Are you looking for a business partner? What are the ideal qualities one should look for in a business partner? I was reflecting on this today and this article is based on my personal business history.
In my business experience I have learnt that the qualities I look for in a friend are not the same as the qualities I would look for in a business partner. In many cases your friends could possibly make the worst partners!
The ideal business partner is someone who possesses skills that you do not have. This makes the business stronger by enhancing the qualities you can bring to the table in any discussion, negotiation and meeting. It also helps greatly if they are financially very strong and can bring further resources to the table if required.
In my previous business my brother was one of my partners. He was exceptionally good at art and design. He created our first brochure and our website. He helped to create the brand image for our company.
I was good at creating and holding together the team so that the business could grow. Together we created a highly profitable company employing over 45 people.
I believe that the type of partner one should look for is someone who is highly enthusiastic about life. Enthusiasm is infectious and can help you to stay motivated when times are tough. I also like people who are full of ideas and can see opportunity where others can not.
I admire people who refuse to take no for an answer. Persistence is a great quality and often it can be successful. In my previous packaging company my partner called the largest company in Dundee - NCR (National Cash registrars) every three months for over four years only to be told to go away. "Do not call us, we will call you" was the standard response.
In the fifth year they did call us and asked us to quote for over a million dollars of business. The whole process from initial quotation, trialling our products to securing the business took a further three months. They only gave us a chance to quote because of his persistence.
The ideal business partner should also have the same commitment to business as you. In one of my previous businesses I had a partner (also a friend) who was very lazy. This created a lot of friction in the business and almost broke our friendship.
Whatever you do, do not go into business with a person who has a short fuse. People who lose their tempers quickly are much harder to get on with in the long term. One business I was closely associated with had two partners who both had bad tempers. Even though their business had great potential it ended up failing due to their aggressive behaviour towards each other.
If you are going into a business relationship with somebody you do not really know then it is a great idea to carry out a credit check on the individual. If the person has a high credit score this says a lot about their values.
Their hobbies and the organisations they belong to can also help you to understand the person's true character. Speak to other members of these organisations to find out more about the person you are considering. It might be a good idea if somebody else carried out this research on your behalf.
If you do end up with an ideal business partner who agrees with your plans, goals and ethos of the company it should accelerate your growth. Working with a business partner will provide you with more business opportunities as opposed to working by yourself. Together, you can come up with twice the business ideas and trade leads.
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