What to look for in a business partner??

Hello Friends

1)Be picky:Choosing a business partner is like choosing your significant other: someone you can trust, a person you’re willing to spend a lot of time and share your finances with. Don’t pick randomly, or assume that your best friend automatically qualifies for the spot. Your ideal partner should be able to make the business work better. Assess the qualifications of your candidates. What can they bring to the table? Do they have any experience in related fields? Do they have any brilliant ideas for the business? Will you be comfortable leaving the management to them?

2)Where do you want to be in the future?:List your goals for the business. With these in mind, ask yourself: are you on the same page? His involvement is crucial to your success. It’s best to choose a partner with similar views, to avoid nasty disagreements in the future. However, arguments will happen eventually. Your partner should be able to handle criticism well, and mature enough to resolve differences like an adult.

3)Communication:Like any good marriage, communication is a vital aspect of any partnership. Can you openly talk about your opinions and visions for the company? Can you listen to him, and does he have an open ear for your concerns as well? It is best that terms of the partnership are discussed and the responsibilities of each individual properly stated and written down, as well as what happens when a partner pre-maturely opts out of an agreement. Get all bases covered, and that includes a legal counsel.

Thanks for reading

1. Humility. “All show, no go” need not apply. Someone’s past title means nothing. If you think “fake it ’till you make it” is a great idea, I want nothing to do with you. If your partner insists on a facade of expensive suits, flashy cars, expensive dinner bills, or other poseur behavior to look bigger/better than they are, one must question the prudency of such expenses. Clients are not stupid and they will eventually see behind the mask. Have you ever seen what a wet parrot looks like? Next time you are considering a business partnership, make sure there is some muscle behind those feathers.
2. No secrets. A partnership is like a marriage. If there are secrets between the partners, then the partnership is doomed to fail. Full “confessions” from everyone is a good thing. I would go further and say that partners should hire background check company and those reports should be available to all the partners.
3. Open mind. Everyone has stupid ideas sometimes. Partners should always have great dialog and not feel “attacked” when questions are asked. In a good partnership, the questioning of your ideas should be treated as the ultimate sign of respect.
4. Determination without fixation. Yes, the dream you have to create some service/widget is great… but a straight road is rarely the best route. A rigid plan could kill you. You have to think about your business as a snake. Snakes rarely dart directly at their prey, they scope out the area, work with the terrain, avoid dangers, and than wiggle their way until they have their dinner.
5. Ability to adapt and accept change. Don’t fight change, embrace it. Partners who get stuck in the “old good times” will drag you down.

Well if you say about my opinion regarding business partner i will see communication plus must have marketing skill and there should be zeal in that.

i Think my business partner should be that one who not only contribute his or her money but also his full efforts towards the business. who have the business skills and experience so that he can stand in front of me to tell that what i do is right or wrong.

The business partner should be that who always stand by you even in profits or loses.

Hello,

For me The business partner should be experienced as well as an confidential person.

The business partner should be creative, capable , understanding person who not only always with you but also can give you advices on different situations.

1. Find a Partner That Shares Your Values, Entrepreneurial Spirit, and Vision

Of all the things to look for in a partner this is probably the most important. You will need to be able to communicate effectively with your partner to make decisions, set goals, and drive the business forward. If you partner with someone that is reluctant, combative, or unable to consider your viewpoint it will be harder to be successful.

2. Find a Partner That Can Bring Skills and Experience to The Business

A good business partner should have skills that support and compliment your own. No single person is a master of all things business. If you have great interpersonal skills but poor business finance skills, consider a partner who understands business accounting. The more skills you and your partner bring to the business together the easier it will be to start, plan, grow, and run your business.

3. Look For a Partner Without A Lot of Personal Baggage

If your partner has serious challenges in his/her personal life it may carry over into the business. It is nice to be willing to give someone a chance, but running a small business takes focus, time, and tremendous energy. If your partner is dealing with one personal crisis after another you may find yourself carrying the weight of the business.

4. Find a Partner That Can Offer Resources and Credibility to Your Business

It is great to have a business partner that has financial resources, but there are other contributions a partner can bring to the business that can be just as valuable. A partner with a strong business network, industry connections, client list, or certain credentials and expertise can also increase the value of your business and improve your chances for achieving long-term success.

5. Choose a Partner That Practices Good Personal and Business Ethics

Only enter into partnerships with someone you can trust. Look for someone who values honesty and practices good personal and business ethics. A poorly chosen business partner may end up stealing from the company, taking your ideas or clients to start their own business, or breaking laws that could get your business into legal trouble.

6. Choose a Partner That is Financially Stable

Whether or not your partner contributes financially to the business is less important than if your potential partner is in dire financial straits. Someone in the middle of a financial crisis may not be the best choice to go into business with for a variety of reasons. Money, asset, and time management skills are critical for small business entrepreneurs and someone who has grossly mismanaged their personal or business finances may not have the skills or discipline to make a business partnership work. Worst case scenario, they may even look for ways to steal from your business to solve personal financial problems.

7. Respect: A Necessary Element to Forming a Successful Partnership

You should never partner with someone that you do not respect. The main purpose in forming a partnership is to achieve success as a team. You may not value the opinion and efforts of someone you do not respect at least on a professional level. You also want to partner with someone that will show you respect as a partner, business professional, and as the founder of your business.

1. Your business partner should be known of Core values of organization
2. As far as choosing a Business partner is concern, your partner should set the path for or criteria line for select the right individual which have their nice abilities.
3. He must be passionate about the work that he can do his best.
4. Must be initiative
5. He/she must be known between the difference of job and holding a responsibility.

Hi

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.

I believe that the type of partner one should look for is someone who is highly enthusiastic about life. Enthusiasm is infectious and can help you to stay motivated when times are tough. I also like people who are full of ideas and can see opportunity where others can not.
I admire people who refuse to take no for an answer. Persistence is a great quality and often it can be successful. In my previous packaging company my partner called the largest company in Dundee - NCR (National Cash registrars) every three months for over four years only to be told to go away. "Do not call us, we will call you" was the standard response.


Thanks