4 Characteristics to Look for in a Potential Business Partner
Finding the right business partner isn’t so different from finding the right romantic partner. After all, you are sharing your life with this person, there will be highs, there will be lows, and you will have to face them together.
The benefits of having a partner are immeasurable, especially if you are a risk averse, first time entrepreneur. You get to:
- Share the workload and the risk.
- Double your skillset and network.
- Increase your chances of business success.
Despite these advantages, up to 70% of business partnership ultimately fail. You can read some of the reasons why here.
The dynamic between two individuals is so much more than two resumes. Complimentary skillsets do not equal good chemistry. Until you both sign that operating agreement, you have the freedom to walk away — use it wisely.
Entrepreneurs are problem solvers, they don’t want to walk away from a problem, they want to solve it. Don’t fall into the trap of working to fix something (or someone) before considering if you should try to fix it in the first place.
Below are four characteristics you should consider before entering into a business partnership with someone.
Likability
This is akin to the philosophy that companies should hire for attitude and train for skill. You’ll be spending almost all of your waking hours with this person, you need to like them.
I’m not saying you should judge someone based on how many friends they have, but rather, what are the quality of the person’s relationships? If the person is close to their friends, family, and/or coworkers, it probably means they have empathy, which is a plus. If you find that the person spends alot of time speaking ill of the people in their life, be wary. They’re going to do the same to you.
Many brilliant people are unlikable jerks. Steve jobs wasn’t a teddy bear, and I’m sure most people would have been fine working with him if he helped them become a billionaire. Just know that more often than not, a jerk won’t make you rich.
Accountability
I’m not sure there is a more important trait in a business partner. One reason is because accountability is the foundation of trust. Does the person do what they say, or is there a gap between their words and actions? Do they hold others to standards that they don’t hold themselves to?
Another reason accountability is so important is because the lack of it can be a sign of narcissistic personality disorder. Narcissists are not inherently bad people, but they are bad people to work with. Trying to get a narcissist to understand your point of view is almost comically impossible. It is also almost literally impossible.
Being able to identify someone you don’t know well as possessing high accountability can be tough, but here are some ways you can tell.
Self-Confidence
Some say self-confidence is a learned skill. I’m not sure how you can be a successful entrepreneur without self-confidence. Those with self-confidence aren’t afraid of being wrong. They own their mistakes. They voice not only their concerns, but their gratitude, their forgiveness, their remorse.
In short, they are leaders. Who better to lead a startup than a leader?
Patience
Nobody is perfect. No business is perfect, especially a new business. As you try to navigate the highs and lows (mostly lows) of trying to keep a business afloat, patience is a must — not passiveness, patience. If you are working with someone who is looking for immediate returns, a startup is not the right place. Startups are not generous and they don’t promptly reciprocate.
If you are working with someone who will blow up at one mistake/failure, a startup is the wrong place. The path to success of a startup isn’t a walk down a paved road, its a trek through the Amazon.
You’re going to have to hack your way through some dense brush, and you’ll encounter things that will eat you alive. Sometimes you’ll just want to turn around and go back to the comfort of a 9–5. If you are going to succeed, you must be patient, take those valleys in stride and keep on keeping on.
