Finding a business partner is probably the most important journey you’ll ever undertake as an entrepreneur. You want a partner who shares in your vision – one who will approach your business with equal level of enthusiasm and commitment. Because they appreciate what is at stake.

It is wise to approach finding a business with the seriousness akin to that of finding a spouse.  That is because partnership is a long term commitment which legally binds the two (or more) of you. You will spend a lot of time planning major business events with your partner, which requires that you get along from the onset.

Below are points to consider when choosing a business partner;

Find a partner who complements your skills and experience

As entrepreneurs, we all lack in certain aspects of business. As such, a good business partner should bring on board skills and experience that support and complement your own. If you have great people skill but lack on the technical aspects of the business, you need to have a partner who is well qualified to fill the gap.

Find a partner that shares your values and vision

When you sign up for entrepreneurship and are fully committed to it, you are in for the long haul. Therefore, you need a partner who is equally committed to the values you subscribe to.  They must look with you into the future and share in the same vision. You will need to effectively communicate with your partner, set goals together, and proceed in the same direction in execution.

Find a partner that offers resources and credibility to your business

A partner who is well endowed with financial resources is a big plus! But a one with a secure business network, industry connections, or a client list is even a bigger plus! It is such resources that have the ability to increase the value of your business and improve your chances of achieving long-term success.

Find a partner who is ethical

Choose a partner who practices sound business and personal ethics. From your interaction with them – are they honest? Can they be trusted? An unethical partner is a risk to your business – they could embezzle company money or bend laws that can easily land your business in trouble.

 

We continue with Part 2 next week!