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Trusting your partner is akin to developing a marriage. Without trust, it will be difficult to develop your company into something that will thrive. Experts agree with this principle and have shared the idea with nearly 200 different entrepreneurs. In fact, an entire seminar was developed around the concept at the end of December 2012. “A Marriage of Convenience: Keys to a Successful Business Partnership” is the name of the seminar that espouses these principles that have served as the foundations of many companies.
When entering a business partnership, a contract should be signed to protect the interests of both parties. The business relationship should be so solid that both parties should feel that no contract is required to enter a business partnership. These contracts should be in place only as a precaution.
A good business partner has more than a certified professional resume
For instance, it would make sense for a business partnerships focused on software to understand all aspects of the business. Select people who have unique skills that can develop into profitable companies.
Always check resumes for skill, but then, verify the skills and determine if the chemistry is present. If the skills and compatibility are evident, the partner may be beneficial to the company. Business partners should also respect each other’s opinions. If one business partner does not respect the feelings of the other partner, productivity will decline, and it will impede the company’s progress. Even if each partner’s point of view is not congruent, they must be able to respect the consensus reached after discussion and deliberation. The company’s vision and values must be respected.
Since frequent communication is necessary for the success of a business, business partners must feel comfortable contacting each other at any time of day or night. If there is tension contacting the person and being around them 24 hours a day and seven days a week, then this business partner is not right for the company. Before selecting business partner, think about your level of comfort with calling a person all times of day and night. If anxiety levels rise when contacting a potential business partner, then this is not the person for the job.
Choosing a business partner is like choosing a spouse for life. The important questions must be asked up front to determine if the business partnership will endure the trials and tribulations of starting and maintaining a business. Questions will also prevent arguments later in the business relationship. Essentially, a business partner should be someone that is trustworthy and reliable. The process of finding a trustworthy partner may be long and tedious, but it will prevent disagreements when tough decisions must be made.
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