5 Critical Factors To Consider In Picking A Suitable Business Partner

0
587
views

Partnership as the word implies is collaboration with one or more persons to achieve a common interest. Picking a business partner is one of the most important decisions an entrepreneur can make. This is owing to the fact that the decision can either lead to growth or failure of the business. Here are some tips to help find the right business partner;

Similar Vision/Goals: for a business partnership to be successful, both parties need to have similar visions and goals as regards the business. A business is born from a marketable idea, so a partner must understand and believe in the idea and have willingness to contribute to the growth of the idea/business.

A good network: it would be of added advantage if the business partner has good business links, client list or past connections that can be carried over to new business. Also look out for someone whose expertise or experience can boost business.

Test run the partnership: this is an important point to keep in mind before fully committing to a business partnership. It would be a good idea to first work with your intending business partner on mini project, spend quality time with him/her especially if you have not had business dealings with the person in the past. This will help you ascertain qualities your partner possesses, like if the individual is a team player or has good communication skills etc.

A good complement: while it is pertinent to share same goals and visions, a good partner should have skills that complement that of the other. The partner should be able to bring something beneficially different to the table especially in terms of skills.For example if you are creative maybe a detail oriented person would make a good complement.

Trust: a partnership of any kind cannot thrive without trust and this applies to a business partnership. An entrepreneur should not have serious doubts about the integrity or intentions of the person(s) he/she is about to enter into partnership with. You should be able to trust an intending partner with your money, ideas. You should also trust your partner to put the interest of the business first even in your absence.

No one can be fully sure if a business partnership will work out but if we are cautious and use good judgement we would minimize the problems. Many say picking a business partner is like picking a life partner, I agree.

Article Contributor:

Kiebo Thomas
Guest Writer

Comments

comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here