Looking for someone to make your idea into a business? – 7 checkpoints to look for in a business partner
INVENTORS is a person who builds a business and undertake financial risk with a hope of earning profit. It will be not wrong to say that inventor or entrepreneur means the same thing, they put lot of effort to build their business and it feels frustrated and surprised when no business evolves.
But the fact is some entrepreneur don’t understand that its really important to have a partner, even the most great entrepreneur don’t understand that its really important to have a partner, even the most entrepreneurs including bill gates and Steve jobs had a partner with complementary skills on the business or technical side.
A PARTNER IS MUST because sometimes an innovative product may fails to get the business but a partner will always be there to share the risk of your business. they may be efficient in getting==
- better customer service
- marketing or a new pricing model
we all know Howard Schultz, if you are inventor and looking for a new Howard Schultz then these few tips may work for you to find a complimentary partner.
1. A focus on building a business
- look for a partner who focus on building a product because most of the inventors often tag it as a solution looking for a problem.
- who focus on the problem that needs to be solved.
- one who knows how to make money and how to execute the business along with it keeping the customer happy and satisfied
2. Show passions and know how to market .–
- marketing and effective communication is considered to be the best and effective solution to get any attention and traction – you partner must be familiar with these field.
- give a red signal to the partner who thinks “if we built the business the customer will come” is unlikely to lead to a successful business.
- look for one who has the ability to catch the eye of customer
3. Thinks customer centric v/s technology centric –
- who give privilege to finding and interaction with customers when they required.
- proposition pricing and support must be a top priority of your partner.
- for whom understanding the relevant market segments and market trends is usually more important in building a business than technology trends.
4. Knows how to build and lead a team .–
- its very tough to build a team because a human being is a lone scientist who don’t have the skills or internet to build a team around them.
- sometimes a team is often seen as a burden to an inventor so the real task of your partner is to make that team a supporting hand not a burden.
- every entrepreneurs know they need a team with many skills and enjoy the leadership role.
5. Show single minded focus on a single idea.–
- many ideas are easily distracted by new market opportunities or trends. they need the perseverance and focus so look for that partner who has got the understanding of technology which is required in order to focus on a particular idea.
6. Brings realism to solution development projections —
- inventors hate budgets required and scheduled completion dates. So avoid indulging with the partner who schedule invention costs to the number of iterations required because it’s really tough to guarantee such a cost with the ever-changing market.
7. Has an insatiable curiosity and an open mind.—
- successful inventors always look for the one who keep asking question and seeks answers to technical problems. even when the solutions seems impossible because they there partner to build deep knowledge about a subject and able to keep an open mind on what may be the next solution or evolution of the technology.
- so the challenge for you being a inventor is to take a hard look on strengths and weakness of your potential partner and not be afraid to appreciate the strength of your partner.
8. Follow a disciplined and methodical approach. —
- “Edison reportedly found a thousand of light bulb filaments that did not work but he persevered in a rigid analysis and testing process until his invention materialized” — Filling a patent and quality testing a requires a level of documentation and a detail orientation -in short if your partner seems to be determined and follow a discipline approach instead of switching from one idea to another then YOU HAVE GOT THE DIAMOND FOR YOUR BUSINESS . JOIN HAND AND START YOUR BUSINESS. 🙂