One of the first big decisions you make when starting up your business is who you want to take with you on this brand new adventure. Who’ll be right beside you, co-captaining the ship. Your business partner! But have no fear I have you covered. I’ve compiled a list of the five most important qualities you need to look for in your business partner to truly be a force to be reckoned with.
Firstly you need to make sure the person you’re going into business with is as passionate as you are about the business. The worst situation you can put yourself into, is choosing a business partner whose interest quickly fades, leaving you with all the work. Of course you can’t expect your partner’s whole life to revolve around the business, but they need to show you their enthusiasm for the project and that they believe in the cause.
Your partner needs to be someone who is willing to put in the time and work just as hard as you are. So as we said in our last quality, you need to make sure your partner is in this for the long haul with you, not just going to jump ship when waters get choppy.
Picking a partner who is punctual, respectful and present are key to having a reliable business partner.
Don’t pick your twin: when I say don’t pick your twin, I don’t mean you need to fire your sister; I simply mean that having someone from a different walk of life from yours, and different skills and talents from your own, can do wonders for your business. Everyone has a story to tell, why should your business partner be any different? So look for someone who can relate and understand others in a way you can’t because I’d go as far as saying having a business partner who’s different from yourself, will also bring in a great variety of customers and other businesses to work with.
You and your business partner are going to be leaders, and as leaders it’s your duty to set a president for your employees. So making sure you’ve chosen a partner who is wrong to a fault, will set a great example to your employees and yourself.
Business is hard, so it’s important to have someone strong by your side. You and your partner are going to have to be fighters if you’re going to get your project off the ground. So choose someone strong enough to stand beside you when the going gets tough.
And as my math teacher always says, “if you’re not willing to go ten rounds bare knuckle boxing, are you really that invested?”
The main takeaway from this is that you look at your own skills and talents and find a business partner to compliment them. This is the person who you’ll be spending the next years of your life with, so take your time and think carefully before making such a big decision. And make sure you’re everything that your business partner is looking for too, no one wants a hypocrite for a partner.