When looking for the ideal business partner it is important to remember that common interests and communication skills are key to making a partnership work. These attributes are necessary but not sufficient to be an ideal business partner.
Other attributes such as experience would also be beneficial, the important thing is you both research deep into your business idea, and try to keep on the same page. What may work for your business partner may not work for you, this is why communication skills are a must, to avoid problems in the future.
In any case, it pays to find someone that you trust and enjoy being with for hours at a time, even though difficulties, If not, the relationship will be doomed to conflict, and that could be the end of your enterprise.
Below are a few tips on what to look for in the perfect business partner:
Recognize the need for relationships
In the cut throat world of business, it’s not just what you know, it’s who you know, which its why it is so important to realize just how much you need to build relationships for the success, so you desperately need a people-oriented partner for balance.
If you don’t build relationships with suppliers, you have no stock. If you don’t build up relationships with clientele you won’t have any custom. Without custom you have no business, and it’s important you both know that.
2. Learn from each other
Every entrepreneur needs a partner who is smarter than they are in complementary fields i.e. a partner with a more physically demanding job, may need a partner who’s good with the numbers side, a sales person who is willing to make decisions. You need to learn from each other, not manage each other.
3. Shared dreams, values and ideas.
If your vision is to innovate and change the world, don’t join with a partner whose main ambition is to get rich. This also applies to how you both see quality service, work ethic and employee relationships.
4. Credibility, visibility and connections
Most startups will need some kind of investment, distributors and industry support at different stages to achieve customer growth and company objectives. These are partner values that can far exceed any budget you might allocate. Again, this all bubbles down to communication.
5. Similar dedication and work habits
Many start up teams have broken due to work style differences – one person works on the business 20 hours per day and the other has a 9-5, Monday to Friday mentality. It’s also difficult to maintain a productive business relationship when one person prefers communication via technology and the other face to face.
6. High commitment
Most business minded individuals will for a quick impression of the people close to them, and quickly become uncomfortable in trusting others who are perceived to be in the different mindset. It is expected that the level of commitment is equal to their own.
7. Business ethics and moral values
In the last few years, the ethics and moral compass of businesses around the world have become more and more important to their success or failure. In a world of instant communication, social media technology in everyone’s pockets, everyone knows if employees are not treated with respect, or if business practices are negatively affecting the economy.
If you can find business partner or two that will satisfy this criteria, your company could be the next Google, no matter what the idea is behind it.
That’s how important it is to find the right people to start a business with.