7 Qualities To Look Out For When Selecting A Business Partner
Qualities to look out for when selecting a business partner will help you make the right choice when choosing a partner for your startup. Sometimes the difference between a successful venture and failed one is the type of partners you have. I have started ventured that would have done better if I only knew what to look out for when selecting a partner.
These seven qualities to look out for when selecting a business partner will ensure your business never fails due to the wrong choice of partner.
Compatibility, according to the Oxford dictionary, talks about two things co-existing without conflict. This definition can also be ascribed to interpersonal compatibility in business. When choosing a partner, you must choose someone with whom you are compatible. While it is good to choose a partner who shares your skills and interest, it is even better to have a partner who is everything you are not—someone whose skills complement yours. You will be able to accomplish more by picking someone who has the skills you lack.
When selecting a partner, passion is an essential factor to look out for. If your partner isn’t as passionate as you are about your venture, sooner or later, you will find that you are the only one taking on the entire workload. Passion fuels your energy. Since passion enables you to do more without feeling the exhaustion, having partners who are passionate about your venture will only help the success of your business. This is why it is essential to match your passion with your business idea.
When considering qualities to look out for when selecting a business partner, reliability is top-quality to look out for. Even if the folks you’re interviewing seem enthusiastic about the partnership, it is best to choose someone reliable. A job candidate whose resume seems scattered or who hasn’t spent a whole year at a single company might not make an ideal partner.
Creativity breeds innovation. Today, the most successful business people are innovators. This makes creativity an essential quality to look out for when choosing a partner. If one creative person can invent an entire market, imagine what two can do. A creative partner will help you create a brand image that is distinct and will sell.
Being open-minded talks about the ability to be receptive to new ideas, especially that of others. Having a partner who is close-minded can spell doom for your business, as it will prevent your business from reaching its full potentials. Nobody is always right, and a partner who understands and accepts that will be an asset.
Being an entrepreneur is tough. As a startup, you might fail a couple of times before you get things right. However, even after you are standing on two feet, you will still experience one form of set back or another. It could be a failed acquisition, demanding clients, a decline in sales, and other seemingly difficult situations.
It takes resilience to be an entrepreneur, as that is what it takes to roll through the punches and come out strong. Having a resilient partner is more of a pre-requisite to being an entrepreneur. This makes it an essential quality for every partner to have. Having a partner who won’t quit on you when the going gets tough is what every startup founder needs.
You and your partner will not always see eye to eye. Steve Job was fired by John Sculley, who was CEO of Apple in 1985 due to conflict in ideas. Having a partner who has no regard for conflict resolution will turn from asset to liability in no time. The truth is that having to work long hours with a person, there is bound to be one form of conflict or another. This makes conflict resolution one of the qualities to look out for when selecting a business partner.
The Bottom Line
Picking the right business partners is crucial to the success of your business. This is why the top 7 qualities to look out for when selecting a business partner is essential to every entrepreneur. However, Noknom and its growing community of startup entrepreneurs strongly advise that you do not consider partnering with a person that lacks integrity except, of course, you lack integrity as well.