Traits to look for in a Business Partner
Having a business partner is something that is a huge step, and you need to logically think who should or should not be your business partner. When you first think about having a partner you think it is cool or interesting, but when it comes down to it many people don’t understand what it takes to have a business partner. Follow these five steps to determine the right and wrong types of business partners in your business.
They must be driven. This is a real deal breaker for any business partner because many people are not driven. No matter how driven about the business you are, you have to understand that your partner must share that drive and dedication in order for you to succeed. Many people are great at business, understand the field, but are just not driven to get out there and do the job. You need someone that is not afraid to get their hands REALLY dirty and do what ever it takes to succeed. They need to never want to give up. Check out this article on not giving up here Common Reasons People Give Up.
They must be passionate. Being driven and being passionate in an idea or two separate things because one will make you money, but one will build a future for that money. When someone is driven they are going to do whatever it takes to be successful and succeed, but if they are not passionate about the idea they are never going to grow with you. When you think of a partner you need someone that is going to jump off the walls when they hear of a new idea, and you need someone that is passionate enough about the product to want to think of new ideas. You can’t just have someone sit back and sell, sell, sell (although it would be good for the company) you need someone that believes in the idea and is ready to start Building a Brand.
They must be reliable. Your college buddy may be your best friend on this Earth and you would take a bullet for him, but at the end of the day he is always late for the 8:00 am staff meeting. This quality is not one that you are looking for in a partner. A business partner must be reliable and must be where he says he’s going to be at the exact moments he says he is going to be there. Yes, from time to time he may be late or miss something, but you know that if you had a meeting with a huge company to sell your product he’d get there before you.
They must be trustworthy. This is hard to understand for many people, but money changes people and you need to be ready for that. Whoever your partner is you need to know that if you left the safe open and walked away, you wouldn’t have to count the contents of it when you got back. You need to know that you will put your idea, life, money, and family in the trust of this person. Many people’s business is how they feed their families and have a roof to live under, and for that reason, you need to know that whoever is in the office next to you can be trusted with the most important things in your life.
They must be a friend. When all things are said and done it will mean nothing if this person is not a friend. I’m not saying you have to start out as drinking buddies, but at the end of the day, you need to be ready to have fun with this person, spend time with this person, and think about them without also thinking about money. All too many times partnerships fail because one or the other doesn’t have fun or mesh with their partner, and the simple way to avoid these issues is to be friends with the person. You need to know that this person is more than a partner they are now apart of your family.
Overall, there are tons of should and shouldn’t(s) for who should be your partner, but if you follow the above tips you’ll be on your way to finding someone that you can trust and work with. Having a partner is hard and thus you need to take the time to think about who should fill that role. For more on building a business check out The Daily Nickel - Money, Entrepreneurship, Productivity, & Education.