Entrepreneurship is an exciting prospect. You’re full of ideas, innovation, and you’re ready to make your mark on your industry and on the world. When setting out on a new (and potentially risky) business venture, many entrepreneurs find that it makes sense to work with a partner. This has many advantages, including diversity of ideas, more shared responsibility, and another pair of shoulders for the burden (or the success) to fall on. But when it comes to making major business decisions, not just anyone will do. You need someone who you can count on to be invested for the long haul. How do you ensure you select the right business partner? Here are a few tips for building a lasting partnership for your business.
Look for a business partner with complementary skills and talents.
Although you may be tempted to choose someone who is exactly like you, business partnerships are most effective when the associates balance each other. If you hate handling the organisational aspects of a company but love creativity and design, you may want to seek someone who relishes putting things in order. Such an equitable partnership means each partner thrives focusing on his or her strongest elements, leaving the weaker areas to the other.
You should have equal commitments to the success of your business venture.
If there’s even a question of your potential partner’s commitment, move on. Starting a business is a major undertaking, and you’ll need the long-term dedication of someone who cares as much about this venture as you do. It also helps if you can observe the individual’s commitment in other areas of his or her life. If this person consistently balks on plans or lacks decisiveness, you may be better off without them.
Discuss financial situations up front.
It may seem awkward, but it is necessary to exchange basic financial information with your potential business partner. You need to know the state of his or her finances. If a partner has massive outstanding debt, this could influence their ability to commit to the venture or to withstand financial blows as you build the business. Often, financial concerns can prevent the partner from going “all in”.
Seek out someone with matching values.
When starting any enterprise, it’s important that you share a vision of what your business will be. Having similar values is a significant part of this, as those things you hold dear will influence all aspects of your business. Decision making will be increasingly difficult with a partner who has opposing values to yours. Choose a business partner who cares about the same values and you’ll find your relationship is much smoother.
Choose a partner you enjoy spending time with.
Let’s face it. When you’re in business together, you’ll be spending a lot of time around your partner. It’s crucial that you enjoy being in their presence and that you tend to work well together. You don’t want to select an individual who drives you crazy or who you ultimately can’t stand. Even if the business is successful, you’ll likely wind up miserable and resentful. Choose someone with whom you will be glad to celebrate your triumphs.
LMIT has built a reputation for consistently turning out the leaders of tomorrow. In addition to developing the essential skills needed for your career, you’ll find that enrolling in one of our outstanding courses introduces you to dozens of other talented and committed entrepreneurs like yourself. Who knows? One of your fellow students may just wind up being your future business partner.
Published by: LMIT