A friend of mine decided to start a travel business, along with four people. These four people were the cash investors while my friend would run the business. Initially, the four of them were happy to let my friend take charge of everything but within few months, their investments started to turn scarce and they would question every action of my friend.
It’s not that the business was losing money or my friend was harming their interests. I don’t know what happened exactly but within 12 months, the business partnership ended, on a real bad note.
This, you can assume, is a classic example of a business partnership gone bad.
Choosing a business partner is as tedious and scary as choosing a marriage partner! Everything seems like a good idea in the beginning but slowly, the ‘true colors’ begin to show, in terms of compatibility, communication, understanding and other adjectives.
In any business relationship, it is essential to have firm faith and trust in the partner to make it a success.
9 Qualities to Look for in Business Partnership
If you want to partner with someone for a business, here are the qualities you should be looking for.
#1 Capital Investment
Decide the proportion of capital investment and returns sharing. Often, money is THE major bone of contention between business partners.
Again, it is not necessary for all business partners to invest money. A lot of partnerships happen where one partner offers only services and the other infuses cash in the business.
The point is you should search for a partner whose business sense and financial ethics matches yours.
#2 Good Rapport with Others
Communication is the key to any business. A business partner has to be a people’s person. Business conflicts usually happen due to a lack of communication between partners, with the team and customers.
Communication is essential to a business and it happens only when business owners have built a great rapport with others.
#3 Business Commitment
Undying commitment towards the business is essential because a new business needs lot of time involvement. Any business can’t be an overnight success. You need a partner who is patient and willing to stick with you in the long run.
You will come across people who are expecting an overnight miracle, expecting to earn millions overnight. It’s better to keep away from such people.
To see the level of commitment, ask about previous business partnerships and check track record. If this is a first venture for him/her, use your experience to assess their commitment levels.
#4 Critical Perspectives
You definitely don’t need a partner without a mind of his/her own. You don’t want a ‘yes’ person who is too quick to offer acquiesce and agree to everything you say. A business should be built on the input of all the partners.
Therefore, search for someone who is willing to offer critical opinion, in a constructive manner. Partners are going to come up with good and not-so-good ideas all the time. The business partners should learn to value each others’ opinion and not take constructive criticism personally.
#5 Shared Vision
The business partners should have a shared vision. The shared vision is where you see the business few years down the line and what it should be generating in terms of revenue. A shared vision and a willingness to work towards the shared vision go a long way into making a business successful.
#6 Genuine Work Ethics
All the business partners should put in equally within the partnership. All partners should invest equal efforts, that is, follow genuine work ethics. It shouldn’t be that one partner is pushing you to your all to the business while another one lazes around. Any amount of slack is disastrous to the business. Check the track record of a potential partner before bringing him/her on board.
#7 Seek Improvement
You don’t want a partner who is complacent and satisfied with existent work life. A satiated person can never seek improvement. Business partners should have a hunger to work better and charge forward.
The idea business partner should have the desire to improve the business with fresh ideas and business strategies. On the other hand, a complacent partner will not encourage innovation and de-motivate the staff.
#8 Mutual Respect
Business partners should mutually respect and trust each other. If the partners are constantly at each other’s throat and slinging mud at each other, the business will never have much scope for success.
With respect, business partners should give each other space and time to handle the business prospects in a meaningful manner.
#9 Delegation and Execution
The ideal business partner should be able to conceptualise and delegate work, that is, maintain highest possible work execution standards.
Endnote
The ‘ideal’ business partner is a boon to any business. Use this little but effective guide to search for yours.
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