Picking Your Business Partners: It’s Like A Marriage
The early stages of starting a business can be quite exciting. Whether you’re inventing a new technology, disrupting a stale industry, or setting out to do something better than everyone else, the startup phase feels like it is you and your partner taking on the world. As things progress, it is easy to feel like you are running just to keep up, and some important steps can get left to the wayside. Making the decision to start a business with someone is a lot like getting married. It’s a big commitment, and it’s important to choose your partners wisely. Here are five qualities you should consider when searching for the right business partner(s):
1. Shared Vision
Starting a business is no small feat, and anyone who has done it knows that it doesn’t become successful overnight. Running a start-up takes time and effort. Finding someone with the same goals and overall vision who is determined to stick it out (for better or for worse) is probably the most important attribute you should consider when searching for a partner. Commitment to the vision translates into a commitment to doing whatever it takes to bring it to fruition.
2. Conflict Resolution
Building a company from the ground up requires a lot of decision making, and it’s inevitable that you and your partner will disagree at some point along the way. Rather than finding a partner who becomes adversarial or throws in the towel when the going gets tough, find someone who is willing to compromise. It’s good to have a different perspective for every decision you make; your partner might see flaws in the plan that you hadn’t noticed before.
3. Openness
In addition to finding a partner adept at managing conflicts, team up with someone who is open and candid when uncertain about your choices. A good partner should always give you feedback, even if it’s not what you want to hear. Find a partner who is comfortable expressing their opinions even when it goes against the grain.
4. Industry Experience
Collaborate with someone well-versed in the industry where you're launching your business. Even if you possess experience in that field, partnering with an equally knowledgeable individual proves invaluable when encountering roadblocks. Moreover, teaming up with another industry expert expands your professional network and bolsters brand recognition.
5. Complementary Skills
It's improbable that you'll be an expert in every facet of launching a business. Diversifying your partners' skill sets facilitates efficient and timely task completion. Your partner should handle assignments that may not align with your strengths, ensuring projects are executed swiftly and comprehensively.
Much like choosing a life partner to settle down with, it's perfectly acceptable to take your time when selecting the right business partner who will contribute to your company's success. The consequences of choosing the wrong partner can significantly delay your company's progress; thus, this decision warrants careful consideration. Find a partner with whom you share compatibility, and your company is poised for greater prosperity.