Matchmaking as a strategic tool for entrepreneur partnerships

Matchmaking is such a powerful tool as it allows people to meet, communicate, and potentially form powerful partnerships which they can use to strategically fulfill their goals and objectives: both individual objectives and collective objectives. Goal-setting can in fact be a crucial part of the match-making process: there needs to be a frank discussion about goals and participants need to share their own personal goals for learning as well. For many fields, situations, and relationships, matchmaking can be a truly important and powerful answer to developmental problems and a solution providing much creative brainstorming.

Entrepreneurship

Entrepreneurship is one arena where match-making is almost a tailor-made solution. For entrepreneurs, the path can be exceedingly lonely at time. Any new business has a lot of struggles and obstacles to be faced, but for entrepreneurs, this sensation is quite marked. As a single entrepreneur, one can feel as if everything is on you: a partnership can actually help with problem-solving. Many lonely entrepreneurs find fulfillment only after matching up with an outside resource, says Mike Docherty, founder and CEO of Venture2, a firm that aligns entrepreneurs and technology innovators with corporations to accelerate product development via a collaborative process known as open innovation.

Finding a partnership is not an instantaneous process. Rather, finding a partner is something which requires time and effort and a great deal of specificity. Begin by conducting a strategic analysis of the market sectors and target audiences that make the most sense for your business. What are the most profitable areas? Where is the greatest growth? Understand clearly where you are so that you can find the partners that best complement you.

Using the following strategy can also be helpful in streamlining the process of finding a potential partner. A entrepreneur needs to: Define their business vision and strategy in order to understand how an alliance fits their objectives; evaluate and select potential partners based on the level of synergy and the ability of the firms to work together; develop a working relationship and mutual recognition of opportunities with the prospective partner; negotiate and implement a formal agreement that includes systems to monitor performance. When you are looking for a partner, consider checking with professional and industry organizations, professional service providers such as CPA and law firms, and parallel businesses in your industry -- for example, a magazine might team up with its printer for mutual branding opportunities. Even direct competitors can establish a noncompetitive relationship, pooling resources and ideas that help each other. It's important not to assume that all potential partners are going to be as passionate and driven as oneself is. Getting references is absolutely crucial. Once a potential partner has been selected, certain hard questions need to be asked: Does this organization seem like a good fit? Are its people the best at what they do? Could I get someone even better?

A word to all entrepreneurs: Don't sell yourself short or "settle." If you do, you're going to be spending a lot of time and energy holding up your end of the relationship. If you have a big-name strategic partner that doesn't live up to promises of bringing in customers or making managers available to the alliance, you may find yourself in a bind. Take time to make sure you are choosing wisely.

Business Acumen

So much of cultivating a strong business acumen means that one is going to have to form strong networks so that one can best solve problems and derive the most desirable results possible. Business acumen largely revolves around the ability to forge a strong, cohesive network which is able to form a strategic alliance. Whereas an operational network is fairly narrowly focused, with the locus of contacts formed around specific objectives, a strategic network necessarily involves lateral and vertical ties to stakeholders inside and outside of the firm. As Ibarra and Hunter found in their research, strategic networking is the ability to marshal information, support, and resources from one sector of a network to achieve results in another. Pushed to its logical limit, the basis of this difference is that effective leaders are highly dependent on others to get things done. The irony here is that the individuals in your network, who are the lifeline for building up the big picture, are also individuals who are likely to be outside of your immediate control. While this may seem obvious, it is often difficult to transition from a purely operational network to a strategic one, either due to simple time constraints (strategic networking takes time, often without immediate or obvious benefits) or because of negative personal attitudes toward strategic networking (for instance, "that's too political and goes against my values").

However, it's important to note, that networks create value, but that they're not complete and utter solutions in and of themselves. In order to use networks to cultivate the most cohesive business acumen possible, it still requires a certain level of networking, one of the most fundamental pillars of any leadership role. To overcome any qualms about it, identify a person you respect who networks effectively and ethically. Observe how he or she uses networks to accomplish goals. You probably will also have to reallocate your time. This means becoming a master at the art of delegation, to liberate time you can then spend on cultivating networks.

Building a network obviously means that you need to establish connections. Create reasons for interacting with people outside your function or organization; for instance, by taking advantage of social interests to set the stage for addressing strategic concerns. Ibarra and Hunter found that personal networking will not help a manager through the leadership transition unless he or she learns how to bring those connections to bear on organizational strategy. In "Guy Kawasaki's Guide to Networking through LinkedIn," you are introduced to a number of network growth strategies using that powerful Web-based tool.

The principle of reciprocity is at the cornerstone of networking. That is, give and take continually -- though a useful mantra in networking is "give, give, give." Don't wait until you really need something badly to ask for a favor from a network member. Instead, take every opportunity to give to -- and receive from -- people in your networks, regardless of whether you need help. Be prepared to be occasionally disappointed by your selected partner or partnership. No partner or partnership is going to be perfect or completely fulfilling or be able to know how to make the other party happy at all times.

Formatting the Workshop

After a brief introduction about the goals and purposes of strategic alliances is given, several icebreaker activities need to be administered. These activities involve pairing people up into buddies and helping them to inherently see the value of even immediate partnerships. The first icebreaker activity will be one where each buddy has to finish the sentence, "You'll be glad I'm your buddy because…" Then everyone has to go around the room and introduce their partner, explaining their strengths to the entire room.

With the partners still being in pairs, introduce the "three points" activity to them, but adapt it. In this case, introduce the idea that basically every concept can be distilled to three main points. Thus each pair will be given a wordy paragraph about a subject they don't specialize in or know a lot about (such as architecture or aviation). Together, the pairs have to summarize the whole paragraph into three main points and present it to the larger group in an engaging manner.

Thus, the wrap-up of the day will highlight the main lessons presented and any additional tips about partnerships that the participants can best benefit from.