[Startup] 7 Things To Remember When Choosing A Busssiness Partner

.vn – If you have just embarked on a new business and your newly established company is just like your brainchild, your business partner could be seen as your spouse. Choosing a business partner can deeply affects your company’s future, just like how parents affect their children’s development. Moreover, the relationship of business partners is a long term one so every single one in it will have to overcome many obstacles together. Therefore, to make sure that the relationship of the “family” goes harmoniously, every member works effectively, and its “children” grow steadily, choosing a right partner is essential.



However, just like choosing a lifetime spouse, it is not easy to find a suitable business partner for yourself. This article will be helpful for anyone who is looking for a joint partner (as well as a lifetime spouse, maybe.)


1. Listening and sharing


These should be the most important elements because two-way effective communication in working process is vital when you have to make right decisions and formulate clear guidelines to achieve your goals and develop you company. A partner is someone who can listen and understand your ideas, intentions and visions. He can also share his assessments of what you do. If your partner has a big ego, a strong personality, or a hot-headed character and never consider carefully your ideas, you should find a replacement as soon as possible or else your work will be worse.


2. Perfecting each other


Nobody is perfect. No one can be good at every thing. Therefore, to operate the company efficiently, you have to know your weaknesses and find a appropriate partner to make up your flaws. For example, if you are good at personnel management but bad at finance, you should look for someone who is good at accountancy to help you. The more you two complement each other, the more beautifully your business progress.



3. Having simple personal life

Do not choose a partner with many complicated personal issues because he cannot focus on work as long as his own problems are solved. Moreover, he can even bring those troubles to the company and affect his colleagues. Obviously, everyone deserves a chance because we all have our ups and downs in life but business is business, so you have to think about it thoroughly. If you want to keep him, you have to help him take care of his duty while he is in crisis.


4. Having huge financial potential


This is not necessary but it will be better if your partner has a profuse financial resources or a wide business network. All the relations in the industry, the press relations and customer relations that your partner brings with him will be a precious “dowry” which can directly promote and increase the likelihood of success in the company’s activities.


5. Good personal characters


Honesty, integrity and affability are the needed characters one should have to become your partner of manager’s positions. In business, that plagiarize ideas, steal business plans, financial data to sell to your opponent firms and entice your customers to a newly established company is quite popular. Corruption and embezzlement of your company’s fund are even more common. Therefore, don’t be easy-going in choosing a partner and then regret it for the rest of your life.


6. Stable finance


It doesn’t mean that a partner has to have stable finance to help the company but you should never choose a partner with unstable income because of many reasons. A fail company manager may have the failure experience but that doesn’t mean that he has the ability to overcome those failures. It is more likely that he will make the same mistakes all over again and get your company to a dead end. In a worse situation, your company may be embezzled to solve his personal financial issues. Therefore, if there is no constraint and you have options, don’t choose partner with financial crisis.


7. Respecting each other


Choose someone that you respect because no one can work with someone he underestimates. Vice versa, don’t let your partner underestimate you. You should look for someone sees you as his colleague, his expert and an owner of the business he is going to work for. The partner relationship is a long lasting relationship that need to be build on trust or else it will just bring troubles.