Picking a business partner is an important decision that will eventually make or break your company. Finding a partner who will push you in the right ways is a really good thing. Here are 5 traits to look for when it comes to selecting a business partner.
1. A Common Passion
Work is a huge component of life when you think about how many horus you invest over multiple decades. When you make the decision to launch a business, you need to partner with someone who has the same drive and passion as you. If it’s one-sided, you’re going to find that the business and the partnership suffer. When you have a mutual passion, there’s no limit to where you can go!
2. Trust is a Must
Sharing a business means you’re putting your financial future, to a degree, in the hands of another human being. This can be a terrifying prospect. You need to have a complete trust and confidence in your partner. This means no secrets, open and honest conversations, and being comfortable in the uncomfortable. Yes, you have to talk about money.
3. Push Each Other to Grow
We all have our strengths and weaknesses. Knowing what skills you do and don’t posses, and having a partner who compliments them is one way to ensure your business thrives in its early days. For example, I have strong web development skills and my partner Brittany has excellent account and project management skills. This means, on any one project, we can tackle different items to expedite execution and have a successful end product.
4. Grow a Thick Skin
As an entrepreneur you’re going to experience setbacks and failure. Things will not go to plan 100% of the time. The ability to take the failure and push harder is difficult but important. Having a partner who can help lift you up when you’re feeling like a failure makes it that much easier to dust yourself off and keep going forward.
5. Learn to Debate
You’re not going to agree with your partner all the time. In fact, you may disagree to the point of an argument. That’s not always a bad thing, but learn to debate, not fight. Having a heated debate shouldn’t be a partnership killer, but a bridge to commonground.
In closing, being able to communicate and develop a strong partnership can be the difference between your success and failure. Find your equal who balances your personality, skills and shares your work ethic and goals.