Patricia, who owns and runs a stationery store in Kingston, is in need of a partner to inject cash and also provide technical support for expansion and growth.

She wants to "venture into the field of technology-enhanced services" and has a target market of various businesses. Patricia's company is registered and operated by a sole proprietor.

A major problem she points to is that her suppliers are also her major competitors, hence prices are not very competitive.

Upgrading the product

She believes that by upgrading the product offered through design add-ons she could gain new competitive advantage. To do this, Patricia needs both new cash and technical skills in the printing and design area.

"Our strength is our intimacy and love that we have for each customer in developing a good relationship," says Patricia.

But she needs a business partner who could bring equity into the business, as well as skills that Patricia considers herself weak in.

She wants to know how to find that partner.

Here is what our experts say:

Keera Williams, business-development officer with the Jamaica Business Development Centre (JBDC), suggests that Patricia do some "serious networking" and research.

"Start with those with similar interests - maybe groups within the same industry. She may also consider a venture capitalists who would demand less than a partner."

But Williams also states that there is a difference between a partner and an investor.

"A partner is one who has a vested interest and will share ownership. You will need to consider what you will be giving up in terms of control."

An investor may not necessarily require ownership or voting rights, and might be satisfied with just earning an agreed return on the funds put into the business.

Strategic alliance

Patricia, she states, might also consider a strategic alliance with another business. But, before approaching any individual or business, she needs to research them thoroughly.

"It's not a good idea to place an advertisement in the paper for a partner. Do a careful analysis of skills set and personality traits. They will be influencing how the business is run," said the JBDC officer.

A safer route, she notes, may be to consider an investor who would not ask for control but would be asking for returns at a certain time and fixed interest rate.

Williams advises Patricia to visit the JBDC or other state outfits that advise budding entrepreneurs for a more detailed diagnosis and other possible solutions.

Meredith Hypolite Derby, business-development consultant with the Small Business Association of Jamaica (SBAJ), has further advice:

Patricia needs to be clear on what she needs as partner for, says Hypolite Derby. Be clear whether the partner would be in charge of an expansion or share responsibilities for day-to-day business activities. The scope of the operation would determine the skill sets needed.

Also, Patricia should choose a partner who compliments her, not one who emulates her.

"If you have got a knack for math but can't write your way out of a wet paper bag, you need look for a skilled writer," said Hypolite Derby.

"Beware gender and age biases. If you are older, you will need the enthusiasm, drive and dynamism of a younger person. If you are younger, you need the serenity, wisdom and gentle strength of maturity."

Workplace romances between business partners should be avoided. If they happen, they could spell disaster in a number of ways.

The SBAJ officer also advises that when choosing a partner, education ought not to be valued over real experience.

"While a graduate degree is an impressive accomplishment, all it really tells you is that the person had the ability to make it through college," she said.

In this scenario, life experience, especially if that person has been involved in business before, could be one of the most valuable attributes.

Email Keera: kwilliams@jbdc.net. Email Meredith: sinai58@yahoo.com