How to Choose a Business Partner?
A perfect partnership is surely a blessing in disguise for every entrepreneur. It takes strong trust, understanding, perseverance and more to make a partnership work. A business is an idea conceived by the entrepreneur who would nurture it, just like raising a child. Thus, obtaining a partner with the same level of passion and fidelity towards the business is ideal. The business partners with akin principles would complement the founder, which would in turn add-on to the success of the business. These tips would help one find the right partner.
One's Weakness - Another's Strength
Before venturing into entrepreneurship, individuals must understand their strength and weaknesses and find the partner who would compliment them. That is, the weakness of one person should be the strength of the other. In this way, the partners would depend on each other, after all, isn't partnership all about mutual dependency? Also, mutual dependency would help the partners balance their responsibilities.
Set Long-Term Goal
This is the first and foremost important step when it comes to partnership. The partners should sit and discuss to set their goal and the action plan to drive the business towards success. The partners should have a good rapport between them and patience to listen and converse with each other. If of the partners is either hesitant or aggressive, it would be really difficult to take the business ahead. Thus, such partnership should be given a second thought on continuing.
Turn into Partners Legally!
While entering into a new partnership everything would seem pleasant and nice. But, only certain partnerships have been blessed to have long-time togetherness. Over a while, disagreements might flare-up or one party might want to step out. Thus, it is ideal to sign the agreement that addresses the terms & conditions, compensations, roles & responsibilities, exit plan, and more for each partner. Furthermore, the agreement should be revised periodically to update the current changes in the business if any.
Know the Limits
This is suitable particularly for friends or relatives turning into partners. At times, certain discussions might turn into ugly arguments, when it comes to business, and this could be taken personally, hindering the relationship the partners share. Hence, the partner should draw a margin between their personal and professional life. The friends-turned partners also have the added benefit of mutual understanding to motivate and support each other as and when needed.
Every individual possess unique talents and quality. Therefore, the partners should not underestimate each other. Mutual respect is the key to a successful partnership.
A good partnership has the potential to elevate the business to a greater height. Similarly, a bad partnership could brutally damage it. Thus, by setting one's sentiments aside, indulging in prudent planning and executing it with a bit of luck is good enough to taste the success.