I Have A Great Idea, But,...

I have a great idea, but,...

…I don’t know where to start.

…I don’t have the skills

…I don’t understand marketing

…I don’t know how to do the books

…I have a full time job

…I don’t have enough money

…It feels risky

…I’m not good enough

There are a lot of reasons why people don’t ever take the plunge and launch their business idea. They fall into a number of camps as depicted on the right.

My Experience

Those are all valid feelings and stop many a budding entrepreneur.

When I started my business, it was definitely scary. I regularly wondered if I was doing the right thing. There were some great times, but it certainly was hard. What I experienced was:

• I needed money

• I needed technical skills that I lacked

• The market was new to me and unknown

• I had no idea how to setup the business

• I had two teenagers at home, one just a few years from college

What was I thinking?

There are many ways to overcome these obstacles and I will explore them in a series of blog posts. The first recommendation,...

The Right Partner

Not just any partner. It had to be the right partner.

What makes the right partner?

In my observations, the right partner is someone who brings something to the table that you don’t have.

Are you an intuitive, quick decision maker?

>> Partner with someone who is more analytical and conscientious. It may feel frustrating at times, but someone who is more analytical can help slow you down so you think through the choices you are making. Since I am someone who is a quick decision maker and is very optimistic, a partner helps me think through the implications that I may not be considering.

Are you a marketing wizard?

>> Partner with someone who has more operational or technical skills. They can ensure you have process or the technical skills needed to produce the product. Efficient operations helps not just you, but also your customer experience. And in contrast, if you have the technical or operating skills, you want to partner with someone who is more comfortable in sales and marketing.

Are you worried about money?

>> Share the cost with someone else, limiting everyone’s exposure. Find someone who has the same passion as you do for the idea and they may willingly jump on board. Make sure to put financial controls in place and follow standard legal and accounting practices to make sure everything is fair and above board. An accountant and a lawyer can help you with this.

Other Important Characteristics About A Partner

Besides bringing complimentary skills to the tables, the right partner should also have the following:

Shared vision and goals. Having a common long term vision can reduce conflict.

The right risk tolerance. If they are completely risk averse, starting a new venture may not be the right path for them. Starting a business is inherently a risky endeavor and not a healthy environment for those who are risk averse. I had one employee who was risk averse and chose to take no equity in the business. That was fine and he was a great person to have on board, but you wouldn't want them to partner with you financially.

Passionate. Having a passion for the problem you are solving will drive everyone to put in the hours necessary. When you are starting a business, it is not uncommon to work odd and long hours. That passion can drive people to put in the hours that are needed to be successful.

Communication and Collaboration. If you are working together, communication will be of utmost importance. Ensure that the person has enough skills in this areas to effectively partner or you may be two individuals working towards potentially different goals.

Emotional Intelligence. Partnering with someone is inherently difficult. But the more each party is self-aware, the easier it can be. If you don't have a coach, I would suggest getting one to ensure that when there are bumps in the road, you are both handling them with the proper amount of grace and insight.

And In Summary

A partner can be just the boost you need to succeed, but the wrong partner can be the death of your idea. Finding the right partner is essential. If you are starting a business with a partner or on your own and desire a support system along the way, feel free to schedule a free discovery call to see how coaching can help you on your path to entrepreneurial success.

Stay tuned for further keys to entrepreneurial success in further blog posts.