Entrepreneurship

How to choose your business partners

Whenever you’re a founder of a certain concept that has the potential to grow exponentially over the years it is very important that you make the right choices in the beginning of the journey otherwise the vision and mission or just plainly, the objective/reason the business idea was developed in the first place may already be in jeopardy. This is why is it important that you find the right people to work with and more importantly, getting the right business partner to help you materialise the goals of this business idea. Choosing a business partner may be hard however this will serve as a guideline to help you make the best decision as you possibly can, all you have to do is keep the following factors in mind when doing so:

Find someone who has different skills than you

For instance, hypothetically, let’s say you’re someone who is impatient, creative and very good when it comes to socialising. In this case, you would then have to find someone who is patient, perhaps is a critical thinker- taking your big ideas and turning them into actionable to-do’s and introverted – says blog.creativelive.com. The important thing here is that you and your partner must bring your own unique ideas to the table to be able to grow the business.

Someone with a great work ethic

Finding someone with a great work ethic can be hard but you can always get into contact with old buddies or colleagues who’ve always had great work ethic. It would be way better if you found someone who would challenge you to do more, someone who’s work ethic may be greater than yours because working with that kind of person can push you to do more than you normally do.

 

Someone who has similar beliefs.

 

Blog.creativelive.com puts this in a very understandable way, saying that there is a myth out there that going into business with your friends is a bad idea. Sometimes friends can make great business partners if you have known them for long enough and realise that you can survive a change of nature of your friendship. You need to know your partners beliefs and if he/she is already your friend, you’re already aware of them.
Someone who is a team player
Asking a friend who’s talented at something that would help your business’ product/service be the standard you want it to be may be a bad idea if it is solely based on his/her talent. It’s better to ask that friend to help out with the development of the product/service – asking for expertise – without he/she being directly involved with the business activities. Seek for someone who you know works well in a team because there is a higher probability that that person would be of higher value than the talented friend. At the end of the day, that talented friend of yours can be someone you employ for their skills once you have the means to do so.
Account for your personal lives
It would be a mistake to choose a partner who has too many commitments in their lives. Successfully running a small business takes a huge amount of energy, focus and time. If your partner is burdened with personal problems and cannot devote enough energy and time and/or money into the business, you may find yourself burdened with an unfair share of responsibilities and may even resenting your partner and regretting getting into business with them – which would be a bad situation to be in.
Someone who has exceptional business and personal ethics.
You need to find someone who values honesty and has both a sound business sense and good personal ethics so that you can trust that person with almost anything. A partner without such characteristics may be a crook who steals from the company, spend money indiscriminately and steal clients and ideas. An immoral partner can sink your business into a heap of legal trouble.
Finding the correct business partner/s is a challenging and tricky process and if you do not know of anyone that match any of these factors then it is high time you start attending entrepreneurial events and get togethers in order to make connections with people because you are likely to find someone who would be a good fit to be your business partner however, always take time to get to know them first.

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