Everyone wants a liege of people ready to become partners in their company. It feels nice. However, not everyone will be a good partner, and as a business owner, you need to be able to have what it takes when it comes to choosing a business partner. Mountain State Software Solutions (MS3) owner, Aaron Weikle, talked with Jim Matuga, host of The Positively West Virginia Podcast, about his advice to business owners thinking of a new idea or bringing on partners.
MS3 specializes in solution engineering and software integration for both commercial and federal customers. As a leading provider of enterprise ready mission critical software, their solutions give globally distributed organizations the ability to meet today’s most complex integration challenges.
Their core focus is finding the right solution for the business needs rather than providing solutions and products that are costlier and serve no true function.
Be able to put in the hard work that comes with opening a business.
Like many of The Positively West Virginia Podcast guests, Weikle, a successful business owner knows that hard work is essential to running a business, old or new.
“If you’re going to go into business, be prepared to put in the work and the effort,” Weikle advises. “It takes countless hours to grow a company. You’ll encounter some highs and lows along the way.”
A business is not meant to be treated as a hobby. Your mind isn’t as focused, and you may not be prioritizing your time.
Don’t be afraid to go for it.
As a new business owner, you should be able to try new things. Whether it’s a new idea for a product or service or adding new employees, if it feels right, and your research is done, take the leap.
Be wise about your partners.
If you’re choosing a business partner, whether that’s a friend, family member or someone who has worked at the business, it’s important to weigh the pros and cons. Not everyone is right for the job, even if they’re a friend.
A partner should always be thinking about the company. This person should demonstrate all of the core values that your company holds as their own. Also, they should treat others, no matter if they are below or above them in rank, well.
“We all have ideas of starting businesses, and many times, you bring on partners. This partner may provide an ability or maybe they’re just a friend,” Weikle said. “My biggest mistake was that I had a third partner, he was a friend and a great individual, but he really did not mesh well with the strategy of the company. It ended up costing the company a large chunk of money in order to buy him out. I’ve seen it break many companies where they go out of business, but luckily, my other partner is financially responsible, and he put up in a situation where we could survive.”
Weikle was a guest on The Positively West Virginia Podcast. Listen to his full podcast here.
PWV QUICK BITS | CHOOSING A BUSINESS PARTNER
- RECOMMENDED BOOK: Total Money Makeover by Dave Ramsey and 7 Habits of Highly Effective People by Stephen Covey
- RECOMMENDED RESOURCE: Google G Suite and Slack
- PERSON WEIKLE WOULD LIKE TO MEET: Joe Manchin