Starting a small business? You might consider looking for a business partner. Two heads are better than one, right? But before looking out for your potential business partner, I invite you to read this article and check for compatibility based on psychographic profiles, which Anita Campbell describes in her article “What is Your Startup Style? How to Choose a Compatible Partner”. (Read full story here.)
Psychographic profile refers to the personality, values, attitudes, interests, or lifestyles of a person. Startup phase can be physically demanding. You need a business partner who can cheer you up and boost your confidence. In my previous article titled “Are You the Ideal Business Partner?” I outlined traits of the best business partner. One of the five traits is partner compatibility. This is critical to running a business. In choosing a business partner, you have to ensure that his goals are in synchrony with yours. As Campbell says:
“Sometimes having different strengths and weaknesses can lead to a stronger business, because each partner complements the other nicely. However, if your goals and driving desires are completely at odds, it can be a recipe for disaster. Two partners in a business who are mismatched may just lead to irreconcilable differences.”
If neither partner shares a common ground, the partnership won’t last long. To avoid terminating a business partnership too early and too often, I advise that you study your potential business partner’s psychographic profile. Take time to distinguish what his passion and goals are. Identify his priorities and motivations. Know whether you fall on the same category. So what are the categories of psychographic profile? Below are 3 personae of psychographic profile.
Psychographic Profiles of a Compatible Business Partner
1. Freedom fighters
The sense of independence is at the core of motivation in these individuals. Campbell enumerates the following traits to give a better picture of this trait:
- Prioritize independence over growth
- Like control over who they deal with and their clients/customers
- Value leisurely pursuits
- Value bottom line profits, over top line sales growth
- Are community focused and value customer service
2. Mountain Climbers
People who fit with this trait project the image of setting high goals. Campbell further describes “mountain climbers” as people who:
- Desire growth for the thrill and the challenge it provides
- Are focused on the future and set quantifiable goals
- Have big picture visions that drive them
- Tend to be serial entrepreneurs
- Are demanding on their employees and are ego-centric
3. Craftsperson
You certainly want to team up with someone who has some sort of expertise. According to Campbell, the “craftperson” is:
- Motivated by mastering a subject or type of work
- Risk averse
- Often runs a home-based business
- In business to be paid to do what he or she loves and is good at
When looking at these traits, Campbell warns:
“Of course, these are merely personae. Many people will have a bit of the characteristics of each in them, to one degree or another. These personae are not intended to be stereotypes, but are intended to be helpful in understanding what motivates and drives other entrepreneurs. If you can learn to spot what is driving a person, it can tell you a lot about what he or she will be like to work with.”
You can use the psychographic profiles described above as a guide to understand your potential business partner. But I must advise that you should not solely base on psychographic profile to determine whether or not a person makes your ideal business partner.
What psychographic profile would work best for your business? Please write your comment below.
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