many coffees

  1. Find a partner who can bring complementary skills and experiences to your project.

A good business partner should have skills that support and complement your profile. There is no “master of all trades” in business. The more skills you bring together to the business, the easier it will be to start, plan, grow, and run the business. For example, if you are someone who focuses on operations, I recommend finding someone suitable to work with you on marketing and sales. You cannot both do the same thing (e.g., operations) and expect clients to come on their own.

  1. Attract partners with a “Team Player” profile.

The success of a business project is the result of team effort. Ensure that your partner has a team player profile. As mentioned earlier, you need to find someone who is compatible with you in business, someone you can communicate with about any problems encountered and who will work with you to find solutions.

  1. Leverage your network both online and by participating in events to identify suitable partners.

If you are already a member of an online group, this could be a good place to find your business partner. If you are not part of any group, consider joining one, as there are now groups dedicated to almost every field. A professional association is a good place to start your search. Additionally, a simple Google search for networks in your industry will likely generate more options. Most major cities have Meetup groups for different fields (IT, health, e-commerce, fintech, investments, etc.).

  1. Set predictable and balanced responsibilities for partners.

Partners need to agree in advance on their responsibilities in the company and adhere to them. If one person tries to take on everything or ends up doing very little, the partnership will start to become unbalanced and resentments will arise.

     10. Sign a Formal Partnership Agreement

No matter how much trust you have in your partner, to protect the business from internal conflicts, I recommend signing a formal agreement (such as a “shareholders agreement”) that clearly outlines your involvement, contributions, responsibilities, and benefits in the business. Regardless of who you choose to partner with, make sure you have all business agreements in writing. Disagreements over money and entrepreneurial vision can ruin even the best friendships and personal relationships. Establish a mechanism to determine the company’s value in case a partner decides to leave, to avoid conflict situations.

Why are all these points so important? Because a great business can be severely impacted by a poor partnership and will never reach its full potential. Starting a business and/or a partnership is an emotional experience. When achieving your goals, set aside your emotions and ensure that everything aligns and has the potential to remain aligned.

Conclusion

These recommendations come from my professional experience of over 20 years as well as life experience. On the other hand, I do not believe in the existence of a “magic model” for developing partnerships. The recommendations above work for me, and I suggest you test them as well. Many people ask me, “Florin, how is it possible to know so many people?” or “How can you have so many friends and partnerships?” Naturally, it’s through my way of being: open, positive, transparent, and empathetic. Over time, I have learned to view partnerships with empathy; practically speaking, I put myself in the other person’s shoes. If I feel comfortable in their position, then we definitely have a good deal . Stories like “in a partnership or negotiation, one always loses while the other wins” are not for me. I am grateful to have had and continue to have friends and partners who have contributed to who I am today. I recommend that you also value and appreciate true friends and partners. Ultimately, I encourage you to view partnerships as an important investment, an investment in people!

Use the mechanisms and tools that best suit you for attracting and validating partners. As a mentor of mine says, it’s a “learning by doing” process. Our way of developing partnerships improves with each experience, but it’s important that it’s based on healthy principles and values with which we resonate and are comfortable.

For those who will ask me, “Do you still feel like pursuing partnerships in these times?” I will definitely respond with YES, especially since the current coronavirus crisis will have a major impact on people’s behavior and business, and we will need many mindset resets, including how we view human relationships and business partnerships.

If you found this article interesting and it added value in helping you find the ideal partner for your business, feel free to share it on social media or with friends. For those interested in entrepreneurial development and startups, you can follow me on Facebook and LinkedIn, where I am present daily and open to your questions about entrepreneurship and mentoring.

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