First off, be VERY careful about getting involved in business with friends. Notice I didn’t say DON’T get involved with friends, but you need to be aware that when money comes into the picture it is possible that your new partner might turn into a person you don’t want to know, let alone do business with. If in doubt, WALK AWAY.
The next thing you need to consider is the integrity of your potential partner. I know it might seem obvious, but does this person have a history of screwing over others? Even if it’s just talk….WALK AWAY.
Does this person seem to be a team player, or do you get a vibe that screams “ME ME ME”? If they are only concerned about themselves, WALK AWAY.
Are your goals compatible? If you are interested in retiring in 5 years but your prospective partner seems to be content to work for the rest of his life, WALK AWAY.
Do you compliment each other? Are you both 100% idea and 0% execution? Find someone who you can strike a balance with, or WALK AWAY.
What are they like with women? Sounds like a non-issue, but let me assure you, if you get involved in business with an AFC who is dying to marry the first chick who lets him lick her feet, YOU ARE ASKING FOR TROUBLE. Yep, that’s right, WALK AWAY.
All of these negative traits you should avoid in a business partner, what kind of POSITIVE attributes should one seek?
A business partnership is like a marriage. Find someone who is loyal, honest, and willing to grow and improve themselves. Find someone who brings skills to the table. Someone who is as hungry or hungrier to reach the goal than you are.
Notice how most of this post was about what to AVOID in a business partner? There’s a good reason for that. The reason is, MOST people simply aren’t cut out for business.
Think of this as a marriage that would be VERY hard to get out of. Don’t get involved with someone unless you are prepared to go the distance.
If you manage to find a good candidate, will things always be perfect? HELL NO! My bookkeeper can attest to the fact that even a good situation has its ups and downs. She has been in the room when she thought my business partner and I were going to exchange blows. It can get pretty ugly, but usually ten minutes later it’s back to business as usual.
Hope this gives you a good overview of some of the qualities to look for and some of the qualities to avoid when looking for a business partner.
The next thing you need to consider is the integrity of your potential partner. I know it might seem obvious, but does this person have a history of screwing over others? Even if it’s just talk….WALK AWAY.
Does this person seem to be a team player, or do you get a vibe that screams “ME ME ME”? If they are only concerned about themselves, WALK AWAY.
Are your goals compatible? If you are interested in retiring in 5 years but your prospective partner seems to be content to work for the rest of his life, WALK AWAY.
Do you compliment each other? Are you both 100% idea and 0% execution? Find someone who you can strike a balance with, or WALK AWAY.
What are they like with women? Sounds like a non-issue, but let me assure you, if you get involved in business with an AFC who is dying to marry the first chick who lets him lick her feet, YOU ARE ASKING FOR TROUBLE. Yep, that’s right, WALK AWAY.
All of these negative traits you should avoid in a business partner, what kind of POSITIVE attributes should one seek?
A business partnership is like a marriage. Find someone who is loyal, honest, and willing to grow and improve themselves. Find someone who brings skills to the table. Someone who is as hungry or hungrier to reach the goal than you are.
Notice how most of this post was about what to AVOID in a business partner? There’s a good reason for that. The reason is, MOST people simply aren’t cut out for business.
Think of this as a marriage that would be VERY hard to get out of. Don’t get involved with someone unless you are prepared to go the distance.
If you manage to find a good candidate, will things always be perfect? HELL NO! My bookkeeper can attest to the fact that even a good situation has its ups and downs. She has been in the room when she thought my business partner and I were going to exchange blows. It can get pretty ugly, but usually ten minutes later it’s back to business as usual.
Hope this gives you a good overview of some of the qualities to look for and some of the qualities to avoid when looking for a business partner.
