How to Choose a Partner

[Jorge Abreu]

👉A good business partner should have skills that support and complement your own. No single person is a master of all things business. If you have great interpersonal skills but poor business finance skills, consider a partner who understands business accounting. The more skills you and your partner bring to the business together the easier it will be to start, plan and grow.

👉Of all the things to look for in a partner, this is probably the most important. You will need to be able to communicate effectively with your partner to make decisions, set goals, and drive the business forward. If you partner with someone that is reluctant, combative, or unable to consider your viewpoint it will be harder to be successful.

👉If your partner has serious challenges in his/her personal life, it may carry over into the business. It is nice to be willing to give someone a chance, but scaling a business takes focus, time, and tremendous energy. If your partner is dealing with one personal crisis after another, you may find yourself carrying the weight of the business.

👉It is great to have a business partner that has financial resources, but there are other contributions a partner can bring to the business that can be just as valuable. A partner with a secure business network, industry connections, client list, or specific credentials and expertise can also increase the value of your business and improve your chances of achieving long-term success.

👉Only enter into partnerships with someone you can trust. Look for someone who values honesty and practices good personal and business ethics. A poorly chosen business partner may end up, taking your ideas or clients to start their own business, or breaking laws that could get your business into legal trouble.

👉You should never partner with someone that you do not respect. The main purpose of forming a partnership is to achieve success as a team. You also want to partner with someone that will show you respect as a partner, business professional, and as the founder of your business.