A day in the life of an entrepreneur is full of plots, twists, turns, wins, fails and everything in between. Two heads (or more) are better than one. Having a partner or co-founder allows you share ideas, risks, tasks…
It is an option for entrepreneurs who want to propel their business growth rate quicker and have no qualms splitting the profits. So what do you need to validate when seeking a partner for your business?
Investors put their money behind people as they do ideas so finding someone you have a shared sense of purpose with is a great starting point. You could identify this from your history of working together on a successful business or projects. It is fair to say most startup entrepreneurs may not have had this experience. Perhaps engage your potential business partner on a small or short project before you say I do. Get the feels on their passion and vibe before you form a partnership.
Skills and Ability
Find a partner with skills that are compatible and complementary to yours. The perfect marriage should be a blend of capabilities that form a cohesive pillar for the business. Qualifications aren’t enough to validate capabilities you want to see some experience to back it up.
Know enough about your partners character to understand what drives them? what makes them tick or buzz? Are they emotionally stable and can be relied upon to remain the voice of reason during rough periods or are they the sort to make the business a free for all to attack and defend?
Think growth and everything that comes with it such as investment in building client relationships, putting in the hardworking to grow the business. How does your potential partner feel about it and is it something she will support and be diligent on?
Verify if your partner operates on ethical standards and shares your values. For example can your partner be relied upon to act with honesty and integrity always? What other values are important to you and how does your partner feel about them?
A partner is a trusted advocate within your business. Ensure you do your diligence to find a suitable one. Are there any other attributes worth knowing about a partner? Do share in the comments