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Tips on How to Choose a Business Partner??

crystal
(@crystal)
Eminent Member Registered

Hello Friends

1)Choose a Partner That Practices Good Personal and Business Ethics:Only enter into partnerships with someone you can trust. Look for someone who values honesty and practices good personal and business ethics. A poorly chosen business partner may end up stealing from the company, taking your ideas or clients to start their own business, or breaking laws that could get your business into legal trouble.
2)Choose a Partner That is Financially Stable:Whether or not your partner contributes financially to the business is less important than if your potential partner is in dire financial straits. Someone in the middle of a financial crisis may not be the best choice to go into business with for a variety of reasons. Money, asset, and time management skills are critical for small business entrepreneurs and someone who has grossly mismanaged their personal or business finances may not have the skills or discipline to make a business partnership work. Worst case scenario, they may even look for ways to steal from your business to solve personal financial problems.
3)Respect: A Necessary Element to Forming a Successful Partnership: You should never partner with someone that you do not respect. The main purpose in forming a partnership is to achieve success as a team. You may not value the opinion and efforts of someone you do not respect at least on a professional level. You also want to partner with someone that will show you respect as a partner, business professional, and as the founder of your business.

Have a nice day

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Topic starter Posted : 15/04/2010 6:59 am
maclane
(@maclane)
Trusted Member Registered

Re: Tips on How to Choose a Business Partner??

A good business partner should have skills that support and compliment your own. No single person is a master of all things business. If you have great interpersonal skills but poor business finance skills, consider a partner who understands business accounting. The more skills you and your partner bring to the business together the easier it will be to start, plan, grow, and run your business.

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Posted : 16/04/2010 3:47 am
Ted
 Ted
(@Ted)
Eminent Member Registered

Re: Tips on How to Choose a Business Partner??

Hello
I would like to thank you all for sharing this information with us.
I think to choose a right a business partner is very important.
Because if our partner is not good it simply affect our business.
So these tips seems beneficial.

Keep sharing like this.
Thanks.

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Posted : 19/04/2010 2:25 am
dave23
(@dave23)
Eminent Member Registered

Re: Tips on How to Choose a Business Partner??

Hello
I would like to thank you all for sharing this information with us.
Keep sharing like this.
Thanks.

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Posted : 20/04/2010 6:03 am
claudia19
(@claudia19)
Eminent Member Registered

Re: Tips on How to Choose a Business Partner??

1. Find a Partner That Shares Your Values, Entrepreneurial Spirit, and Vision:Of all the things to look for in a partner this is probably the most important. You will need to be able to communicate effectively with your partner to make decisions, set goals, and drive the business forward.
2. Find a Partner That Can Bring Skills and Experience to The Business:A good business partner should have skills that support and compliment your own. No single person is a master of all things business.
3. Look For a Partner Without A Lot of Personal Baggage:If your partner has serious challenges in his/her personal life it may carry over into the business. It is nice to be willing to give someone a chance, but running a small business takes focus, time, and tremendous energy.
4. Find a Partner That Can Offer Resources and Credibility to Your Business:It is great to have a business partner that has financial resources, but there are other contributions a partner can bring to the business that can be just as valuable.
5. Choose a Partner That Practices Good Personal and Business Ethics:Only enter into partnerships with someone you can trust. Look for someone who values honesty and practices good personal and business ethics.

Have a nice day

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Posted : 24/04/2010 9:27 am
daniel_ch
(@daniel_ch)
Active Member Registered

Re: Tips on How to Choose a Business Partner??

There's no way to guarantee a potential business partnership will work. However, there are some things you can do that should help you avoid a repeat of the serious problems you've experienced.

To address your first question: Having had some bad experiences with partners, it's understandable that you'd consider going it alone. It's certainly simpler: As president and chief executive, you'd have the authority to make crucial decisions and shape the future of your company without having to reach agreement with another individual or a group. Of course, this can be a good thing or a bad thing, depending on whether you work better as a consensus builder or as a maverick. If you're a sole proprietor you can brainstorm with employees and advisers, but ultimately company decisions and responsibility will rest on your shoulders.

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Posted : 26/04/2010 6:50 am
dollyy
(@dollyy)
Eminent Member Registered

Re: Tips on How to Choose a Business Partner??

I m totally agree with you,this post is helpful for new businessman..
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Posted : 26/04/2010 9:15 am
liber8life
(@liber8life)
Active Member Registered

Tips on How to Choose a Business Partner??

from the tips that i read in this forum , i can say that this forum is so much helpful to the businessmen and to those who will start their business..
great minds are in this forum.. 😀 😉

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Posted : 26/04/2010 12:05 pm
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