The very next thing that follows your business idea is the very important question that who would your business partner be!
Would your business partnership flourish with your prospect partners or would he or she just doom it is what you wonder then?
Well, don’t worry!
We would give you a nice insight on how to choose the right business partner for your choices to determine your success as an entrepreneur!
Trust is a heavy world and it gets even bulkier when you’ve to trust someone with your investments. How money has gained significance over anything else that is human it really takes enormous courage to trust someone to partner with for running a business.
History has witnessed some of the greatest betrayals in families and blood relations for the greed of power and money.
The greatest of empires feel to betrayals and wrong choices and similarly, your notion of a partnership firm is no less vulnerable to sink if you don’t choose your co pilot wisely.
Your business partner and business partnership are a matter of your own choice and if they stab you in the back or bring great loss to your business idea you’d have only yourself to blame!
You must be smart enough and aware enough to recognize not just the potentials that others have but also their intents and conscience.
Here’s how to put your prospective business partner to a litmus test!
The first test is got to be the passion test!
Passion is the key to success! Successful are those who successfully preserve their passion. A business head without passion won’t go a long way!
Hence the first and the foremost thing you need to realize about your prospective business partner is whether they are passionate enough to work with or not.
Are they goal oriented?
Passion is one thing and investing that passion in your goals is another.
You would see many around you who are passionate about things but since they never followed up their passion for setting goals their passion is just decaying uselessly.
Hence it is imported that the ones you are teaming up with must have a vision, a solid virtue and must be goal oriented for goal oriented people add spark to your ventures.
Also what is important to realize is if your potential partner has shared goals and values with yours for if it is so it makes thing pretty easy!
Business knows no emotion!
We are always keen to team up with people we love and people we hang out with. We always believe that working with people we already know would be fun and eased out. But what if the people you wish to partner with aren’t credible enough?
What if there were thousands other who have better skills sets than them and who won’t procrastinate taking your equation with them for granted?
Would that fun and ease take you any closer to success then?
Let’s consider an example here.
Let us assume who partnered with your brother or a very dear friend and they always miss deadlines thinking ‘bhai hai, koi Chakkar Nhi.’ So would you just see your great business idea be a scapegoat to this attitude coming from someone who takes you for granted?
No, you must not for only those with the required skill set should be your choices and not the ones who might not have any skill set but still, you want to have them around. These temptations are all to be put aside or you rather put aside your dream of being a successful entrepreneur!
Put them on trials
Give working with your potential partner a chance before you actually involve huge investments and finances.
Try small projects or if not projects have extensive discussions about various business ideas and check if the person you wish to associate with even has the credibility or not.
This trail run is very important for this trail run will reflect in the choice of your business partner which would further reflect in your success or even failure. You must have read written on the walls of a bus that,
“Savari Apne Samaan ki khud Zimmevar hai.”
It applies not just to the bus journey but everywhere!
Check their history, especially financial
If as a businessman you miss out on risk potential then surely your business sense has gone for a run! You must make sure that the partner you are teaming up with must have a sound history in terms of social repute, financial stability, crime free records and much more. Your risk management also involves proper validation and verification of your prospect partner or later you might be subjected to helpless regrets.
An exit strategy is a must!
Even though you do not want to think on these lines right in the beginning of your partnership but then if there is a well-laid exit plan that both of you agree to things become simpler. You must take every possible contingency in the account, even dissolving the partnership if it ever comes to that.
So now we hope after having read and comprehended this you would not be anymore baffled about the process of finding yourself a perfect business partner for your business partnership plans.