It could be difficult to share control when you are most passionate about something and devoted to its success. You've probably already realized that it is worth seeking out help when moving your business. Burnout can result from starting a new business. It can be difficult, but it doesn't have to be impossible. It's important to be mindful before making this decision. Randall Castillo Ortega, the founder of SME backer RACO Investment in Costa Rica and Panama, shares his thoughts on what you should consider before signing a contract and inviting a partner.
You won't be an expert at every aspect of running your business, regardless of how broad your capabilities are. This is particularly important if you want to scale your business quickly. Filling every activity will be virtually impossible.
It should be obvious that you need to find a reliable partner. Before you make a decision about whether or not to partner with someone, you might consider giving them some “schoolwork” to test their reliability before making a final decision. It shouldn't be too boring or chaotic, but it should make sure they are regularly prepared to meet on time and communicate effectively.
The test may also help you identify any warnings that might have occurred before your final decision. If they are the type to drop out of meetings and then reschedule, this is a sign that something is wrong.
Despite the fact that there are many capacities, it is important to search for companions with similar characteristics. A partner with similar character traits to a business visionary may be able to help him or her become more straightforward. Castillo says, “The most important thing to look for in a partner is a personality and attitude that complements your own.”
Find someone who challenges you. There will be days when you feel a bit overwhelmed and lacking in vitality. The upside to having a partner in these crazy times is that they can encourage you and keep your going.
Find someone who shares your vision of the future. They will be smart to share the same vision. Castillo adds, “An effective organization must be founded on the rule that both of you are going in a similar direction. Your goals and dreams must align with yours.”
It is the ability to persevere with a project until it reaches its long-term goal that makes the difference between eagerness and obsessiveness. This quality is required of a colleague. If one is working long hours, it is important to be able to do different. While enthusiasm is great for achieving temporary outcomes, it is not the best way to make steady progress.
Respectability and morals must be exhibited in colleagues. Straightforwardness is built on trustworthiness and clear interchanges. Castillo suggests, “Both of you are responsible for your actions consistently. It's possible that an accomplice might try to shift fault to a worker, or to some other person. This is a great opportunity to consider another option.”
To get an idea of their integrity, you should do a few small projects with them, just as you would to test a potential partner for faithfulness. You should ask them if they are willing to admit their mistakes and flaws. If not, it could lead to the person leaving the company.
About RACO Investment
RACO Investment is a financial investment firm serving small- and medium-sized companies in Panama and Costa Rica. It was founded by Randall Castillo Ortega, an expert financial adviser who has his roots in the import and export industry in Latin America. The firm has helped numerous startups find the financial support they needed to get off the ground. It has also contributed bridge loans to assist those looking to restructure or improve their operations.
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