What to look for in a business partner by Eric Kinoti

Many young people think that partnerships are all about money, but there are various characteristics you should look out for in a partner.

These are top five things you should look out for in the person you entering into a partnership with.

1. Shared vision and goals:

First and foremost, you must have the same vision with the person you want to partner with. Even if he brings to the table a billion dollars and you don’t share the same vision and goals with you, you will not go far. He must believe in your idea, he/ must be someone who believes in your abilities and respects the goals and targets you have set out for the company. What do you see when you look into the future, do you both see the same thing or everyone has his/her own translation and opinion?

2. Good work ethic and open to criticism.

This should go without saying — your business partner needs to work as hard as you do, and should be pushing you to give your all to the success of the new venture. If someone’s past track record says they’re lazy or unenthusiastic after a time, look elsewhere. You don’t want to have to pick up anyone’s slack, particularly your partner’s. Sometimes both of you will come up with ideas that are not good ideas. Choose a business partner who values others’ input, no matter from who in the company, and is not stubborn or will not take constructive criticism personally

3. Trust

This is non-negotiable. It also needs to be unreserved and unambiguous. It’s easy to say, “Sure, I trust this person. They don’t lie, steal or cheat.” But it needs to go way deeper than that. Do you trust them to make the call on a tax issue? What if you’ve disagreed about the topic in question on more than one occasion and never came up with a mutually satisfactory answer? Do you trust them enough to tell them how you really feel about the stunt they pulled at a client meeting? Do you trust them to forgive you if you make a huge, embarrassing mistake?

Think carefully about whether this person has always demonstrated respect for others, including people they don’t like. Are they fair and reasonable in day-to-day negotiations? How do they handle political or religious conversations? Do you believe them when they say they are sorry?

4. Compatible communication styles

If one person wants to talk it all out, and the other person just wants to move on without processing, it’s going to be tough to get through the kinds of conversations you need to have as business partners. You should have great communication skills in that it will apply to anyone involved in the business, including employees. As partners, you’ll need to keep each other up-to-date on all things business related. The last thing you want is to be left in the dark and upset with the end results, so make sure your partner is transparent and able to communicate well — this will help in getting investors on board too.

5. A good rapport with others and Great Networks

Your business partner needs to be a people person. If they have a good rapport with others, whether it be past employers, employees, or business partners, then they know to manage and work with other people. Plus, those past connections can turn into new clients for your burgeoning enterprise. You should also look for someone who is well connected and has business links in many places. Your net worth equals your networks.