As you have started a new venture you might need to seek someone or some enterprises those will work with you and help you to run your program or projects- these are called third parties. Say, you have initiated an endeavour for advertising, here you need assistance of expertise third parties who can arrange models or expertise cinematographer or photographer or sound editor anyone else. If yours is a E-business you might need expertise of web-developer, programmer, translator, Public Relations or advertiser and anyone of these may work with you as third party.
For startup entrepreneurs it is really a challenging job to have contract with a party who can exactly work for their goals. While selecting third party ‘new comers in businesses’ have to decide on either cost efficiency or expertise; or both. Because, most of the startups remain inexperience in some jobs and also cannot afford much money for a single project. Consequently, they may fall in clash in selecting a perfect third party. So, it should be kept in mind that, first few projects are important for startup for their establishment. It has seen that most of the times because of third Party’s inefficiency or negligence, some ventures crushed in its primary projects. As a startup entrepreneur while selecting third party you need to find some answers first:
01. Are they expert, Experienced & professional? You should work with the partners who are expert in their own field. If you run a venture of ‘Event Management’ you need to select logistics partners who have expert personnel having experience in operating sound system, lighting or video operation. You can hit if you select professional partners.
02. Are they Trustworthy/ Sincere? Sometimes you may have to work jointly with agencies who actually work with different partners. Here lies risk of leaking information. It presumably occurs while working with advertising or marketing agencies.
03. Whether Passionate and Goal Seeker? Rather experience and sincerity another most crucial matter for your business’ success is whether the third party is passionate while doing your job with you.
04. Will it be Cost-Effective? It’s really a fundamental issue while contracting with assisting parties. As a startup firm you need to scrutinize whether you are able to complete the job paying less. It is always challenging because doing the jobs perfectly within a mini budget is almost impossible.
Here are some suggestions for 'Startup Entrepreneurs' in selecting third parties:
"People always go to their closest friends for getting support. It’s not bad rather helpful. But, in meaningful and crucial projects closest persons shouldn’t be included. Because, if you see any pitfalls you can’t resist, if resist your long relation may hamper. So, keep your friends for bad days!"
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Thank for a lot Mr. Ruhul Kader...
Closest friend in terms of development & profit sharing.it can be a solution.