What makes a business partnership successful? Having a good partner that is one who carries the same values as you, one who wishes for the business to be a success, and one who has greater strengths (or different) than your own. But there's more than just these things. In order for a business partnership to be a success it must also possess these things:
Different Skills and Talents
Each person in a business partnership should possess a different set of skills and talents. If both are the same, then the business will become lopsided. If each person has completely different skills and talents, the business will grow and thrive as a whole. Ideally, you want a partner who can balance your own weaknesses. Look for someone who has the same values and the same vision, but who has opposite skills and talents from you.
Equal Responsibilities
The best advice for a solid business partnership is to divide the responsibilities of the business into half for each person. While some business partnerships may be of different responsibilities, like a 70 / 30 or a 40 / 60, these are not ideal. Eventually the person taking more of the responsibilities may become resentful. The person taking less responsibilities may want equal share in the income. The best scenario is to divide all the responsibilities, according to talent and skill, into half. This includes the responsibility of the finances, so when it comes time to pay income, that too is a 50 / 50 share. It just makes it easier and makes the business run smoothly.
Like Minded
The vision of the business needs to be the same with each person in the partner. You both need to agree on the profit expected, and need to agree on the losses. Losses we hope never happen, but you need a solid business plan in place that will define your roles should a loss or losses occur. Without this type of like-mindedness the business will be doomed, or at the very least will not thrive as well as it could.
It helps to know the person well enough to know how they react under pressure. You want a partner without the risk of them running out on you, someone with whom you can place all of your trust. A good business partner will want the business to succeed and should be willing to do what it takes to make it happen.
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