Starting a successful startup is a goal for so many aspiring businessmen out there as people did realize that starting any business alone is quite complicated. Looking for a business partner is a priority for so many but actually finding one is difficult. A lot of really successful businesses started off with a partnership. I am quite sure that you are aware of Facebook and Google since these are the two most common examples of highly successful companies started through a partnership.
We can talk a lot about the traits that you do not want to see in your potential business partner but the ones mentioned below are definitely the ones that should be at the top of your list.
All Talk But No Proof
You surely met one of these people in the past. They talk about all the great things that they can do and tell you that they were incredibly successful in the past but cannot actually prove it when it comes to having a serious conversation. You have to verify everything that is said and nowadays, you simply cannot trust anyone that what is said is actually the truth.
This is the one that I personally hate the most. While you can get away with being inconsistent when you launch a site, you cannot do this when you launch a startup. Sometimes it is inevitable to have down time but if your business partner does not step up when he has to, problems will surely appear. You are looking for a partner in order to get more work done at the same time. With this in mind, you may want to check track record and see if your potential business partner has a history of being inconsistent. If that is the case, you do not want him on board.
Bad Communication Skills
We live in a time when it is vital that you communicate with people properly. You should not have a partner that has no idea how to talk with people. As a simple example, any person that starts an argument with you while in public will hurt your startup on the long run. If the partner does not know how to properly deal with people, there is a huge chance that he will also not be able to properly handle what has to be done. Great communication skills are actually a sign that the person you consider is confident and can be a true asset to the startup.
Being Hated By Employees
While you may be able to avoid the problems caused by bad communication skills, if the potential partner is hated by your employees, you can be sure that things will not go well. In order to figure out if that partner will be hated, all you need to do is arrange a meeting with some of the employees, you and him. After the meeting, talk with the employees and ask for feedback. Happiness is vital at any workplace and hating your boss is not something that makes you want to work harder for the company.
Too Many Side Projects
Nowadays, time is the most important resource you have and you need time management to be a priority. If the potential business partner has too many side projects that he works on, your company will not be a priority. If you dedicate most of your time for your startup, the partner has to do the same thing. After all, this is why we call these people partners, right?
This is also the case with you! If YOU have too many side projects, you are the problem and you basically have to avoid yourself. Your startup will not work if you cannot dedicate most of your time towards making it grow.
Clash Of The Egos
If the two of you end up on different sides of a particular decision, the greater good of the company is what should prevail, not ego. Let’s say that you want to offer services at a lower price in order to land more clients and the partner does not want this. In this case, the argument should not be about personal beliefs. You both have to analyze the situation and see what the best solution is for the company. When egos get in a way, failure appears.
Always Agreeing With You
At the same time, you do not want to have a partner that will always agree with everything that you say. Two heads are better than one and I can say that this right here is the biggest problem that appears with most modern startups. If the partner just brings in capital and has shares in the company, without offering any feedback, he is an investor, not a partner. You have to find partners that complement the skills you have at the moment. For instance, if you are really good at creating content, you need a person that is very good at marketing that content. Agreeing with everything is a sign that the partner has no real input and is not really a partner.
Find The Right Business Partner!
A great business partner can be found in the oddest places you can imagine. You never know when you find someone that is great. Keep your eyes open and if there are signs that you will not be able to work well with a person, it is better to stop the partnership from happening in the first place.