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May 4, 2011

How can a Business Partner help you add Value to your Company?

Starting-up a company is the best way you have in order to become your own boss, to get away from the difficulties at work and from annoying co-workers. But this is not always as simple as it may seem due to the fact that a start-up company also needs very important management skills. If you don’t have enough initial capital or enough anagement skills, your company can become a disaster and you may be forced to get hired again. If you don’t want this to happen, you should do all your best as to add as much value as possible to your start-up business.

One way of accomplishing this is by associating with a business partner who is more experienced than you or who has more initial capital to help you start-up the company. This can be translated by an angel investor or a venture capitalist.

The advantages offered by this type of investors come from their experience and their management skills and contacts on the market. But you can also consider a business partner which is not enrolled in any of the institutions stated above.

Click here to download our list of investors for FREE! <== By giving them a part of your shares, you will receive their help which will add value to your business. An independent contractor or an employee with whom you decide to partner can help you accommodate your fast growing business. They can contribute to your business with their innovative perspective, offering you support through their skills, ideas, experience, contact data etc. The important thing you should consider when choosing a business partner is that of complementary talents. Your partner should be prepared in areas you are not so skilled. The business partner will help you add value to your company if he or she has a strategic way of thinking. Business persons have to be visionaries, they have to be able to decipher the big picture and to make decisions about the targets you should reach in order to grow your company as fast as possible. You should also take into consideration your partner’s management skills as you cannot run a business with an individualistic person who cannot manage a team due to his or hers self-centered personality. In order for this business relationship to be fructuous, you should take some time before choosing your partner in order to ask him or her questions about the way in which they envision the company and the changes that have to be made in order to bring your business to another level of development. Anyway, because these types of partnerships do not necessarily work all the time, you should both decide upon an exit strategy that is suitable for each of you. This will help you avoid difficult situations, conflicts and confusion and will set the bases of a healthy business partnership. In order for your partnership to be valuable, you should also constantly focus on the communication. You have to be honest with your business partner and open to his or hers ideas and constructive criticism. Even though a partnership will not be the best solution for any type of business, as companies that intend to spread only on a small market can be managed by just one entrepreneur, there are a lot of businesses that can function better on a partnership bases if you learn how to cede some control and benefit of your partner’s skills. This is a very good and easy way to add value to your business which you want to grow rapidly. Click here to download our list of investors for FREE! <==

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