When you sign a contract with a business partner, the partnership is almost like a marriage. One of the most important qualities you should look for in your business partner is trustworthiness. If you cannot trust your partner to do their duties or share your values, your business is set up for failure. Remember that, like marriage, a partnership is a long-term agreement that is not easy to dissolve. Just like you want to have the same parenting philosophies with your spouse, you want to have the same business parenting philosophies with your business partner.
Your Instincts Are Usually Right
If you are naturally a skeptical person, you may want to use more than just your gut to commit to a partner. Trust your instincts when you sit down with a potential partner. You need to feel comfortable whenever you and your partner sit down to discuss any aspects of the business. It is easy to discuss direction and expansion when things are going well, but will you be able to get along with the same person when times are tough? While you and your partner will never see eye-to-eye 100% of the time, choosing someone you can disagree with in a civil manner is important.
Do you Have the Same Values and Views?
You need to be able to work together with your partner to achieve a common goal. If your goal is to take over a target market and your partner’s goal is to operate globally, you may not be on the same page. Choosing a partner that does not share the same vision and goals with you can be a very dangerous decision. It will hold the business back and make it very difficult to drive the business forward. If your goals are aligned, you will be able to trust that every move of suggestion each party makes is to achieve a common goal. If your values and your views are not aligned, it might be difficult to be open to suggestions.
Are You in Good Company?
Many business owners feel like they spend more time with their business partner than they spend with their family. You need to make sure you enjoy spending time with your partner. You started your own business because you were tired of reporting to the office daily where you answered to a micro-managing boss and a bitter supervisor. You are going to be in contact with your business partner 24 hours a day, 7 days a week. If you believe you will cringe when you get an emergency phone call from your partner, they probably are not the right choice.
Always look for a professional that can bring skills and experience to the business that you do not hone. The right partner bridges the gap and brings credibility to your business. While experience and skills are important qualities, the most important quality you need to look for is trustworthiness. With a business partner that you can unconditionally trust you can build a business relationship and most importantly a business.
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Derek enjoys blogging about business and the work enviroment. When he is not blogging, he enjoys working at an online marketing company outside of NYC. The article above is for management training in nj.