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What skills and characteristics would you look for in your business partner

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Toxic business partnerships can quickly destroy a company. Here are six qualities to look for in potential partners in order to foster a strong working relationship. When vetting partners, think about if it would be rewarding personally and professionally to come together to create a new company. You should be able to see the satisfaction in working with someone who adds value and significance to a shared vision.

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6 Qualities to Look for in Business Partnerships

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Your business is something you gave birth to and will have to nurture to help it grow. You want a partner that will approach your business with the same level of enthusiasm and commitment that you have, but who also shares the same business "parenting" philosophies. A partnership is a long-term, legal covenant between two or more people. 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. Of all the things to look for in a partner, this is probably the most important. You will need to be able to communicate effectively with your partner to make decisions, set goals, and drive the business forward. If you partner with someone that is reluctant, combative, or unable to consider your viewpoint it will be harder to be successful.

It is nice to be willing to give someone a chance, but running a small business takes focus, time, and tremendous energy. If your partner is dealing with one personal crisis after another, you may find yourself carrying the weight of the business. It is great to have a business partner that has financial resources, but there are other contributions a partner can bring to the business that can be just as valuable.

A partner with a secure business network, industry connections, client list, or specific credentials and expertise can also increase the value of your business and improve your chances of achieving long-term success. Whether or not your partner contributes financially to the business is less important than if your potential partner is in dire financial straits. Someone in the middle of a financial crisis may not be the best choice to go into business with for a variety of reasons.

Money, asset, and time management skills are critical for small business entrepreneurs , and someone who has grossly mismanaged their personal or business finances may not have the skills or discipline to make a business partnership work. Worst case scenario, they may even look for ways to steal from your business to solve personal financial problems. Only enter into partnerships with someone you can trust.

Look for someone who values honesty and practices good personal and business ethics. A poorly chosen business partner may end up stealing from the company, taking your ideas or clients to start their own business, or breaking laws that could get your business into legal trouble.

You should never partner with someone that you do not respect. The main purpose of forming a partnership is to achieve success as a team. You may not value the opinion and efforts of someone you do not respect at least on a professional level.

You also want to partner with someone that will show you respect as a partner, business professional, and as the founder of your business. Remember that partnerships are legal bonds, if they go wrong, the "breakup" can also go bad.

If for no other reason, no matter who you choose to partner with in business, be sure to get all business agreements in writing. Misunderstandings over money and entrepreneurial vision can ruin even the best of friendships and other personal relationships. The Balance Careers uses cookies to provide you with a great user experience. By using The Balance Careers, you accept our. Basics Workplace Issues Business Attire.

Women in Business Basics. By Full Bio Follow Linkedin. Follow Twitter. She has more than 25 years of experience in small business development and ran her own digital marketing firm.

Read The Balance's editorial policies. Find a Partner That Can Offer Resources and Credibility to Your Business It is great to have a business partner that has financial resources, but there are other contributions a partner can bring to the business that can be just as valuable.

Choose a Partner That Is Financially Stable Whether or not your partner contributes financially to the business is less important than if your potential partner is in dire financial straits.

Top 10 Qualities to Look for in a Business Partner

The success of any business can be boiled down to its relationships. Working well with others and possessing the deep knowledge of what makes people tick is essential to creating and sustaining successful partnerships. When you unlock this secret knowledge you can accurately predict the needs of those with whom you partner. When partnerships are supportive they are infused with hope. In successful partnerships rewards are based solely on each partner's worth and significance to the bigger picture.

Try these: time management relationship advice healthy lifestyle money wealth success leadership psychology. Or are you at the end of your rope with your current business partner? How can you tell if the problem is fixable, or if you should just call it quits?

Starting your own business already means countless long hours and late nights, and attempting to carry the weight alone can easily result in burnout. This is especially true if you plan to scale your business quickly; filling every role will be nearly impossible. The solution? Finding a business partner.

How to Start a Business with a Partner

The best founding teams all have different skill sets and values to bring to the table. Sure, you may butt heads with different personalities, but it's more important to have a well-rounded founding team. It allows you to move at the speed at which your business needs to move and ensures that when your partner makes decisions, they're in the best interest of the company. As a founder, it's even more important. You need enough overlap so that the two of you can connect, and you will also be able to accomplish more in a shorter period of time with a complementary partner. If you're a programmer, for instance, look for a marketing or business development partner so that you can play off of each other's strengths. You have four things: vision, passion, drive and a wheelhouse of particular skills. You're a big picture thinker? Find a Yang who keeps you focused on the smaller details.

Seven Signs of a bad business partner

Just like marriages, business partnerships often run into rough waters. Does your partner dream of starting the next Starbucks, while you envision a part-time catering business that gives you plenty of time with your family? You and your partner must share the same core values, goals and work ethic if you want the business to succeed. When you and your business partner have different strengths, you'll double the power of your startup team right off the bat. For example, a shy tech expert who wants to start an Internet business would do well to find a partner with sales, marketing and people skills.

When entrepreneurs go into businesses with partners, they end up spending a lot of time with these people.

Your business is something you gave birth to and will have to nurture to help it grow. You want a partner that will approach your business with the same level of enthusiasm and commitment that you have, but who also shares the same business "parenting" philosophies. A partnership is a long-term, legal covenant between two or more people. A good business partner should have skills that support and compliment your own.

10 Qualities of Successful Business Partners

In order for a business enterprise to grow and gain more market share the development of a successful business partnership will be necessary. One simply cannot do all the work necessary if growth is to take place. Next to outsourcing, forming a business partnerships is the most efficient and cost effective method for multiplying individual effort.

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According to recent studies, two-thirds of all businesses fail. This means that a business has less than a 1 in 3 chance of succeeding. The first place to start when looking for a good partner is to assess your own strengths and weaknesses. Once you have done that, you can look for a partner who exhibits traits that complement your own skill set. However, it is arguably the most important of all things to look for in a business partner.

7 Tips for Making a Business Partnership Work

Business partners often start businesses together with little planning and few ground rules. Partners can clash over countless things, including conflicting work ethics and financial goals, roles in the business and leadership styles. What follows is a primer on how to avoid that and set up — and sustain — a business partnership. First, ask yourself: Do I really need a business partner to build a successful company? Taking on business partners should be reserved for when a partnership is critical to success — say, when the prospective partner has financial resources, connections or vital skills you lack. You may be better off hiring the other person as an employee or an independent contractor. Communication is important at every stage of a partnership, and especially so at the outset.

Aug 2, - Not long ago, I saw a situation where an IT business partner was being So, what does it take to be a good business partner while still supporting the business effectively? need to appreciate the effort and skills required to complete any given task. It answers the question, "what do we want to create?

Not long ago, I saw a situation where an IT business partner was being run ragged by the business making demands that frankly didn't make much sense. The problem was not the business, but reluctance on the part of the business partner to engage properly with the business and help them formulate a realistic approach in planning for the IT element of their project. All too often, business partners are pandering to the business, putting unreasonable demands on their teams and expecting high quality in less time than is needed; complaining when expectations are not met. So, what does it take to be a good business partner while still supporting the business effectively? As a business partner, it is your responsibility to work closely with the business to help them understand the approach that will be taken for their project, the amount of work needed, and the complexity of that work.

10 Characteristics of Unstoppable Partnerships

Acquiring a business partner can be beneficial for a number of reasons. Partners have the ability to reduce your workload, bring new strategies to the table, and generate new contacts; however, choosing the right partner is crucial. Attend a FREE real estate class in your area to learn how to identify the most rewarding investment deals.

Picking the right business partner is crucial. Check out 10 qualities to look for when searching for a business partner. Ideally, the person you decide to partner with should be just as passionate about your business as you are.

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