This presentation explores a format for choosing a business partner by looking at a management model, successful traits of entrepreneurs and personality type.

1. Choosing a business partnera framework for the entrepreneur

2. A new venture with a team is more likely to succeed The lone entrepreneur is a popular myth A team approach is proven more likely to succeed1 “What there is in our business is plenty of plans, plenty of entrepreneurs, and plenty of money. What there’s a shortage of is great teams.”2 John Doerr, partner in a Silicon Valley venture capital firm Timmons, J & Spinelli, S 2007, New Venture Creation: Entrepreneurship for the 21st Century 7th ed., McGraw Hill Irwin, New York; Schutjens, V & Wever, E 1999, “Determinants of new firm success.” Papers in Regional Science, vol. 79, no. 2, pp. 135-153.; Baron, R & Markman, G 2000, “Beyond social capital: How social skills can enhance entrepreneurs' success.” Academy of Managment Executive, vol. 14, no. 1, pp. 106-116. Baron, R & Markman, G 2000, “Beyond social capital: How social skills can enhance entrepreneurs' success.” Academy of Managment Executive, vol. 14, no. 1, pp. 106-116.

3. So what makes a good entrepreneur? Developed an approach that looks at the qualities of a good leader and a successful entrepreneur Leadership and management models Studies on successful entrepreneurs Personality type

4. Good leadership vital – and it’s a tricky balancing act Meaning Centered leadership: how talented women thrive1 Managing energy Engaging Impact: Presence Resilience Belonging Positive framing Connecting 1. Barsh, J, Cranston, S & Craske, R 2008, “Centered leadership: How talented women thrive.” The McKinsey Quarterly, vol. 4, pp. 35-48.

5. A good social network gives your start-up a competitive advantage People will help you out, proving the economic theories wrong1 A good network can get you opportunities not available on the market, or resources cheaply.2 Have to obey the laws of reciprocity3 Witt, P 2004, “Entrepreneurs' networks and the success of start-ups.” Entrepreneurship and Regional Development, vol. 16, pp. 391-412. Baron, R & Markman, G 2000, “Beyond social capital: How social skills can enhance entrepreneurs' success.” Academy of Managment Executive, vol. 14, no. 1, pp. 106-116. Witt, P 2004, “Entrepreneurs' networks and the success of start-ups.” Entrepreneurship and Regional Development, vol. 16, pp. 391-412.

6. Social networks are only built through excellent social skills Vital for success once you are ‘through the door’ Venture capitalists place great weight on social skills1 Critical skills2: Social perception Impression management Persuasion and influence Social adaptability 1 & 2: Baron, R & Markman, G 2000, “Beyond social capital: How social skills can enhance entrepreneurs' success.” Academy of Managment Executive, vol. 14, no. 1, pp. 106-116.

7. Make sure you are compatible – the Myers-Briggs Type Indicator1 Extraversion Introversion Intuition Sensing Thinking Feeling Judging Perceiving 1: Krebs Hirsh, S & Kummerow, J 1998, Introduction to Type in Organizations 3rd ed., CPP, Inc., Mountain View.

8. Soft skills are not enough, there’s an entrepreneurial skill-set too Management or entrepreneurial experience is a predictor of success1 Need a generic set of hard skills in the venture2 1 . Schutjens, V & Wever, E 1999, “Determinants of new firm success.” Papers in Regional Science, vol. 79, no. 2, pp. 135-153. 2. Timmons, J & Spinelli, S 2007, New Venture Creation: Entrepreneurship for the 21st Century 7th ed., McGraw Hill Irwin, New York.

9. Who’s in charge? Choose the right ownership structure Democratic models mostly don’t work1 Whoever has ownership has the power2 Rewards need to be: Differentiated Performance based Flexible3 Timmons, J & Spinelli, S 2007, New Venture Creation: Entrepreneurship for the 21st Century 7th ed., McGraw Hill Irwin, New York. Lansberg, I 2009, Succeeding generations: realizing the dream of families in business, Harvard Business Press, Boston. Timmons, J & Spinelli, S 2007, New Venture Creation: Entrepreneurship for the 21st Century 7th ed., McGraw Hill Irwin, New York.

10. Choosing a business partner Start your venture with a team, you’re more likely to succeed Does your potential partner have the skills to lead? Do they have a useful social network? Is it backed with excellent social skills? Are your personality types complementary? Do they have the right entrepreneurial skills? Can you agree on who’s in charge?