How to Choose Right Business Partner
In today’s corporate world raising funds or getting financial assistance is not really a problem but getting right business partner is really tough. If you have a good idea don’t worry money will find you. For getting fund, it is not indispensable that your idea must be proven and proficient. At the minimum it should have some promising market and which can actually solve the problems of the particular segment. At the beginning, you may think that your idea is not good. However, if you strongly believes in your own idea and continues to put efforts, the situation will change eventually. You will even find people who will ready to finance your company.
Now the time has come to introduce new but right business partner into your business. Choosing a right business partner is a very crucial part of your success according to Wasserman, 65% of high-potential start-ups fail as a result of conflict among co-founders. A right business partner can add a lot to a venture but picking the right business partner isn’t elementary as you will spend more time than your spouse makes sure you have chosen the right one. Otherwise, he or she will be your greatest liability in lieu of assets, it is fortunate that I have brought some luck.
“If your business partner’s commitment to the business is not as strong as yours it’s not a Partnership it’s a sinking ship”
A business partnership is like a marriage, and as with any marriage, at Times, you’ll realize that things won’t be perfect and you will get into conflicts. We found a way to work together that worked out through this whole situation.
But on the other hand if conflict gets increased gradually it will end up with divorce means ship will sink in the end. It’s important to know your business partner as much as possible, including his or her finances or family life and how it will affect the business. Before making anything official. While it’s not possible to know the person properly in few days until you have worked with them several years.
Here I am sharing few tips to determine who will be your right and effective business partner with whom you will shift to the next order of magnitude.
1. Look for complementary skillyou don’t need another copy of your avatar. You should look for a business partner who brings something different, something distinct to the table. You need someone who positively complements your skills and personality. An ideal business partner shares some similarities with you but also has completely different set of strength, view and convention. Someone has rightly said that
I firmly believe that success lies in the combination of both talent and business savvy, and that the magic comes through complementary partnership between both
Suppose you are going to start a software development company and you have good command over the programming part you need not required another programmer. A guy having a different skill set like he or she is very good and comfortable at people side and proficient at sales and networking will complement you and together could make a better whole.
Taking advantage of utilizing the differing skill sets can help the business succeed. Moreover, you can divide your task according to your skill, strengths, saving time and eliminating duplication of work.
2. Share common values and visionHaving common values and vision is imperative between right business partner and this is apparently the most crucial. It is important to consider if your values and his or her values match. Both partners should have the same wavelength. But it does not mean both have an exact same goal. But each other vision should be very closely aligned with an own goal.
Rather than just looking at the initial stage of an idea you will need to perceive whether you are both seeing the same thing when it is fully-grown in the future. But it does not imply that you will not make any changes and give space for the improvement and adaptability.
It will help both of you to prevent from misunderstandings and wrangles down the road. If you want to start a tech base news company for instance and your partner too. You’ll need to go into dipper. If your partner’s vision and value is not the same and not aligned with your goal it is better not to start the voyage otherwise it will end up with door slamming. Take everything into consideration since you will never be too clear and obvious
3. Must have elements Integrity and TrustObviously, integrity is an essential quality in anyone you go into business but sometimes you may look beyond honesty means brutal honesty. Maybe you don’t want to hear the negative aspect sometime but your partner lets you know the problem at the earlier stage is an incredible asset. You need a partner who is trustworthy and predictable to the some degree. Because honesty and truth are the underlying ingredients of long-term relationships in business .deficiency of any of them can bring disastrous consequences.
4. Respect for each otherhow do you avoid this potential partner snag? How do you prevent co-founder’s dispute? How do you react when there is down time before it completely end the existence of your partnership and company, one word – Respect. Bothe partner should mutually respect one another opinions and thoughts there will be difference between thought perspective to the different degree
5. The communicationAnthropologists say that there is 2% difference between ‘Chimpanzees’ and our DNA, and with this 2%, we conceived cultures and civilizations many believe, 2% is none other than the enormous power of words and communication.
Obviously, communication is the most important ingredient you should look into your business partner how well and effectively he keeps his thought and perceptive in the table. The person who is capable of expressing his views without fear and hesitation, the person who knows what to speak and how to speak emerges as best business partner.