Business Partners: How to Choose the Right Partner?

Continuing with this series of topics about partners in the business, we will talk in detail about those important qualities that we should consider in order to choose our partners wisely.

And although it seems simple, carefully selecting those people who will embark on the business with us is something that should be analyzed, meditated and decided very clearly about what it implies, because as we said in the first part of this post, choosing wrongly it can kill people not only with business but also with friendship.

Should a partner be chosen for friendship?

It is very common that one of the first reasons why you associate with someone is because of friendship. And this can be very positive as long as the other important factors in shaping society are taken care of and respected. Have a friend who is willing to share capital, risks and successes It can be a great thing because it is founded on a very important value: trust.

Should a partner be chosen for capital?
Another winning formula when you think of open a business is partnering with someone who has the money. This is especially helpful when you have the knowledge, experience, and business plan but need the initial capital to bring the business to life. Of course, the success of this strategy also resides in the clarity and formalism with which the society is structured.

Should a partner be chosen based on their experience and knowledge?
Contrary to the previous point, it is very likely that the person with whom you plan to associate is the one who has the advantage of a great experience and knowledge of the business and it is you in this case who contributes capital and / or labor. This can also be a winning formula.

Before choosing a business partner, consider:

  • Does that person you are considering as a partner share your vision and passion for the business?
  • Do your partners have similar values ​​to yours? For example, do you believe in honesty, hard work and the wise use of finances?
  • Are you willing to spend several hours a week with that person, planning, making decisions and solving problems?
  • Are you willing to work with your partners for many years while business growth demand it?
  • And what about their reputation as people and professionals? Are they respectable and reputable people?

In the third and final part of this post we will talk about how to distribute the responsibilities and profits of the business. How to legally structure a partnership and we will answer this question: What to do if you have chosen your strategic partner wrong?

In the meantime, I invite you to visit our entrepreneur forum and our fan page on Facebook.

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