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Finding the right person for your business
- 1. Finding the right person for your business Jackie Prendergast
- 11. My contact details Linkedin.com/in/JackiePrendergast Twitter.com/jaciprendergast JackiePrendergast.blogspot.com [email_address] 01--4652391
Editor's Notes
- 01/25/11 18:36 © 2007 Microsoft Corporation. All rights reserved. Microsoft, Windows, Windows Vista and other product names are or may be registered trademarks and/or trademarks in the U.S. and/or other countries. The information herein is for informational purposes only and represents the current view of Microsoft Corporation as of the date of this presentation. Because Microsoft must respond to changing market conditions, it should not be interpreted to be a commitment on the part of Microsoft, and Microsoft cannot guarantee the accuracy of any information provided after the date of this presentation. MICROSOFT MAKES NO WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, AS TO THE INFORMATION IN THIS PRESENTATION.
- When you are first starting out you will probably not have all the skills you need in order to make the business successful. Sure, you're a bright person and can learn quickly but sometimes you are better off finding someone that can really help you get up and running quickly. Every business has at a minimum two critical areas: Sales/Marketing and Product/Services. Someone has to sell it and someone has to provide the product. You can break it down into increasingly more focused areas but in general these are the two biggest areas of concerns for a new business. Starting a business is not about picking friends, it's about building the foundation for a successful business. Just because someone is a great person to be around doesn't mean that they are someone that is really going to help your business be successful. Before you decide to ask someone to go in with you on a business you need to make absolutely certain that it's because they will add real value to the business. I have watched (and experienced) this firsthand many times and it has contributed to business failures and major complications down the road. If I have learned anything in business it's the power of networking with others. If you can find a partner that can help you get in the door of critical new customers or open that line of credit you need, excellent. Maybe they have a long list of candidates you want to be able to hire down the road as you grow. Your partner is doing more than just working with you, they are exposing you to their network of people just as you are exposing them to yours. I know this sounds obvious but in the excitement of starting a new business you may overlook a critical attribute of picking a partner: making sure you are both shooting at the same target. You will avoid a huge amount of tension later in your partnership if you are both on the same page and meet regularly to ensure you still are. If one of you is shooting for working hard for 4-5 years and then seeing an equity event because you want sell the company and get out, but another partner wants to set up a lifestyle business that will supply them with a steady job and nice salary then there will be problems. Figure that out up front and save on investing in Maalox by the case. Before you finalize being partners you need to establish how conflict will be resolved. Trust me, there will be disagreement and conflict. You need to make it very clear how that conflict is resolved and ensure that a potential partner buys into that. Put it in writing. If you only have one partner then don't set up a 50/50 split of the company. If you want to make it equal from a revenue/income standpoint make it a 50.5/49.5 split. Someone has to step up and resolve the conflict that will happen.