How to Find a “Soulmate” er… Good Business Partner

Strategic_Partnership

If you have read our older blogs, we made a post about how working with your spouse as a business partner can be very effective if you treaded carefully. Now, in case you do not have a spouse, we will talk about how to find a business partner with the right qualities.

If you believe that you as a business person can work better alone, we have an example that may change your mind. Written from lesseverything.com, they had an example of a man named Allan who had been running his own consultant business just fine alone. He had a father who was a successful entrepreneur for decades that told him not get a business partner. Eventually, Allan met Steve during the Summer 2006. Steve could take Allan’s ideas and instantly be able to tell him why it was bad and how to make it better. Allan quickly realized that having Steve around would make him better at what he does. Additionally, he also realized that Steve could also plan and execute business better than Allan could. Allan was ideally the idea factory while Steve improved upon those ideas. Now today, they together have made an even more successful business.

Keep in mind that a business partnership is like a marriage without the sexual part. Every business decision that Allan makes will affect Steve, and every business decision that Steve makes will affect Allan. If Steve needs to spend more for the business, this will put a strain on Allan, which will affect the business entirely. In a way, it is like having your spouse spend tons of money on products that are unnecessary; you would have to keep track of their spending in order to use that budget for other important things.

How do you make a business partnership work out? Well, it’s basically the same thing as a marriage:

Have mutual respect for each other: You must always have respect for the things that both parties do, and they must collaborate and work together without any criticizing or fighting. It is a partnership and marriage, not a war between two partners.

When you have a partnership, you treat each other as if you are equals. There is no such thing as the dominator in the relationship or the captain. When you make decisions, make it together with a compromise if one party does not agree with certain factors. This would be another way to show respect for one another.

Another thing that is considered to be rare, but if you have it, do not lose it. This would be having a partner who has skills that are complementary to your skills. In lesseverything.com’s case, Allan is a designer and Steve is a developer. When you have a person who designs and another who develops those designs while improving them through the process, you can say that it works like “peas and carrots.”

There are times when you and your business partner are best friends, and sometimes you both are not, but one thing for sure us that they are always aware of how the other party is doing, and they are usually willing to help that person out. In many cases, they are trying to understand each other’s stresses and the workload.

Here are two qualities that your partner should have:

-          A real friend, spouse, or partners are willing to point out your flaws and tell you some of things that you are lacking. They are saying this because they want you to grow, they are not looking disrespect you or criticize you. And you are willing to take that in because you value their opinion.

-          They do not judge you. When you need help with a broken car, moving, or if some kind of emergency happens, who would you call? If it is 2:00am and you are unable to drive back home, who is going to drive 50 miles to help you out? If that person is willing to do that for you, consider that person a true friend. This is how your business partner should be.

Inspiring quote: “Allan says…

“I’ve always had plenty of friends, but there’s only a small circle of those that I would call ‘close friends.’ My Grandfather would tell me that before the Great Depression, he had money, a bunch of friends and a Model-T car. When the hard times struck, his family lost everything–including the friends. They only wanted to be around him when he had possessions.”

 

***ARTICLE BASED ON LESSEVERYTHING.COM***

 

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