If you are the creative brain but a bit shy, your partner should ideally be someone who is outgoing and willing to step into networking and marketing roles. While having a partner who is similar to you will obviously make you feel comfortable, you should look at what you really need to make running your business easier.
"If you and your partner are similar in every respect then it's no use having a partner at all. It would be dull to have the same ideas thrown back at you. Instead, you can simply hire an assistant who will agree with you every time," says Kiran Timsina of Urban Girls. In 2012, he started Urban Girls with his friend Nikita Acharya after discovering that online business had a great potential in Nepal.
Kiran believes that acquiring a business partner was a smart move for him. He says, "If I were running the business by myself, then everything would have been chaotic. The business would probably have been closed by now. Two is always better than one."
A business partner brings with them new perspectives and opportunities.
Solo adventures
However, solo entrepreneurs have their own perks, too. You can follow your vision without interference, you have all the creative control you want, and also have flexibility while running your business.
Pragyan Raj Pokhrel opened the first outlet of The Vegetable Garden in Lazimpat two months ago. The Vegetable Garden sells organic vegetables among other things. The new entrepreneur, who is the sole owner of the business, admits to enjoying the autonomy of decision making. His business is running well; he has a limited range of customers but a good number of orders. Pokhrel has no plans to expand his enterprise right now. "I'll not be looking for partners unless I expand my farm or grow my business."
The downside to this is managing every minute bit of your business yourself. This can leave you too busy and worried for anything else in your life.
An extra pair of hands will lighten your burden while bringing fresh ideas to the forefront. It's beneficial to have someone as invested as you are to consult with.
Deepika Shrestha runs Pack My Lunch with her cousin Samiksha Rai. Partnership is necessary while managing a business, she opines. "Having a partner is an advantage because you can take a break and you know that someone trustworthy is there for the business. This way, you can also give time to your family. Your partner is the perfect person to share your business frustrations with," she says.
The partners have their roles and responsibilities clear cut, too. While Deepika is in charge of the finance and accounts, Samiksha looks after the inventory and the day-to-day operations of the business. "While I think I'm calmer than she is, she is more equipped to handle the everyday details of the business which simply frazzles me. But I'm the one who deals with people."
Decision making is a crucial part of running a business. Sole entrepreneurs like Pragyan believe they have the benefit of making independent decisions without having to refer to anyone else. Those in partnerships have to carefully analyze where the suggestions and ideas come from and how they benefit their business before reaching a decision.
Deepika and Samiksha never go ahead with a decision without both parties' consent. For the co-founders at Urban Girls, major decisions have to be taken together while the minor ones can be taken on an individual basis to save time.
Working with different people does mean conflict and disagreements at some point of time. But they are part of business. Deepika says the best thing to do is to give the other person space and some time alone. Interestingly, Kiran believes that such disagreements often result in interesting ideas and new ventures if everyone involved is open to inspiration. He says, "As long as your partner does not get tied up in power dynamics with you, it's smart to work with a partner."
So if you are seeking a partner to build a great business with, look for someone whose work culture matches yours, someone who will support you, but who is an individual with their own ideas and visions.
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