3 areas you need to consider before you say “Yes” for your business partner
Are you considering to have a business partner to help you in your business with their creativity, experience and financial support? It can be
Although everyone understands the importance of knowledge and experience a partner should bring in along with the networking connections and equity required to be able to invest in the business but I think there is more to that.
The other there day, I met this wonderful hardworking lady, sole-
Most of the time these areas take a backseat since we try to keep it all professional, but from my understanding, I think these are some valued areas to think about. Let’s have a look, shall we?
- Values – We all live by certain values and life’s principles and its core to us. We cannot suddenly leave it because we are sharing our business with someone. And we shouldn’t, it makes us who we are. How can you know about these values and principles in the prospective BP? Try to find out how they made their business decisions in the past. Ask them questions which can throw a light on the reasoning behind their decision making and the judgment call they had to take in the times of distress.
# Sharing similar values will help you in keeping your company values.
# It helps in trusting each other.
# Better and easier decision making
# Less conflict - Teachable – One who doesn’t have this quality will not be able to grow and if they aren’t growing how will they help you and your company to grow. I like what John F. Kennedy had to say “Leadership and learning are indispensable to each other.” Find someone who is willing to learn.
- Constructive Criticism – “ You should recognize that criticism is not always a put-down. If you take it to heart, maybe it will guide the way you ought to be going.”– Joseph Flom. I think that’s something everyone should do but it surely isn’t easy. If you find your partner with this attitude you’ll find that this would do good not only to you but benefit your business.
I came across an article where the author mentioned that if you find a person who is capable but doesn’t have the partnership qualities and you don’t want to not have that person on your team, hire them, make them your employee, pay them well and use their talents for your business. Something for you to consider. But never compromise on the values your business is standing in hiring an employee or selecting a buseinss partner
So, next time when you are looking for someone to join you on the side make sure you know them a lot better than you think you do as it can save you from the heartbreak of professional and personal relationships. Loss of your business and mostly, your dream.
All the best and I hope you find your perfect match.
Wise Thoughts:-
Selecting a Business Partner is crucial to the business, right partner can help you build it but the wrong one can kill it.
Simple Steps:-
Besides the knowledge, experience, and equity they bring, look whether your values match.
Let me know your thoughts, I would love to hear back from you .