Getting a business partner has a lot of advantages as it can help you to synergize your strengths, skills, experiences and resources into the business with others in order to achieve greater overall business objectives. Also, business partnership is one way you can raise start-up capital or expansion funds for your business. There are several other ways you can raise start-up capital for business.
However, getting the wrong partner can be very frustrating and can cause several setbacks to your business arising from conflicts which may bring undue pressure to you and the business. Therefore, you need to be very careful in selecting a business partner. Here are vital qualities you should look out for while choosing your business partner.
1. He/she must believe in your business vision: Only someone who believes in your business vision will be ready to go the extra mile for the business to succeed. When hunting for a business partner, get someone who will be ready to put your business as one of their top priorities and who are willing to defend the business and stand by you through thick and thin, until you succeed.
2. He/she must be passionate and motivated about your business idea: You can’t achieve anything great without passion and commitment. Don’t take anyone as your business partner who do not show any sign of passion about your business ideas. Take time to observe them. Don’t persuade anyone to join your team, instead look for people who are already interested and motivated about your business. One way you can sense passion, motivation and commitment in a person is to observe what they talk more about and what they shown more interest in.
3. He/she should be flexible and creative: Your business needs creativity and innovation to stay ahead of your competitors. Therefore, you need a business partner who can join you to bring in innovation, uniqueness and creativity into your business. You don’t need someone who is stereotyped, but someone who is always willing to try out new ideas and strategies to grow your business. You need someone who open-minded to new ideas and trends.
4. He/she should have skills that complement your own sets of skills and abilities: To achieve more and get ahead in your business, it is wise to look for someone who has the skills, experience and abilities that you do not have or someone who would bring in a uniqueness and freshness into your business. You will achieve more with someone who is everything your are not or someone who has a different set of skills than with someone whom you share common skills with. You need someone who would challenge you to be better than who you are and achieve more than what you have ever achieved.
5. He/she must be financially responsible: Your business partner should have good financial records, not someone who is heavily in debt. You don’t need someone who don’t know how to live within their means or who is reckless in spending. Your would-be business partner doesn’t necessarily have to be a financial expert, but he or she should know the basics of financial and resources management, economics and wealth creation.
6. He/she should be hardworking: Your business partner shouldn’t be someone who will leave the entire workload for you. He should be someone who can shoulder the burden of the business with you. He or she should be someone who is willing to put in extra hours and every other things it takes to get your business to greater heights.
7. He/she should be a team player: A good business partner is be more concerned about getting results and growing the business not minding who takes the credit. He or she should be ever willing to network and collaborate with other members of your team to achieve overall success and meet managerial objectives. This is very vital because, teams win games and not individual players. Avoid people who don’t like to work with others, they may not be the best for long term business success.
8. He/she should possess the ability to resolve conflicts: Conflicts are bound to come up along the line, since we are all humans. However, what matters most is the ability to resolve conflicts and to maintain relationships as though no conflict ever happened. A person who always holds grudges or seeks revenge shouldn’t be part of your team or become your business partner.
9. He/she should be daring and willing to take risks: Business is full of risks and if you are not willing to take risks, you will have to settle for the less. In business, sometimes, you need to make some calculated business and investment moves without fully understanding everything about how the investment would turn out and if you are reluctant to make the right moves at the right time, you could miss out on great opportunities. A business partner should be willing to talk calculated risks that would better and grow the business. Anyone who only wants to play safe won’t achieve much in the world of business. As I said earlier, risk taking should be calculated, not just making decisions based on impulse. In choosing a business partner, look out for someone who can strike a balance between being careful and taking risks.
1. He/she should be dependable and trustworthy: The last thing you want to have in your business is a saboteur. You need someone that you can be able to leave your business in their care and travel without any fear of failure. You need someone that can handle your business just as you would or even better than you would while you attend to other issues.
11. He/she should be a problem solver and creative, not a complainer: All too often we see people who are good at complaining about problems and difficulties instead of finding a way around the hurdle or looking for some sort of solution. There will always be hurdles in business, and a good business partner should keep you motivated, bring ideas and brainstorm with you to surmount business challenges.
12. He/she should be self–confident: He should be able to work with little or no supervision. He should be able to make good judgement and decisions about your business even when you are not around. You should be able to delegate responsibilities to your business partner and rest assured that he or she would do what you asked them to do well.
13. He/she should have good human relationship skills: A business partner wirh bad human relationship skills, could make you loose customers and clients. Effective communication is very vital to business and you should ensure that your prospective business partner can communicate effectively. This is very vital.
14. He/she should have integrity: Integrity is the soul of business. Yes you need a business partner who is a go-getter and result oriented, however, if they are willing to achieve results through dubious means and get their hands soiled in bribery and corrupt practices, they won’t be an asset but liability to your business.
The reason is because, a corrupt business partner could land you and your business into trouble! Your business can get closed up, incur litigations, get fined and sanctioned for illegal and corrupt practices. Also, your business image and brand which you have laboured for many years to build could be thrown into the mud and destroyed by a single corrupt act of corruption. Therefore, ensure that you get a partner who believes in integrity and who is straightforward.
15. He/she should be humble: Most times, a business partner may be more talented, skillful, experienced, connected, handsome, beautiful, educated and more financially capable than you – the founder of the business.
They may be able to do all and even more than you can do in the business, and if they are not humble, and conflicts could emerge.
Therefore, true humility should be a very vital character trait you should look out for in a prospective business partner.
A business partner should complement your weaknesses. They may have the funds that you don’t have, or the experience, skills, or connections that you lack, which when brought into your business would lift the business to greater heights.
It may be difficult to find someone who has all the qualities listed above, but ensure that anyone you want to make your business partner possesses most of the qualities listed. Some of the attributes are non negotiable and if you partner with someone who lacks such character traits, you could be setting up your self and the business for a failure.
However, when entering into a business partnership ensure to define and state clearly all the terms of the agreement or partnership officially on paper and get it signed. This includes the percentage equity of each party, the roles and responsibilities of each party and the percentage profit entitled to each party. Signing a business agreement is not compulsory in business partnership, but it is vital and will help to protect the interests of all the parties involved and will facilitate an easy and fair dissolution of the agreement when the need arises.
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