National best-selling author and business coach William R. Patterson provides insights to help build your million-dollar business in part five of an in-depth interview for The Urban Wall Street Project with Earl Christian III.
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One of the major challenges facing entrepreneurs and business leaders is
finding the right business partners. Great care should be exercised when
selecting associates because the right choice can bridge gaps and assist
in the execution of your business plan. The wrong choice can harm the
reputation and earnings of your company.
When forming strategic alliances, you should consider:
Finding Believers in Your Mission
No one will champion your cause like a true believer in your product/service.
Align yourself with those who comprehend the magnitude of what you are
doing and will offer wholehearted support to your endeavors. Those who
align themselves with you solely for monetary gain will often carry a
short-term perspective that will conflict with your long-term business strategy.
Active Partners vs. Passive Partners
Are you looking for an active or passive interest holder in your business?
Do you seek someone who will be involved in the day-to-day management
of the company? Many entrepreneurs opt for passive partners to avoid
having them encroach on the management of the business. If you elect
active partners, it is important that they share the same vision, objectives,
and ethics as your associates.
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