Choosing a Business Partner
You will spent a lot of time working with your business partner and therefore need to get along. Your business is something that you are passionate about and you need someone with the same spirit and commitment that you have.
Here are some tips to look out for:
1. Find a partner that shares the same entrepreneurial spirit and values
To make decisions you will have to be able to communicate effectively with your business partner to set goals and drive the business forward. If you are working with someone that is unwilling and uncooperative it will be harder to become successful.
2. Find a partner that can complement your own skills
If you have great interpersonal skills but not very good financial skills consider finding someone who understands finance better than you do. As a team, the more skills you and your partner have the easier it will be to start and grow your business. In all the best partnerships, the whole is greater than the sum of the parts.
3. Choose a partner you can trust
It would be advisable to look for a business partner who values honesty and trust. In the early stages you will have to build that trust as in any other relationship.
4. Choose a financially stable business partner
Someone who is in the middle of a financial crisis may not have the discipline or skills to set up and manage a business therefore choose someone who has their finances in order.
5. Common Sense
As in any walk of life, common sense and your instinct are valuable barometers when making important decisions. Do not feel obliged to commit if you do not find the partnership a suitable match.