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Finding the right business partner

On Behalf of | Jul 21, 2016 | Business Formation & Planning

Some Florida entrepreneurs wanting to get new ventures off the ground may well decide that going it alone is the best thing for them. Others, however, may feel the need or desire to partner with someone else. Whether or not it is best to have a partner is not really an issue but what can be an issue is how that partner is chosen.

CNN recommends that when searching for or considering a specific potential business partner, special attention should be given to the skills sets or knowledge of the person. Having two partners who are almost clones of each other is never a good way to go. That approach negates perhaps the most significant benefit to a partnership that can exist and that is a broader set of strengths. Good partners should complement each other, not overlap each other.

Similarly, while partners should have unique talents, sharing a vision and values is important. Inc. magazine explains that this keeps partners focused on the same, unified goals which can help overcome many challenges along the way if both people believe in the same purpose. This is a similar philosophy to a marriage.

Other important qualities to seek in a business partner are trustworthiness and honesty. People should look for partners that will be open and not afraid to voice opinions. Failure to do so holds back some of the benefit that each person can bring to the table. Reviewing a person’s history can also give insights into how well their word and intentions can be trusted.