10 Qualities To Look For In A Potential Business Partner
10 Qualities To Look For In A Potential Business Partner. Starting a business is no child’s play. Henceforth every entrepreneur we look for a solid partnership.
1. Passion
You and your partner may not have equal levels of passion but they should be close. A great partner is a person you can call at 3 a.m. who will pick up the phone at that hour to listen to your idea with nearly the same amount of excitement.
2.Commitment
If you don’t have a full-time job, but your partner does, this could be a sign of trouble. Having a partner who commits only a fraction of the time will quickly lead to arguments. If you do find a great partner who simply doesn’t have the same availability as you, be sure you clearly define your expectations, and know whether or not he can meet them. Level of commitment can also be set by equity
3. Creativity
The most successful businessmen and women are innovators. A good business partner is going to be someone who can consistently come up with original and fresh ideas. In order to differentiate your company from the others in your industry, you’ll need to find someone who can help you create a brand with a distinct image.
4. Open-Mindedness
Another quality that can be great to look for in a business partner is the ability to keep an open mind. Collaborating with someone who isn’t receptive to different ideas or perspectives could be difficult. In the worst case scenario, it could prevent your business from reaching its full potential.
5. Reliable
Ensure that they are regularly able to deliver on time, that they follow up with you when they say they will, arrive for meetings on time, and so on. If they’re the type to constantly cancel and reschedule at the last minute, for example, that’s probably a bad sign.
6. Integrity
While starting and running your business, both you and your partner are bound to make a few mistakes. A partner must be accountable for their actions without blaming employees, or outside influences. Without integrity, you risk triangulating other members of your team, creating disharmony and eventual fissures.
7. Motivation
Both partners need to have the ability to motivate each other. It’s easy to be lazy. You MUST find a partner who can push you forward. And you MUST be that person as well.
8. Compatibility
It’s tempting to select someone who has the same interests and hobbies that you have. While there’s nothing wrong with that, it might be wise to find a partner who’s everything you’re not. You might be able to accomplish a lot more by picking someone who has the skills that you lack over someone you have a lot in common with.
9. Level Headed
You and your business partner aren’t always going to see eye to eye. Conflicts are inevitable when you’re working long hours with the same person. But someone who holds grudges or seeks revenge when they don’t get their way could become more of a liability than an asset.
10. Resilience
As a business owner, you can expect to experience some setbacks. You’ll make mistakes as you go along and you might fail many times before you find solutions that work. That’s why it’s so important to find a resilient business partner who can motivate you when you’re feeling disheartened.
