I am willing to bet that you and your best friend often daydream of what it would be like to have a business together, a bar if you like to drink, a café where cats are allowed if you are cat people (yay, you!), or an extreme sports endeavour if you are both into bungee jumping. While for some people these are just dreams, and they’d never give up their jobs to start a business with their friend, some who have a truly entrepreneurial spirit would definitely dive into these opportunities, especially if they are genuinely interested in their hobby or interest. But even those people would admit that best friends don’t always make great business partners.
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If you can’t strike out on your own and you are in desperate need of a business partner you might be willing to take on whomever. But you shouldn’t be so quick because a bad business partner can mean the end of your business endeavour and could prove to be a huge waste of both money and time.
To help you out, we’ve put together a guide that will help you decide who you should truly invest in as business partner.
1. Avoid Anyone Who’s Not in the Industry
Although you might be thinking that starting a business with your sweetheart is a grant idea, maybe you should think twice. Especially if your partner hasn’t the faintest of clues about the business you are about to jump in.
Choose your business partner wisely by making sure that he or she is passionate about the industry, this is the only way to ensure that your business partner won’t get bored too easily, or won’t screw up too big.
2. Does He or She Complement Your Skills?
Your business partner shouldn’t just be industry savvy; ideally they should also complement your skills. They should be able to fill any gaps you have, just like you should be able to fill any of their gaps.
This is truly the only way to make a business endeavour successful. Each partner can then be masters of their own domain, which should help avoid any unnecessary drama.
3. Take a Trip With Them
If you’ve found a person that is both industry savvy and complements your skills and you are ready to take the plunge, don’t be so quick. Allow yourself for a weeklong trip with this person. Go somewhere away from home and test them to see if they are willing to stick to the itinerary. Traveling can bring out the best and the worst in people, so make sure to take note of how they behave under stress, how they handle conflicts and how the both of you handle things when decisions need to be made.
By the end of the trip you will know if you should go into business with this person or not. If they’ve gotten too much on your nerves and you don’t want to see them for again, then it’s a no-no. If on the other hand your relationship is stronger than ever, he or she might be the one.
4. Do They Share Your Vision and Values?
When you’ve decided that you can exist on a daily basis with this person in a business environment, make sure that you sit down with them and discuss the business aspects of the matter. It’s important for any business venture to have a clear mission and values, so sit down with your partner and discuss what your vision is for the company, where you’d like it to go, how it should affect its audience and the impact it will have on the world.
If you agree on these matters then it’s meant to be, but if on the other hand you can’t seem to agree then you should reconsider this partnership because these matters are always vital for any business to succeed.
Finding the right business partner shouldn’t be taken lightly, sometimes the people you enjoy spending your time with would prove to be terrible business partners, while people you have nothing in common with will make your partnership bloom.
Do you have any other tips for our aspiring entrepreneurs? Share your answers in the comment section below.