What to Look for in a Business Partner?

There are many types of business alliances, and even more different approaches to running a venture together. But there still are fundamental things that we look for in the people who share the journey with us. And clarifying those qualities may prove essential to your success. While you don’t have to be too particular about it or reject people just because they don’t check all the boxes, it’s always better to know what you want to see, so that you’re able to build your team accordingly.

Integrity

The definition of this word combines the two most important characteristics that we desire to see in all the people around us. And finding a person who possesses this particular gift, is not an easy task. Yet through actions, not words, it is possible to recognize the presence of integrity in a person.

This is why networking always requires a personal touch. Share stories with others to hear what they have to say, follow their reactions and decisions before committing to a business deal. Reputation is the key aspect of success, and integrity is an ideal way to build a reputation.

Reliability

It’s fairly easy to find out whether someone is reliable or not. In an article in Psychology Today, Frank J. Ninivaggi M.D. states the following:

An important pragmatic feature of reliability is the capacity for mood maintenance, particularly in the face of ambiguous and stressful events.

This means that person’s behavior in the face of any stressful circumstances might determine their future reliability. Of course, it doesn’t give you permission to create stressful events for someone, however observing their reactions might prove to be beneficial.

Compatibility

Interpersonal compatibility is the sense of comfort in long-term relationships of different sorts between two or more people. Usually, when it comes to compatibility, people either rely on empiric methods or turn to various pseudoscientific theories like Socionics. While those normally implement some psychological aspects, there are no reasons to trust them completely.

The empiric method is the only reasonable way to go here, and compatibility issues normally become obvious early on in communication. It doesn’t hurt to have common interests or passions that would allow you to know each other and build a connection that goes beyond work.

Conflict resolution skills

Building upon the previous item on the list, it’s important to remember that in every business relationship there will be conflicts. The way you and your partner would handle them is the sign of your ability to work together and create a successful venture. It is especially beneficial if you both develop a different approach to resolving conflicts. This way you would be able to balance each other out and divide tasks so that they would be completed by the one with a more appropriate skill set. Sometimes it’s better to have a “good cop/ bad cop” duo.

Qualities that you yourself lack

Once again, following the previous statement, we have to mention that your partner should be able to compensate for the qualities that you don’t have. If you are an introvert, you might need an extrovert on your side. If you are better at creative tasks, you should look for someone with a more logical approach.

You don’t have to look for your exact opposite, but it’s better to make sure that you complement each other character-wise.

These are but a few things that we always look for in professional partners. You can tweak them to fit your personal vision or adapt to suit your business model, but keep in mind that your partner would likely be looking for the same things. So make sure you are a worthy companion as well.