Picking the Right Business Partner for your Partnership is like picking a Husband/Wife. It is a sensitive process that will determine whether your Business succeeds or fails. Just because a Person has resources or skills doesn’t mean that they should be your Business Partner. Here are some of the things to look for in a Business Partner when you want to form a Partnership.
1. Values, Spirit, Vision – you should pick a Partner with the same values, ambitions and spirit as you. If your spirit is in quick expansion, pick someone with an expansion mindset. If your spirit is set on stable simplicity, pick a partner who is comfortable running a simple business that pays the bills.
2. Skills/Experience – Secondly, pick a Partner with the right skill set. They should have the skills you lack. For example if you are Creative but lack managerial skills you should pick someone who is a good manager.
3. Personal Baggage – Thirdly, you should pick a Partner with little personal baggage. For example a partner with a lot of debt might bring your business down as the people he/she owes money might come after your Partnership Assets.
4. Credibility and Integrity – Do a background check on your potential partner and ensure that they are people of integrity. Corrupt people can run down your Brilliant Business Idea.
5. Handling “Breakup” – Last but not least you should choose a partner who handles “breakups” well so that when you have to dissolve the partnership they are not vengeful or petty. They should also be people who won’t steal your Business Idea and start a competing Business.
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