3 Tips on Choosing the Right Business Partner

Finding “the one” isn’t only difficult when it comes to romantic relationships. It’s actually much the same, if not more challenging, trying to find a business partner who can successfully help you grow a startup. You may be considering a few people right now, but before you pitch your idea to them, narrow down your list by heeding the following tips:

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Have a trial run

Select a person you have experience with at work, at a nonprofit or on a project. You should know if they are a team player and how they react in difficult situations. If you have no experience with a potential partner at all, do a trial run for a specified period of time before finalizing the partnership. Source: Entrepreneur

Find a partner with skills that complement yours

A good business partner should have skills that support and compliment your own. No single person is a master of all things business. If you have great interpersonal skills but poor business finance skills, consider a partner who understands business accounting. The more skills you and your partner bring to the business together the easier it will be to start, plan, grow, and run your business. Source: TheBalance

Value reliability more than charm

Charm can go a little way in furthering business negotiations, but it’s hardly the be all and end all, says Jap.

“So many people believe that better relationships are always good for business, and it’s somewhat true, but having a warm and rosy relationship or spending time to wine and dine a customer can be expensive and can pull your focus away from a customer relationship that may be more deserving of that effort,” she says.

Rather than pick a partner based on their schmooze factor, she says it’s better to pick one who is reliable — as unsexy as that may sound.

“You want a partner that is trustworthy, and that really means predictable to some degree. You want a partner that you know is not going to be opportunistic or try to screw you over constantly or cheat in small ways,” she says. Source: Edition.CNN

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