The person an individual chooses as their business partner will have a profound impact on their future. After all, a business partner will likely share in the responsibilities generated during entrepreneurial endeavors and will also potentially split the proceeds generated should the business eventually succeed.
For someone with an excellent idea or connections within an industry, choosing the right business partner can mean the difference between starting a successful organization and ending up in debt and worried about the future. The following are some of the best characteristics to look for in a business partner.
Reliability and responsibility
The best business partners have a history of paying their bills on time and showing up to work regularly. If someone can’t count on their partner to pull their weight at the business or manage finances responsibly, then it will be hard to trust them with any real authority at the company.
Passion and experience
There are some people who will argue that a professional’s passion for their field is often inversely proportionate to their level of personal experience. Someone who has already spent years providing electrical work for the local community may not become as excited about new projects or contracts as someone just breaking into the field. Therefore, those looking for a business partner often need to balance the benefits of a passionate drive for entrepreneurial success with the experience that can be so invaluable when starting a company.
Most healthy relationships require a foundation of trust, and few personal characteristics cultivate trust more effectively than honesty. Those who can trust their business partner to tell them the truth will likely feel better about the idea of combining financial resources and taking on legal liability for the actions that their partner may perform on the job or at the company.
Who might serve as “the best business partner” will vary depending on an entrepreneur’s circumstances. Someone with experience and industry connections may need a partner who is responsible and has financial assets, while those with funding may need a partner who brings industry knowledge to the table. Making a careful choice about who to take on as a business partner can drastically influence the likelihood of starting a successful business, so it is a decision that must be approached thoughtfully.