You have a broad vision for your yet-to-launch company. You have a mind for top-notch quality products, your targeted markets, and ideas about growth and expansion. But do you know what makes a great business partner?
Your selection could lead you toward success or failure, triumph or the end of a dream. Therefore, choosing the right business partner is a critical step for every new entrepreneur. What should that person be like? What should that person bring into the fold? Plenty of things.
Key traits to look for in a prospective partner
As an entrepreneur, you likely have plenty of connections in your region’s business circles. Through these relationships, you hope to find the ideal person who shares similar business philosophies and brings plenty of realistic and imaginative ideas.
Here are some of the key traits you need in a business partner:
- A capable business person who already has at least some knowledge about, and experience in your business’s specific market;
- An energetic, forward-thinking visionary with great ideas;
- Someone willing to dedicate his/her/their energies to the company;
- Someone who is not afraid of taking calculated risks;
- A creative mind whose ideas complement and may even improve upon your own;
- A relationship builder within the business community and market, with connections with investors and consumers; and
- A reliable and honest individual who brings additional strengths to your business partnership.
Taking on a business partner carries its own risk and is not a decision that should be made in haste. But the right partner may add the extra “muscle” to give your business the boost it needs. Choose wisely, and you may be on your way to the top.