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How startups can find the right partner?

2017-09-05 17:53:17 | Legal Services
It’s thus no secret that the large companies are however hungry for innovative technology are thus looking for the startups to collaborate with, invest in or acquire. This can thus also work out well both for the corporate management and for the entrepreneurs who need funding, guidance and also the power of a major, global business.

Finding the right startup-corporate relationships, however, can thus be elusive, especially when the big-fish suitors don’t know as to how to woo the small-fish entrepreneurs. Misaligned needs and the visions can thus also lead to frustration rather than its fulfillment.

The purpose of this article is to make the reader aware of the ways in which the startups can find the right partner.

Here is what one thus needs to know to make choosing a partner thus a step towards success.

● Find someone you genuinely enjoy, like, and trust. There is thus a trust continuum. Mistrust is also very difficult to thus overcome and can also doom a partnership. True trust builds over time. So a sense of increasing the trust means that one is on the right path.

● Find someone who shares your values.Successful partners thus also generally agree on the standards regarding what is desirable, undesirable, good, and bad. These values thus also guide their actions, judgments, and choices. One’s values shapes one’s personal and professional identities so that they however typically carry a strong emotional charge. When the partners’ values align (e.g. they thus share a sense of commitment to the family, prosperity, ambition, work ethic, or political persuasion) they are thus also more likely to make the congruent decisions and thus also remain united.

● Find someone with a complementary set of skills and traits.Successful partners will thus also possess the different (complementary) skills and traits. The broader is the partners’ range of skills, the clearer will thus be the division of their labor (and power) can be. The marketing gal from the technical guy are thus also readily distinguished. Other necessary variables are thus also often not so apparent. There are however three key roles in every business, Entrepreneur-the creative visionary; Manager-the administrator who thus brings planning, order and also predictability; and Technician-the craftsperson. Partnerships thus also have a distinct advantage in that two (or more) invested people are thus also available to however perform these three functions.

● Find someone who gives and takes. In the successful partnerships each partner thus believes that their rewards are either equal or thye exceed their contributions. Casual acquaintances can thus also maintain this sense of equity by keeping track of the benefits which they exchange. However, in the long-term and also more committed relationships keeping track is also unhealthy. Instead, each partner should thus also have that sense of equity, knowing that some days s/he is thus giving and some days getting.

● Find someone who wants to grow and will support your growth.From birth to death, each of us is thus also consistently moving through a process of change. Sometimes, we however are not aware of the changes which we’re experiencing. And, sometimes change is thus viewed as a threat to the status quo. Successful partners thus however embrace change and growth, knowing that this attitude thus benefits them both individually and as a team.

● Find someone willing to engage in proactive conflict management. When the people however share a close connection, competing and also avoiding are thus also not effective conflict management strategies. (Use those strategies only when no on-going relationship exists.) Instead, successful partners will thus also use proactive and also strategic approaches to the conflict management such as accommodation, compromise, and collaboration to resolve their differences.

● Find someone who can share your vision.Vision thus reflects an organization’s desire for the future. When the partners thus hold different visions they can however easily become discouraged, overwhelmed, and also disconnected. In order to create and also benefit from a shared vision, four tasks are necessary: creating the initial vision, translating that vision thus into a set of actions, articulating and also selling the vision to others, and thus also holding true to the essence of the vision when the reality thus changes the plans.

● Find someone who is prepared for the end.It’s thus however often said that a graceful exit is thus also proof of a successful venture. Without an exit strategy in place partners can thus also be faced with thus making a crucial decisions at a time when they are thus least levelheaded. An exit strategy is thus also a shared sense of when and how an alliance will end. A written exit strategy should thus also be included in every business plan. However, even though the planning for the end is a critical aspect business ownership, it is also one of the most neglected. An exit is thus also easy to avoid when the issue is thus not pressing and also raising it might sour the deal or suggest a lack of trust. An exit plan should thus also answer four questions: what events might however trigger an end to the partnership; how will the business be thus valued at the end; which options for the future ownership are acceptable; and also what post-alliance ties and restrictions, such as the non-compete clauses, need to be included.

Having the right partners however allows one to also create the results that would also otherwise be unobtainable. Using these eight strategies to thus also select the next business partner will thus also increase one’s potential for however creating true synergy through a partnership that is thus also greater than the sum of its parts. Enjoy the rewards!

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 Company Registration, Nidhi Company Registration, IEC Registration, Fssai License, File ITR Online, Copyright Registration, Patent Registration, Trademark Registration.

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