Successful business partnership tips
You want a partner that extends your core beliefs and is qualified to help you take them to a higher degree of success.
It is best to use energy growing your business as opposed to struggling with internal operational chaos.
Consider these factors prior to entering a business partnership;
- Loyalty
- Good character – what do they do when you aren't around?
- Tenacious work ethic
- Consistent temperament
- Adaptable to change
- Possession of skills you do not have
- Same or similar vision of success that you posses
- Prepared for an exit strategy when / if applicable
- Receptive to completing legal requirements that protect the business entity and both (or more) parties
- You enjoy being around them
Any one of these items can break apart your business and potentially wreak financial and personal havoc for everyone involved. Successful business is difficult enough. When there are partners involved, there are additional dynamics that require more energy and effort to stabilize and grow a business. Make sure a partner brings enough to the table to warrant the additional workload.