Looking to go into business with a partner? Partnerships in business can be tricky. Finding the right person can multiply your business’s ability to succeed and grow. But if you get the wrong one, it could make your business going down. Before you decide to go into business with a partner, Joanne Shoneshine, founder of Connective Impact gives some key tips how to find a right partner for your social enterprise.
You need to know your own goals and objectives. If you’re going to do business with anyone, you need to get clear on the “why”?. Why do you want to find a partner, why is your reason build this business etc. And set your own goals. What do you want to do to make your social enterprise grows.
Have similar goals. After you set your own goals, the next step is to clarify which existing or potential partners have similar goals. Ask them to define their short and long term vision and goals. You have to make sure that you’re both trying to lead the company to the same place.
Taking the time to evaluate its effectiveness. Once the partnership is underway, you need to take the time to evaluate your partnership. Partners should constantly check in with each other to make sure both of them are contributing to the growth of the company. If it’s unbalanced, it means your partnership not effective for your social enterprise.