Business partnership is like marriage – it wouldn’t work if you are not meant for each other.
Finding the right partner means finding the person who you would be able to work with, for better or for worse.
In order for you to find your right business partner, you have to consider 10 things:
- What are the things you value?
- What are your beliefs and views on work?
Be clear on what you want, and find someone who can share your values. You don’t have to have the exact same set – just enough, so that you can agree on a lot of things.
- What are your goals for the business?
- Does your partner have a different path laid out?
Make sure you’re walking on the same path and looking at the same goal. This is to make sure that planning and decision can go on smoothly.
If you don’t match each other’s commitment level, one is bound to blame the other. Pointing fingers is not healthy for a business partnership.
Make sure you’re on the same page when it comes to the effort you devote to the business.
From the start, be honest and clear with what you want. Have your partner do the same. Lay everything down on the table and talk about how you can achieve these expectations.
Young Entrepreneur Foundation has a fun and great article on what should happen on the first meeting.
As mentioned above, your business partner would be like your spouse. You need to be able to complement each other professionally.
Your partner might have skills that are not really your forte, and vice versa. This also helps when it comes to dividing labor and management.
In any relationship, trust is essential. You need to be able to trust your partner’s decisions and he needs to trust yours. This comes in handy especially in the areas that you don’t agree on.
Build trust by revealing your intentions beforehand, as an online article from Time suggests.
Level of Professionalism
As business partners, there’s nothing wrong with being great friends. But you need to be able to set aside your friendship when it comes to work.
Your partner needs to have a strong sense of professionalism, and so do you.
Conflict Management skills
It’s not enough that you work well with each other during smooth sails. True character shows itself during tough times.
When storms and giant waves come, you need to be able to work with each other still. Managementstudyguide.com has a very informative article on what these skills should be.
Communication is the key to any great partnership. You need to be transparent with each other. If you disagree on something, talk about it and work it out. Being silent about it would be counterproductive and might lead to distrust and dissent.
Know them by heart
Before you can trust each other completely, you need to know your partner well enough. Take time to get to know each other. Know each other’s strengths and weaknesses, and what ticks each other off.
Finding the right business partner takes time. You just need to be able to work well with each other and know each other quite well. It takes a lot of effort on both sides to make it work. If you feel that you’re the only one reaching out, then maybe it’s not meant to be.