4 Qualities to Look For in a Business Partner

With many of you perhaps plotting your next startup initiative or currently in the zone I thought I would write this article to give you a hand in finding (or potentially sacking) a partner, as this decision may be one of the most crucial choices in determining your success!

While there are entrepreneurs who are perfectly capable of managing their business singlehandedly, many don’t succeed without someone to back them up.

Speaking from experience, the road to entrepreneurship is not one without hurdles, barriers and challenges. My idea seemed foolproof at first, but the process of actualising it was far from the smooth sailing experience I have hoped for. I made a lot of errors. It seemed like I was winning one day, but then the next I was back to where I started.

I was lucky I made it, but I admit I had a lot of help along the way. In retrospect, I believe it would probably have been easier had I a trusted partner to share the responsibilities and struggles.

But I also know that not all partnerships are winning relationships. If you name is Simon, you could be lucky enough to find your own Garfunkel, but like a lot of entrepreneurs I have struggled to find someone to be a foil for my skill base. With this in mind, I asked other business owners and entrepreneurs I know about the qualities that matter most to them when it comes to choosing a partner. By using the info below you might be able to make that search a little bit easier – I hope it helps!

They should complement you

You don’t need a partner whose skills and strengths mirror yours – you already have got these areas covered. What you need is someone who shares your entrepreneurial drive and brings something different to the table.

For instance, as I have a background in sales and marketing, it makes sense for me to find someone who can deal with the technical side of things. You know it’s a good fit when you can play off each others’ strengths and offset each other’s weaknesses.

They share your vision

It’s good to have a business partner who has the skills you don’t, but it’s even more important to have someone at your back who understands the reason for your company’s existence.

When you share the same vision, chances are you will also have the same attitude and values when it comes to running the business. This will lay the foundation for a strong company culture and a lasting and rewarding partnership.

They are customer-centric

Maybe you are simply looking for a technical co-founder to handle the technology aspects of the business and you’ll be handling customer relations and marketing. But even so, you want someone who values the customer just as much as you do.

Your co-founder must understand the market segments your company caters to, so they can better help you create the ultimate customer experience and identify the relevant market trends that would help your business grow.

They have an open mind

Successful entrepreneurs have an insatiable curiosity. They always seek answers to problems even when the solutions seem impossible. This is what allows them to build deep knowledge about a subject, which is essential for innovation and growth.

Two heads are better than one – but this is only true if both heads work harmoniously with each other. The greatest challenge for you is to accept your own weaknesses and appreciating the strengths of a potential partner. Remember that for your partnership to succeed, there has to be balance.

Kind Regards,

DW - wolfofyorkstreet.com