What to look for in a business partner

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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?

Purpose

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.

Personality

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?

Ambition

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?

Values

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

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2019-06-06T16:44:17+00:00

9 Comments

  1. Straight to the point. I love it. It is so crucial to make sure that your partner and you are heading toward the same destination. The success of one business totally depends on it. Thank you for sharing these easy tips.

    • admin June 6, 2019 at 7:35 pm - Reply

      Hi Charlotte, totally agree both need to be steering in the same direction. Thanks for the feedback

  2. Mary June 6, 2019 at 8:04 pm - Reply

    Great advice. So important to pick the right person to have by your side.

  3. Sue June 7, 2019 at 1:33 am - Reply

    You have some good points & I agree. I would definately want to know them first and analyze the fit. I also think that flowing, open communication is such a key aspect to a partnership.

  4. A. June 7, 2019 at 3:24 am - Reply

    Great post with a breakdown of the exact recipe on how to find the correct business partner. Being on the same page is critical.

  5. Fiorella June 7, 2019 at 5:31 am - Reply

    Sometimes the partner is chosen fast without considering that this person will share our business and passion.

  6. Krisy June 7, 2019 at 8:13 am - Reply

    I agree with everything. If you are gonna take on a business partner, you better make a smart decision because they will either break or help you make the company.

  7. Tracy @ Cleland Clan June 8, 2019 at 1:32 am - Reply

    My brother and my husband are business partners, and it works really well. My husband has the industry knowledge, and my brother has the finance background. My brother is willing to work his way up the ladder to learn the business, so it works great.

    • admin June 8, 2019 at 11:13 pm - Reply

      That’s great, sounds like they have complimentary skills and trust which is an excellent combination.

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