6 Traits to Look for When Choosing a Business Partner
When passionate about something and committed to its success, it can be hard to share control. However, the "do it yourself" approach to launching a new business can only take you so far. Starting a business already means countless long hours and late nights, and attempting to carry the weight alone can easily result in burnout.
Additionally, no matter how broad your skill set, you’re not going to be an expert at every aspect of running your business, especially if you plan to scale it quickly. Choosing the right person to help you start and run your business isn’t as simple as selecting a friend you get along with or someone who thinks your business idea is good. Successful business partnerships, like Apple’s Steve Jobs and Steve Wozniak or Twitter’s Evan Williams and Biz Stone, combine unexpected skill sets to create unstoppable duos.
To make this crucially important decision, consider these six traits recommended by the Young Entrepreneur Council:
1. Find someone reliable: A successful business partnership relies on trust and reliability. A reliable partner will share your passion, challenge you, bring new skills and ideas, and work through any situation effectively. Test their reliability before making the final decision.
2. Seek out complementary personality traits: Look for partners with personality traits that complement your own. This facilitates trust and balanced leadership within the organization.
3. Find someone that challenges you: Look for a partner who will push you to be better every day. They should reignite your fire on tough days and bring different approaches and creative thinking to strengthen the business.
4. Prioritize compatibility in terms of business trajectory: Ensure that you and your partner share the same vision for the future of the business. Incompatible end goals and visions can lead to trouble when making decisions and make it difficult to overcome challenges.
5. Partner with someone who matches your level of obsession: Passion is important, but obsession is necessary for long-term success. Look for a partner who has a deep commitment to seeing things through.
6. Don’t forget the importance of integrity: Integrity is the most important quality in an equal business partner. It requires honest, clear communication and accountability. Test their integrity through small projects before making the final decision.
By choosing a business partner who possesses these traits, you’ll increase the chances of building a successful and thriving business together.
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I’m Andrew Brooks, a seasoned finance consultant from the USA and the mind behind phonenumber247.com.
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