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So the question is pretty basic, what are good qualities in a business partner? As a young freelancer I want to expand my business into a much larger company and I know I will likely need to partner up with one or more people to make it happen.
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I think what makes a great business partner can vary from business to business and founder to founder. I think the key thing is that you need to have someone who you generally get along with well on a day to day basis. You need someone who you can trust, and who you know will dedicate themselves to building the business. Someone with complementary skills is also a big bonus. I know that in our company, it always seems that problems I am not capable of solving, my co-founder is capable of solving, and vice versa. This better helps our company tackle complex challenges and get work done efficiently. It's also important to have a co-founder who is going to challenge you. Who will constructively argue with you over important issues and make sure that you are thinking about things critically. One piece of advice I would give is that I would caution someone who is searching for a co-founder, with whom they don't already have experience working with. I believe that it's comparable to being on a dating site and looking for someone who you plan on marrying right away. I think that it is extremely beneficial to have had prior professional experience in working with your business partner, as it's important to know exactly what their skills are, how dedicated they are at work, and whether or not you'll get along over the long term. |
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A partner ship is like a marriage. You need someone who complements you, and someone you can get along with well and someone you can trust, since you don't want to end up getting a divorce and having a custody battle over the child (aka business). A founders agreement is essential. Unlike a prenuptial agreement, which might indicate a lack of trust or love, a partnership is a business, and therefore should always include the founders agreement. Where do you find a partner? Start by talking with friends, and see if they know people that might fit what you are looking for. Also look into conventions and around business schools in entrepreneurship courses (since people that go to these courses usually look to start a business). Good luck! |
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I have been using this list for quite a few years when selecting partners and people to work with. It has greatly benefited me in treating this process as objectively as possibly.
Each point on this list is discussed in detail on my blog on 8 characteristics of ideal business partners. |
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I totally agree with RonGa. There is a nice essay from Paul Graham about this. And you know what they say: don't do business with family or with friends. Finding a partner is hard cause it takes a serious amount of commitment from him/her as it takes from you. |
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Adding a business partner has been extremely beneficial for my business.We barely knew one another prior to partnering. But from the first few meetings, we gelled. The previous comments are correct. My biggest barrier in choosing a partner was finding someone who had the same work ethic, values, and drive as me. I consider myself fortunate. |
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A person who behaves well and makes rational decisions under stress. Each business has its ups and downs. If a business is hit with a nasty lawsuit, a key developer leaves, a major contract is lost - the last thing you want is your business partner to panic. |
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Something never mentioned is similar interests. Depending on your living arrangements this could be more important than you think. When I was looking for a business partner it never entered into my equation but now living with one another in a small location listening to obscure radio 12h every day, I'm extremely glad he has the same interests as I do. I'd go mad if I had to listen to pop music but equally, some would hate to spend hours on end listening to old school rap, 'tallo disco and electronica. On top of that I'll echo some previous comments: The person should not need to be “managed”. The passion to become the best at what they do. - Does this person have values you hope/wish you had? Would you hire the person if it were a hiring decision? - More than that, would you pay double? |
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I am an Audit Manager/Account Officer to a Merchant Farmer Mr. Karlheinz Kobus a German Nationality. He deposited capital funds in my care for safe keeping. The news got to me that he died in Ghastly accident with his entire family and all efforts to trace his relatives proved abortive. l decided to invest with the funds as regards looking for a partner. If you know you are sincere? l am willingly to do the business and invest with the fund with you in your country, provided you are a trustworthy person because i have been scammed twice. Thanks My Regards, Paul Schole Cardiff - UK Tel: + 44 70 4571 1792 |
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