How to choose the perfect business partnerMunira Rangwala
Your choice of business partner can make or break your business, and it is therefore imperative to choose your partner wisely. Just like a marriage starts off with hearts and roses, a business partnership too can start off on a good note and turn into bankruptcy and lawsuits in no time. Before you resolve to bring a partner onboard, first contemplate if you really need a partner at all. When you decide that you require one, make sure that you get the best match to your own leadership style, goals, vision, and skills. Following are four points to help you choose the perfect business partner.
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Find someone whose values match your own
Successful partners generally agree on business ethics, and even if they don't from time to time, they find a middle ground that suits them both. These common values and standards guide their judgments, decisions, and actions. Your values shape your professional and personal identities, so it's important that your values are in sync with your partner's beliefs and outlook towards life. When two partners have the same moral ground that they refer to, they are more likely to make congruent decisions and remain united.
Find someone whose set of skills complements yours
Successful partners should possess different and complementary skill sets to make their business prosperous. The more distinct each partner's range of skills, the clearer the division of their labour and power can be. For example, if one partner is a creative visionary, the other partner can be the administrator who brings planning and order to the business. Partnerships have an unmistakable advantage when the two invested people are able to perform distinct functions.
Find someone who doesn't keep score
Partnerships are all about giving and taking. Some days, you give more, and on other days, you receive more than your partner. While it is alright for casual acquaintances to maintain a sense of equity, keeping track of benefits in long-term, committed relationships is rather unhealthy. When partners see their rewards as equal to or exceeding their contributions, they are at peace with the business proceedings and with each other. It is therefore imperative to find a partner who doesn't keep score if you want your business to reach the pinnacle of success in the long run.
Find someone who knows how to make a graceful exit
It is often said that a graceful exit is the sign of a successful venture. If partners don't have an exit strategy in place, they are forced to make critical decisions at a time when they are not their usual level-headed selves. Including a written exit strategy right from the beginning is a smart decision partners should make. However, if an exit can be avoided by arriving at a mutual decision to take a calculated risk, partners should have faith in one another to see the decision through right till the end.
Choosing the right business partner allows you to accomplish your goals and fulfill your dreams, even before you know it. Use the above mentioned tactics to select a partner with whom you'll have true synergy and a successful union.