Qualities of a Good Business Partner.
Very recently, I had an opportunity to visit my school friend’s own business – a boutique. Though a small business, I was amazed to see the way my friend ran the business in an organized and also in an innovative way by providing customized designs, sizes, and also free home delivery services. When I inquired as to how he was able to manage so many things, he answered with a smile that he was able to get a partner – his college friend, and they together run this business, with my friend handling the garments section and his partner handling the design and customer service section.
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This got me thinking. Maybe, my friend was lucky in getting such a cooperative partner. But luck may not always play a role, right? In that case, if I aspire to start a business in the future (of course, being an entrepreneur is the new trend. You can earn name and fame!), how would I choose a partner? What are the qualities that I need to look for in a partner if I decide on selecting one? Read on, if the same question strikes you!
THE DAM CALLED ENTREPRENEURSHIP:
Paragraph heading sounds weird, right? Let me explain. As explained in the above paragraph, entrepreneurship is the new trend. Many people aspire to become great entrepreneurs, having been inspired by the lives of great businessmen like Bill Gates, Steve Jobs, Jeff Bezos, Elon Musk, and so on. But the reality is always in contrast with expectations. In reality, entrepreneurship is like a dam that only allows select people who have the tenacity, skill, and above all, a great crew, to cross the dam and run forward.
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According to studies, two-thirds of all businesses fail at an early stage itself. Meaning that a business has only a realistic chance of one third or roughly about 33 % in crossing this great dam and succeeding. If that is the case, how can you make sure that you stay in that one-third of the people who succeed? Simple. By choosing the “right” business partner. Now that we have understood the need for the right business partner, the next question arises. What are those qualities that we need to look for in a business partner to help our business stays in that one-third? Read more to find out!
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THE PILLAR CALLED PARTNER:
A bridge cannot stand erect in one single pillar. It needs a minimum of two pillars to support the entire structure. Similarly, a business needs a strong and able partner as a pillar of support to carry forward the business in an efficient manner. For that, we need to look for certain qualities in a person to be able to become a successful partner. Most of the important qualities required to be a business partner are listed below.
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1. SHARED GOALS AND VALUES:
This is perhaps, the most important quality to look for, when selecting someone as a business partner, be it your closest friend too. That, the person to be selected should have similar goals and values. Shared goals and values help two people to get together, coordinate and plan things easily. They naturally will have a similar wavelength.
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Contrast this to a person who, though maybe ambitious or intelligent, does not have a shared goal and values. Conflicting opinions arise, leading to disputes, and thus, leading inevitably to the downfall of the business. Thus, it is of utmost importance to choose someone who has shared goals as you and believes in certain values and ethics.
The next most important quality is trustworthiness – Someone whom you can trust with your business. A business practically involves a lot of money, transactions, negotiations, and contracts. And it will be the responsibility of both the partners to handle all hardships equally.
So, it becomes imperative that the partner that you are looking for is a trustworthy person, a person who will put the interest of the company above his/her own interest and who, above all, trusts you equally and would never betray you at any cost. Choose such a person who understands the value of the business and works for the welfare of it, and not otherwise.
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The next most important quality is compatibility. This is a generally misunderstood quality that people think of it, as a person having similar interest and thoughts. Though it may be partially true that your partner should have the same vision and clarity of thoughts, it also encompasses another contrasting meaning.
It also means that your partner should be everything that you are not. In short, he/she should compensate you for what you don’t have. For example, you may be a short-tempered person, taking decisions in a hurry. In that case, your partner should be a calm person who decides things patiently and after a lot of consideration. In this way, any hefty decisions can be avoided. Imagine what would happen if your partner also acts the same way as you! Think and choose wisely.
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4. FISCAL RESPONSIBILITY:
This is another important, yet the considered quality that one must look for in a person who is searching for a business partner. The person, be it your friend, or acquaintance, or a relative must accept to take up fiscal responsibility. A partner is one who has equal rights over a company as you. So, if he/she is ready to take over some shares of the turnover, then he/she must also take up the responsibility of investing for the company.
Another important point to be noted here is that the prospective business partner must also be ready to take risks. The Business will obviously contain conspicuous and inconspicuous risks and any person who invests has to be aware of possible risks. So, it is important that the person about to become a business partner is strong-hearted and is ready to face all challenges that may arise in the path to make the business successful.
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One of the most important qualities; your prospective partner should be a reliable person. Reliability is similar to trust, but the difference springs in the fact that reliability denotes action. A reliable person can be entrusted with any job to be completed on time, and he will do it. He will be a true pillar of support and can be entrusted with any job. He will never back off from the responsibility or betray it.
Reliability also arises from experience. An experienced person is always reliable and has sufficient expertise and knowledge. So, choose someone who has the required experience or expertise, one who can handle any issues with ease, and one who can be trusted to complete the job in your presence or absence. Remember that such a kind of person is an invaluable resource and should never be let go of.
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Another additional quality that is required is creativity. Creativity is the most demanded skill in the industry right now. Any business without creativity or innovation will definitely fail. Nokia is the best example of this kind of failure, though even in their official statement, they mentioned that they did not do anything wrong. The world is ever-changing, and sustenance in the field of entrepreneurship requires creativity and great imagination, visualizing the future possibility, though it may seem absurd.
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Creativity is the most valued skill. Remember, Nokia realized late that not being innovative itself is wrong. So, a person, who provides creative and innovative ideas to the company is as valuable as a person having all the above qualities. So, it is imperative to look for, and have such a person alongside you in order to enable your company to grow in this demanding and competitive market. He/She will definitely provide your company with an edge over other companies.
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The last and most important quality is Integrity. Simple as it sounds, this quality should never be forgone. A company is strong only when all of its members are united. And unity arises from liberty and dignity. So, it is important to treat everyone, be it low-level staff or business partners, with respect. A person who does not respect others is likely to fall and create a divide.
Remember, unity is always a strength, not a divide. So, choose a person who values unity and integrity, respects everyone and gives them their liberty and dignity. Such a person will have the morale to inspire others, even when things are going south. So, choose wisely!
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My friend, who at first I thought to be lucky to get such a partner, was actually, to my surprise, selected him since he possessed most of the above qualities. Finally, understand that no person is perfect, So, it is your job to accept and embrace any imperfection, if that person possesses the above qualities. Such a person will definitely serve as a strong pillar. So, go find your business partner for a better tomorrow and success!
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