Generally, businesses succeed or fail because of certain critical decisions. One of the decisions you may want to take as an entrepreneur is to enter a partnership. As you know, this decision can make or mar your business. Therefore, you have to be extremely thoughtful when contemplating choosing a business partner. To make it easier for you, find below 5 qualities you should look for in your potential business partner.
Qualities of a Successful Partner
1. Problem-solving and creativity
Businesses exist to provide solutions to existing problems, or better solutions as the case may be. Those solutions are then monetised. In consonance with this fact, you should partner with someone who is a serial problem-solver. Consider previous business projects the individual successfully delivered.
People who have problem-solving acumen equally demonstrate creativity, innovativeness and strong entrepreneurial skills.
2. Emotional intelligence
Emotional intelligence is a crucial skill for managing relationships. Emotionally intelligent people are cautious. They demonstrate self-awareness and enviable social skills that make people comfortable working or relating with them. They are in control of their emotions and reflect on how their actions can affect the other party.
Look for a partner who has a huge dose of this quality. It will help you to resolve differences amicably, strengthen your relationship and prolong the partnership.
3. Resilience
Resilience is an important quality for entrepreneurs. Like humans, businesses are prone to challenges. And this occurs at any stage in the lifecycle of businesses, repeatedly. You should partner with an individual who has a never say die attitude.
An optimistic partner will remain committed to the vision of the business in the face of challenges, a dip in sales and profit, when there is a loss and when clients are lost.
4. Compatibility
People generally work better when they have common ideals. Compatibility, as used here, does not imply that you are similar through and through. Rather, it means choosing someone who shares and is committed to the same vision.
Consider a partner who is as passionate as you are about the business and whose values and work ethic do not contradict yours. For example, you can tell from experience that as important as integrity and honesty are, they don’t mean much to certain people. Avoid someone who exhibits this in interpersonal relationships.
5. Complementary skills and experience
Do not partner with someone with whom you have similar skills. Make someone whose skills and experience complement yours and shore up your weaknesses a major priority. This will help you avoid redundancy and you can head different aspects of the business.
It is highly recommended that you consider someone who has years of experience in the industry, in addition to having dissimilar educational backgrounds and technical skills.
A partner with extensive experience in the industry will also have a network of potential clients, investors and industry leaders. His social network will be a plus, too.
Final notes
Sometimes, entering into a partnership is necessary to realise the full potential of your business. But doing so may as well lead to greater, unforeseen challenges that will threaten the existence of your business if not done with extreme caution. To make an informed decision, guide yourself with the 5 tips provided.
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