Qualities to Look Out for When Choosing a Business Partner.
The idea of being the only founder of an established firm can be tempting, but it’s important to understand that a business needs ideas and capital to move forward and be successful. On top of that, over 30% of Singaporean startups fail within three years of launch. A talented business partner who shares the same values as yours can bring in exactly what your business needs to grow and eventually lead the industry. This is why partnerships tend to have greater chances of success than sole proprietorships. But again, it all depends on choosing the right business partner.
Here are some qualities to look out for when looking for a business partner:
Tolerant to Risks
Business is all about taking risks and if the partner has low risk tolerance, they’ll panic at the earliest hurdles. You don’t want them to draw their capital half way down the entrepreneurial journey, so pick someone who is highly tolerant to risks and will make decisions confidently. Before choosing them as your partner, disclose to them any risks you anticipate. Partner up with them only if they’re willing to take those risks and others that may come up later.
Once you partner up with someone, work with them to minimize the potential risks and tackle uncertainties.
Trustworthiness
Everyone has a different way to deal with success, failure, and stress, but if you aren’t sure if your chosen partner will stay faithful to you or fulfill their roles, chances are the partnership won’t last long. If you don’t have faith in your partner’s conduct or in their ability to do their job effectively, you may not stay productive on your own. The doubts about your partner will be a big distraction for you. Therefore, prioritize trustworthiness when picking a business partner. It’s a necessary trait for successful joint ventures.
As Obsessed about the Startup as You
When hiring employees, it’s enough to choose a passionate candidate. However, passion isn’t enough when you’re looking for a business partner. It has to be someone who’ll think of business day and night and be by your side whenever you need them. Hence, if you really want to build a lasting empire, we recommend finding someone who matches your level of obsession about your business.
Problem-Solving Skills
Finally, look for someone who will not only point out problems but also suggest effective solutions to improve business processes. They’ll leverage their critical thinking skills and play devil’s advocate to challenge ideas and decisions. They’ll also pay attention to detail to keep your business running in an efficient manner.
Conclusion
To sum up, choosing a business partner is a big decision, so you can’t just pick anyone who claims to be experienced. Successful joint ventures are a lot more than pooling up capital. They feature top class management and problem-solving skills. We hope that this guide helps you find the right business partner, but if you need professional help, reach out to Intellinz today.
