How can you identify a good partner? Here are some tips!

How can you identify a good partner? Here are
some tips!
Don’t be fooled, not all business partnerships work out well. Many
businesses have crashed because entrepreneur worked with the
wrong partner. In fact, many people who have suffered these bitter
breakups will often warn others to keep away from business
partnerships. I can’t say they’re wrong. Afterall, partnerships are
like a burning fire, if you don’t choose and use it wisely, it could
burn you.
In my experience, here are a few features every good business
partner must have. These features will guide you to find the right
business partner to work with you:
#1 He/She should share the same goals and values with you
Not everyone has the spirit and gift of entrepreneurship. Not
everyone dreams of leaving their day job one day to focus on their
own business. There’s no point joining forces with a partner who
doesn’t take the business as seriously as you do. If a person does
not share similar dreams, passions and goals about the business,
there’s a high chance the business partnership would never work.
If they’re not as dedicated and committed to the business like you,
you may end up doing all the work. They’ll be a deadweight on
your business and may become a negative force that works
against you. You need partner(s) who are motivated and ready to
passionately work on the business with you under every condition.
#2 He/She must bring something valuable to the table
Business is not a hobby; it’s a serious endeavour. Don’t bring
anybody on board as a partner because she’s a close friend or
member of your family. You’ll be looking for trouble if you base a
business partnership on sentiments instead of skills, knowledge
and capabilities. A good business partner always contributes
something that adds value to the business. It could be technical or
business skills, capital, connections, time and effort, equipment
etc. The bottomline is to ensure he/she brings something valuable
to the table!
#3 You must be compatible with each other
A business partnership is a relationship between two or more
people. And in every human relationship, the personalities of
the persons involved are very important. You should partner
with somebody you feel comfortable with; you just have to get
along with your partner(s). If you feel intimidated, silenced or
frustrated by his/her personality, it could be a warning sign. In
all partnerships, there are times of argument and
disagreement. It’s in your best interest to work with a partner
who is willing to listen and consider your own views and vice-
versa.
Business partnerships are a ‘give-and-take’ relationship.
Stubborn egos and total submissiveness can be
counterproductive. Like in marriage - age, gender, race and
religion don’t matter as long as the parties involved are
compatible and understand each other well. (photo credit:
nagpurentrepreneurs.com)
4   You both must align your expectations from the business
One of the common reasons why some business partnerships
don’t work is because the parties involved have different
expectations from the business. From the beginning of the
partnership, it should be clear what each person would own, do
and get from the business. Most people skip this important step
because they think it’s not important or are just uncomfortable
with it. Don’t make this terrible mistake!
You could have a Partnership Agreement or Memorandum Of
Understanding (MOU) that clearly spells out the terms of the
partnership. Do your best to make this as detailed as possible.
When everyone knows what to expect from the business, there
is less likelihood for suspicion and blame later on. (photo
credit: vacationrentalmarketingblog.com)
I have seen sour business partnerships that ruined lifelong
friendships and relationships because one party had different
expectations from the business which they ‘assumed’ was
shared by everyone. Avoid the risk of assumptions by making
everything clear beforehand. It may be uncomfortable at first
but it always helps!