10 Things to Look for in a Potential Business Partner

Picking your business partner is the most important decision you’ll make for your startup.

Question: What is one thing I should look for -- or avoid -- in a potential business partner?

Question: What is one thing I should look for -- or avoid -- in a potential business partner?

Someone Who Has Different Strengths

"It's super critical to identify a partner that has strengths that are outside of your strengths. 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."


Trust

"When choosing a potential business partner, the one thing you must have above any skill set or experience level is trust. 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. Focus should be on your product/service, your customers and your business."


Complementary Skills

"You should look for a partner with a complementary skill set. 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. "


A Yin and Yang

"You are Yin. You have four things: vision, passion, drive and a wheelhouse of particular skills. Your Yang must share the first three, yet offer an entirely new set of skills/traits that complement your own. You're a big picture thinker? Find a Yang who keeps you focused on the smaller details. You're a quiet observer? Find a Yang who can work a room. Find your counterpart and grow together."


Someone Who Values Your Best Qualities -- and Vice Versa

"We all have strengths and weaknesses, and your business parter should strongly value your strengths, and vice versa. Lots of unexpected things will come up, but if you are fair, smart and hardworking, you'll be able to get through anything together, and your potential partner should see why you're a catch. (And you the same for her!)"


Someone Who You Could Spend a 12-Hour Roadtrip With

"Chances are that you'll spend more time with your business partner than you will with your life partner. Look for someone with whom you're extremely compatible and with whom you enjoy spending long periods of time."


Qualities You Would Look for in a Spouse

"You and your business partner are going to be connected personally, professionally and financially. It's important to pick someone who shares the same level of commitment for your business vision as well as someone who you can see yourself connected to for the long haul."


Resources

10 Things to Look for in a Potential Business Partner

Picking your business partner is the most important decision you’ll make for your startup.

Question: What is one thing I should look for -- or avoid -- in a potential business partner?

Question: What is one thing I should look for -- or avoid -- in a potential business partner?

Someone Who Has Different Strengths

"It's super critical to identify a partner that has strengths that are outside of your strengths. 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."


Trust

"When choosing a potential business partner, the one thing you must have above any skill set or experience level is trust. 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. Focus should be on your product/service, your customers and your business."


Complementary Skills

"You should look for a partner with a complementary skill set. 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. "


A Yin and Yang

"You are Yin. You have four things: vision, passion, drive and a wheelhouse of particular skills. Your Yang must share the first three, yet offer an entirely new set of skills/traits that complement your own. You're a big picture thinker? Find a Yang who keeps you focused on the smaller details. You're a quiet observer? Find a Yang who can work a room. Find your counterpart and grow together."


Someone Who Values Your Best Qualities -- and Vice Versa

"We all have strengths and weaknesses, and your business parter should strongly value your strengths, and vice versa. Lots of unexpected things will come up, but if you are fair, smart and hardworking, you'll be able to get through anything together, and your potential partner should see why you're a catch. (And you the same for her!)"


Someone Who You Could Spend a 12-Hour Roadtrip With

"Chances are that you'll spend more time with your business partner than you will with your life partner. Look for someone with whom you're extremely compatible and with whom you enjoy spending long periods of time."


Qualities You Would Look for in a Spouse

"You and your business partner are going to be connected personally, professionally and financially. It's important to pick someone who shares the same level of commitment for your business vision as well as someone who you can see yourself connected to for the long haul."


See Also: 11 Truths About Sales that Entrepreneurs Often Overlook

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