What to look for in a business partner??

**SH Uman** · 03-30-2010 01:46 PM

A business partner must be reliable and attributive toward the honesty.he must be well aware of the business senario.he must have sufficient knowledge of business financing handling debtors and banking transaction knowledge.he must be pragnent with the liquidity analysis.

**saria19** · 04-06-2010 06:58 AM

1)"The pen is stronger than the sword" Please put any kind of agreement you come to in writing. Ask your attorney what is the best safeguards you can implement. This way you will be; well, safe.

2)Ethics and trust. This is very important for your quest of an ideal business partner. Go on with a partner you can trust, and of course, that he trusts you too. Look for someone that ethical and values honesty. Don't get in with someone that will make you do something illegal. PLEASE!

3)Ask around. One important way to know any potential business partner is to ask about him. You don't need someone who has an alcohol problems, drugs or criminal record. All potential partners, including yourself, have to be forthcoming about their past, financial being and debt.

4)Who does what? You have to assign what function each you will have the company. You have to set the roles and any kind of contributions that will be in the business. Remember step 2. Do what you can do best and let your partner do what ever he is good at.

5)Values, goals and entrepreneur spirit. Try to fin someone that shares a similar vision as you. This way you will have fewer problems on the way. Something that's important is communication. This way you will share all of you're goals, decisions and values. Don't partner with someone that will make your life a living hell.

Have a nice day

**sophie17** · 04-09-2010 02:10 PM

In my business experience I have learnt that the qualities I look for in a friend are not the same as the qualities I would look for in a business partner. In many cases your friends could possibly make the worst partners!

The ideal business partner is someone who possesses skills that you do not have. This makes the business stronger by enhancing the qualities you can bring to the table in any discussion, negotiation and meeting. It also helps greatly if they are financially very strong and can bring further resources to the table if required.

In my previous business my brother was one of my partners. He was exceptionally good at art and design. He created our first brochure and our website. He helped to create the brand image for our company. I was good at creating and holding together the team so that the business could grow. Together we created a highly profitable company employing over 45 people.