4 Essential Factors to Consider When Choosing A Business Partner

Do you want to start a business? Or you have an existing business but you need a partner to join you in taking the business to the next level? If you fall within these categories, you have to be very cautious and tactical because your business partner has a huge influence on the success of your business.

It is not all companies that enjoy the type of partnership success of Larry Page and Sergey Brin of Google. Even the original partnership that bore Apple fell apart. Steve Jobs and Steve Wozniak’s partnership suffered a conflict of vision, it cost Apple a lot of trouble. There were good partners in the onset but as it turned out, they were not the best of partners eventually.

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There are some important characteristics you have to look for in a potential partner before settling down for your final choice, out of which I’ll be discussing the most essential four.

1. Trust

The most important feature to look for in a business partner is trust. Trust in terms of honesty and capacity to deliver. Your business partner should be someone you can put in charge of resources and tasks. You should be assured that such a person will always act in the best interest of the company.

This will make the business move at a faster pace as the worries are reduced. By this, you are sure that when you are not available, things will be in order. You should not be in a business relationship with a person you cannot trust, just like any other relationship.

2. Shared Vision

A potential business partner must share the same goals and vision with you so that the efforts of both parties will be exerted in the same direction and not in constant conflict. For example, if one partner’s goal is to make quick money and the other’s is to make great products, they may experience conflict in making important decisions.

However, if both have the same vision and aspiration, there will be less divergence when it comes to making major decisions. Your business partner must have the same focal point as you in terms of aspirations and vision for the company.

3. Complementary Skills

The best business partner is one who has a skill which you do not have; a skill which supports yours towards the objective of the business. Though it is not bad to have a partner who you share similar skills with but they should be able to also perform some tasks which you cannot.

This helps both of you to complement each other, play roles which are distinctively important and spend less on hiring or outsourcing. A good example is Steve Jobs and Steve Wozniak; one was good at management and the other is good at computers respectively.

4. Experience

A good business partner should have considerable experience in the area you are pitching your business. Having the skill may not be enough, it is best the person has considerate experience so that the person would not have a problem getting into the drift of the company process.

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This will especially save the time and resources that may be spent on a tutorial process. It would be a matter of getting into business immediately.

Conclusion on business partner selection

In conclusion, having a business partner is not about kinship, friendship or other social relationships but about trust, capability, and vision towards a common goal. This does not mean a family member or friend cannot be business partners, it works many times, so far the person has those qualities above which will move the business to the achievement of its goals.

In fact, partners who found the greatest companies in the world were first friends before becoming business partners. Anyone is acceptable if they have qualities required, you are good to go.

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