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Over the
past few weeks I've focused on introverts who might try their
hand at entrepreneurship, and the information that I've gathered
has interested a few of my extroverted entrepreneurial friends
as well. So far, I haven't found the right key to unlock the
door for someone who abhors mingling with others, though.
For instance, an agent would most likely demand public appearances
from their client (you) as a public relations tool. And, a
salesperson might expect an already established clientele
for the introvert's products or services; therefore, the shy
or hermit-like individual needs to get out and sell, sell,
sell before he or she hires a salesperson. But, would a business
partner work for the introverted entrepreneur?
Unfortunately,
the efforts required to find a business partner may prove
as difficult as the effort to find an agent or salesperson
who may work with you, especially if you're the introvert.
Most business people who are in the market for business partners
seem to prefer partnering with people who maintain a certain
attitude and demeanor about business. Think "outgoing personality,"
and/or a person with high ratings in the credibility and ethics
department. While you feel you might have those qualities,
a person must be seen in public so that others can vouch for
these characteristics.
Additionally,
each state carries specific laws on partnership formation
and dissolution, as well as laws focused on each partner's
legal responsibilites. These legalities prove that partnerships
are binding, and that a possibility exists that these same
partnerships might dissolve. In other words, finding a partner
is similar to dating (I wonder how introverts tolerate that
activity?), and a partnership is similar to a marriage (I
wonder how introverts weigh in on this venture as well?).
But, if your desire to chase a dream provides enough juice
to put you on the streets to look for a partner, then here
are some suggestions:
- I
can't tell you how or when you might meet someone who fits
your ideal of a business partner any more than I can tell
you when you'll meet your dream date. However, you can meet
someone in any location, including places where you volunteer
your services or places where you conduct your hobbies.
The deal here is to make sure that everyone you meet knows
that you have a business you'd like to share with another
person. Without giving away the barn with the horse, you
can detail some ideas about your business and what you need
to help it grow. Someone somewhere may know another person
who is in the market for such an opportunity. Think of this
process as opening yourself up to a blind date.
- When
you do meet someone who is interested in your business and
who wants to share in its growth, court that person for
a while. In other words, it wouldn't hurt to conduct a project
or two together before you even talk about partnership.
The projects take you both beyond the "what if" stage to
illuminate how you work together in real life. In the dating
world, this is like taking care of your sister's kid with
your boyfriend. He may talk like he likes kids, but you
never know until you see him in action with a live model.
- When
you do decide to tie the business partnership knot with
this person, act like a business person. Talk to an attorney.
Get the proper papers filed for your state and/or region.
You can even draw up a statement of expectations, much like
your marriage vows only less mushy. And, like a marriage,
you shouldn't forget the prenuptial agreement. After all,
partnerships may end, and it's best to have an amicable
parting of the ways.
A partnership
has its plusses, because you can share work, one person may
compensate for the weaknesses in the other, and it helps to
have another person of "like mind" to bounce ideas around
with. Plus, partnerships are relatively easy to establish
legally, and they require about the same amount of recordkeeping
as a sole proprietorship. There are other tax advantages as
well, items that I'll talk about in another article. However,
partnerships do have a down side (Newton's law of equal and
opposite reactions comes to mind here?).
For instance,
you can be held liable for your partner's mistakes. If your
partner cannot meet his financial obligations, you may have
to pay out-of-pocket to remedy certain situations. Like my
father used to say, "You're known by the company you keep"
("Birds of a feather flock together," was his exact quote),
this holds true for your partnership. Since you most likely
cannot monitor your partner's minute-by-minute transactions,
some unpleasant surprises may occur. So, be flexible, and
be prepared. Finally, when one person dissolves a partnership,
the partnership usually ends. This means that a business may
end. Yes, much like a marriage. His friends (clients), your
friends (clients), may all fly hither and thither when it
all goes kaput.
Don't
let me lead you down a totally negative path, as some partnerships
have been known to endure for decades, and their successes
aren't always about compromise or submission of one person
to another. In fact, much of a good partnership's success
relies on being so focused on the business at hand that problems
seem insignificant. But, it helps if your partner holds similar
values, interests, and goals as you. For instance, Penn and
Teller were too busy eating fire and palming cards to quibble
when they began their partnership. "We show up on time, do
our homework, and are supportive of each other," states Penn
Jillette. "But it helps that we are both libertarian, antidrug,
teetotaling, skeptical, pro-science atheists."
There
you go. That quote came from an article in Inc.com's online
list of "how-to-find-a-business-partner"
articles, short reads that will validate and add to the information
that I've offered for you here. The only thing that worries
me now is that if you look for someone who holds your same
values, interests, etc., you may end up partnering with another
introvert.
Never
fear - I think I can solve your entrepreneurial problem next
week. I think I've figured out a way for you to go into business
for yourself and work with a number of helpers - like
salespeople, agents, and even a business partner - and you
may not need to leave home. Ever. No, I'm not talking about
jail cells and license plates ?
Until
Then,
Linda Goin
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