"Business Partner Material"
What 2020 taught me is that business relationships work the same way with personal relationships. Choose the right business partner is like choosing the right partner to marry and spend together the rest of your life.
Your business is something you gave birth to and will have to nurture to help it grow. You want a partner that will approach your business with the same level of enthusiasm and commitment that you have, but who also shares the same business "parenting" philosophies.
Not all partners are business material.
Along your business journey, you need to find a partner that:
1. Can bring skills and experience to the business
A good business partner should have skills that support and compliment your own. The more skills you and your partner bring to the business together with the easier it will be to start, plan, grow and run your business.
2. Shares your values, entrepreneurial spirit and vision
This is the most important you need to be able to communicate effectively and make decisions, set goals and drive the business forward.
3. Offer resources and credibility to your business
A partner with a secure business network, industry connections, client list, specific credentials and expertise can also increase the value of your business and improve your chances of achieving long-term success.
4. Financially stable
Money, asset and time management skills are critical for small business entrepreneurs.
5. Practices good personal and business ethics
Trust, a vital aspect when choosing the right partner. Look for someone who values honesty and practices good personal and business ethics.
6. Respect is a necessary element for forming a successful partnership
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.