“Choosing a business partner is like getting married” If you want this business union to go smoothly and not end in tears and divorce, you must ensure you choose the right person who is ready to stand by your side for the long haul.

         

For new startups or beginners who don't want to start a business as a duo only to end up single, before committing to anyone, it's advisable to carefully weigh your options. Don't let your heart lead you too easily. At the very least, before considering a business partner, try to list the qualities of your dream business partner that you believe will be the missing piece of the puzzle in your mind, serving as a compass to guide your choice and avoid mistakes.

      1. Clearly Define Your Core Values Whether you're looking for employees or choosing a partner, you need to start from a stable and clear standpoint. A clear ideology will help define your goals and decision-making in the future. Remember, your standpoint should reflect who you are, not who you hope to be. For instance, are you competitive, or do you value teamwork? Do you prefer to be on standby 24/7, or do you prioritize work-life balance? Be decisive.

     2. Clearly Identify What You Are Willing to Sacrifice Once you have determined what is important to you, it's time to delve deeper into what you are willing to sacrifice to achieve your goals. For example, if deadlines are your top priority, are you prepared to work overtime or adjust your personal life plans at any moment to meet those goals? Many may see these as minor details, but they are significant discussions to have with your potential partner from the start regarding what you value and how much you are willing to sacrifice to achieve it.

        3. Self-Assessment Everyone has strengths and weaknesses. The key is whether you know yourself well enough to develop your strengths and mask your weaknesses. Then, look for a business partner who can complement what you lack and support your strengths to gain a competitive advantage.

         4. Define the Relationship You Expect with Your Partner Imagine what you expect your relationship with your partner to look like. Do you want to work together every day? Meet once a week? Socialize every evening after work? Or have lunch together once a month? Whatever definition you choose for your partnership is not a problem as long as both of you agree.

         5. Check for Compatibility Sometimes, finding a skilled person is not as challenging as finding someone with whom you have chemistry. While it may not be easy to gauge if you have chemistry, you should make the effort. If you end up with someone who is highly intelligent but lacks emotional intelligence, it will be difficult to work together effectively. Ideally, choose someone who is humble, open to new ideas, and willing to make joint decisions as your partner.

     6. Ensure You and Your Partner Have Equal Motivation and Drive You and your partner do not need to dedicate 80 hours a week to work or push yourselves until 2 AM every day. Just ensure that both of you have the drive to reach your goals at the same level.

         7. Align on Conflict Resolution Strategies Every business will face tough times, whether it's funding issues, cash flow problems, employee shortages, or contract cancellations. All of these are challenges that can strain the relationship between business partners. Therefore, you should plan early on how you and your partner will handle difficult times.

         If you ultimately find that your potential partner does not meet the criteria of these 7 qualities, it is advisable not to overlook it or think that you can adjust over time. This could be the beginning of a rift that is hard to mend in the future. It's best to take your time to find the right person because if finding a business partner is like getting married, you wouldn't want to be a bride or groom multiple times.

Source: www.inc.com

Article by: TerraBKK Investment Tips

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