Whether they’re mentorships or joint ventures, the right arrangements can provide strength.
- Every entrepreneur dreams of building a successful business that will provide them with fame (or at least a positive and trusted reputation), fortune, and the ability to make a difference.
- One of the fastest routes to all of these goals is through powerful partnerships.
- These partnerships can range from a direct business partner, such as a co-founder, to advisors and mentors or strategic business partnerships, where each person or company benefits from the formal or informal alliance.
As you consider your own partnership opportunities, these three tips will increase your odds of success:
1. Always be networking:
- With the meteoric rise of social media, it’s easier to connect with people than ever before.
- Social media is great, but it’s very challenging to build long-lasting relationships, especially with a person who has an extensive network of contacts.
- Eg. You can reach out to people on LinkedIn, Quora, and other platforms for better reach.
2. Nurture your relationships without expectation:
- Unfortunately, most people focus primarily on what they can get from a new contact, often suddenly asking for what they want.
- As soon as people find out you’re an investor and have helped other startups to scale to millions of dollars, it’s typical for people to ask for all kinds of help
- Eg. If you can genuinely help a company solve any problem statement, do it generously.
3. Ask, but not in the way you think.
- If you’ve appropriately nurtured a relationship, you can naturally make common interests to the deal.
- So when you believe the time is right, you can make your request. However, the context of how you ask is just as critical as what you ask.
- Rather than directly asking about partnering on a project, it’s better to ask in a way that lets the other party initiate the move to a deal.
- For example, schedule a time to talk with your potential business partner and position your question as follows: “Can I get your advice on something? I’m looking to partner on a business project with someone and wanted to see if there’s anyone in your network you can recommend.”
We have also curated some other articles about partnerships, you can have a lot at them here:
To read the entire article, do follow this link:https://www.entrepreneur.com/article/343976
We are also answering your doubts and questions related to your entrepreneurial journey with our experts, do send them here: https://sncoglobal.com/#q&a
Share:
