What to look for in a business partner??

[margrett]

Hello Friends

1)Be picky:Choosing a business partner is like choosing your significant other: someone you can trust, a person you’re willing to spend a lot of time and share your finances with. Don’t pick randomly, or assume that your best friend automatically qualifies for the spot. Your ideal partner should be able to make the business work
better. Assess the qualifications of your candidates. What can they bring to the table? Do they have any experience in related fields? Do they have any brilliant ideas for the business? Will you be comfortable leaving the management to them?
2)Where do you want to be in the future?:List your goals for the business. With these in mind, ask yourself: are you on the same page? His involvement is crucial to your success. It’s best to choose a partner with similar views, to avoid nasty disagreements in the future. However, arguments will happen eventually. Your partner should be able to handle criticism well, and mature enough to resolve differences like an adult.
3)Communication:Like any good marriage, communication is a vital aspect of any partnership. Can you openly talk about your opinions and visions for the company? Can you listen to him, and does he have an open ear for your concerns as well? It is best that terms of the partnership are discussed and the responsibilities of each individual properly stated and written down, as well as what happens when a partner pre-maturely opts out of an agreement. Get all bases covered, and that includes a legal counsel.

Thanks for reading

[roswell]

Hello friends

1. Humility. “All show, no go” need not apply. Someone’s past title means nothing. If you think “fake it ’till you make it” is a great idea, I want nothing to do with you. If your partner insists on a facade of expensive suits, flashy cars, expensive dinner bills, or other poseur behavior to look bigger/better than they are, one must question the prudency of such expenses. Clients are not stupid and they will eventually see behind the mask. Have you ever seen what a wet parrot looks like? Next time you are considering a business partnership, make sure there is some muscle behind those feathers.
2. No secrets. A partnership is like a marriage.  If there are secrets between the partners, then the partnership is doomed to fail. Full “confessions” from everyone is a good thing. I would go further and say that partners should hire background check company and those reports should be available to all the partners.
3. Open mind. Everyone has stupid ideas sometimes. Partners should always have great dialog and not feel “attacked” when questions are asked.  In a good partnership, the questioning of your ideas should be treated as the ultimate sign of respect.
4. Determination without fixation. Yes, the dream you have to create some service/widget is great… but a straight road is rarely the best route.  A rigid plan could kill you. You have to think about your business as a snake. Snakes rarely dart directly at their prey, they scope out the area, work with the terrain, avoid dangers, and than wiggle their way until they have their dinner.
5. Ability to adapt and accept change. Don’t fight change, embrace it. Partners who get stuck in the “old good times” will drag you down.

Thanks for all

[henry]

1.Find a Partner That Can Bring Skills and Experience to The Business
A good business partner should have skills that support and compliment your own. No single person is a master of all things business. If you have great interpersonal skills but poor business finance skills, consider a partner who understands business accounting. The more skills you and your partner bring to the business together the easier it will be to start, plan, grow, and run your business.
2. Look For a Partner Without A Lot of Personal Baggage
If your partner has serious challenges in his/her personal life it may carry over into the business. It is nice to be willing to give someone a chance, but running a small business takes focus, time, and tremendous energy. If your partner is dealing with one personal crisis after another you may find yourself carrying the weight of the business.
3. Find a Partner That Can Offer Resources and Credibility to Your Business
It is great to have a business partner that has financial resources, but there are other contributions a partner can bring to the business that can be just as valuable. A partner with a strong business network, industry connections, client list, or certain credentials and expertise can also increase the value of your business and improve your chances for achieving long-term success.
4. Choose a Partner That Practices Good Personal and Business Ethics
Only enter into partnerships with someone you can trust. Look for someone who values honesty and practices good personal and business ethics. A poorly chosen business partner may end up stealing from the company, taking your ideas or clients to start their own business, or breaking laws that could get your business into legal trouble.


Thanks for all friends

[james34]

The ideal business partner is someone who possesses skills that you do not have. This makes the business stronger by enhancing the qualities you can bring to the table in any discussion, negotiation and meeting. It also helps greatly if they are financially very strong and can bring further resources to the table if required.

In my previous business my brother was one of my partners. He was exceptionally good at art and design. He created our first brochure and our website. He helped to create the brand image for our company. I was good at creating and holding together the team so that the business could grow. Together we created a highly profitable company employing over 45 people.

I believe that the type of partner one should look for is someone who is highly enthusiastic about life. Enthusiasm is infectious and can help you to stay motivated when times are tough. I also like people who are full of ideas and can see opportunity where others can not.

I admire people who refuse to take no for an answer. Persistence is a great quality and often it can be successful. In my previous packaging company my partner called the largest company in Dundee - NCR (National Cash registrars) every three months for over four years only to be told to go away. "Do not call us, we will call you" was the standard response.

[carl12]

Step1
Realizing who you're looking for is the first step in trying to find a business partner. There are some important issues to take into consideration. First and foremost, one must think about what skills they don't have and which they would be looking for in a business partner.

Step 2
Make a list of those skills that you don't possess. Writing them down will give you a solid understanding of just exactly who you'll be looking for and what strengths are required.

Step 3
Ask your family and friends if they know of anyone who fits the bill once you've identified the type of person you're looking for. The saying "It's a small world," certainly may apply to your business partner needs so it's important not to discount anyone that your friends or business contacts may recommend.

Step 4
Network: Go to business events in your local area or in one of the major cities near you. You never know whom you're going to meet.

[saria19]

1)"The pen is stronger than the sword" Please put any kind of agreement you come to in writing. Ask your attorney what is the best safeguards you can implement. This way you will be; well, safe.
2)Ethics and trust. This is very important for your quest of an ideal business partner. Go on with a partner you can trust, and of course, that he trusts you too. Look for someone that ethical and values honesty. Don't get in with someone that will make you do something illegal. PLEASE!
3)Ask around. One important way to know any potential business partner is to ask about him. You don't need someone who has an alcohol problems, drugs or criminal record. All potential partners, including yourself, have to be forthcoming about their past, financial being and debt.
4)Who does what? You have to assign what function each you will have the company. You have to set the roles and any kind of contributions that will be in the business. Remember step 2. Do what you can do best and let your partner do what ever he is good at.
5)Values, goals and entrepreneur spirit. Try to fin someone that shares a similar vision as you. This way you will have fewer problems on the way. Something that's important is communication. This way you will share all of you're goals, decisions and values. Don't partner with someone that will make your life a living hell.

Have a nice day

[sophie17]

    * Your company needs a bank loan. The bank checks the credit history of all owners (count on it). It refuses the loan because of your partner’s shaky credit history.
    * You seek outside financing elsewhere. You can get it (e.g., credit lines) but your partner can’t (because of said credit history). To do so, you 1. mortgage the house or 2. provide a personal guaranty for the credit lines.
    * The business needed more than your one credit line could provide, and now you’re both tapped. The business goes under. Guess who’s on the line to pay back the debt? Answer: It’s not your partner.
    * Your partner is a slow (or no) payer when it comes to reimbursing her share of the debt. Does the bank or credit agency care? Answer: No. It’s your good credit that could be adversely affected if you don’t have the wherewithal to meet the monthly payments yourself.

[marlon]

Hello friends

1. Find a Partner That Shares Your Values, Entrepreneurial Spirit, and Vision
2. Find a Partner That Can Bring Skills and Experience to The Business
3. Look For a Partner Without A Lot of Personal Baggage
4. Find a Partner That Can Offer Resources and Credibility to Your Business
5. Choose a Partner That Practices Good Personal and Business Ethics
6. Choose a Partner That is Financially Stable
7. Respect: A Necessary Element to Forming a Successful Partnership

Thanks for all

[jenny14]

Hello Friends.......

1.Realizing who you're looking for is the first step in trying to find a business partner.

2.Make a list of those skills that you don't possess. Writing them down will give you a solid understanding of just exactly who you'll be looking for and what strengths are required.

3.Ask your family and friends if they know of anyone who fits the bill once you've identified the type of person you're looking for

4.Network: Go to business events in your local area or in one of the major cities near you. You never know whom you're going to meet.

Thanks