When you’re energetic about something and profoundly dedicated to seeing it succeed, it tends to be difficult to share control. Nonetheless, you’ve likely effectively understood that with regards to propelling your new business, sometimes it pays to look for assistance. Going into business implies endless extended periods and late evenings, and endeavoring to carry the weight alone can result in burnout. Additionally, the truth is that regardless of how wide your range of abilities, you’re not going to be a specialist at each part of maintaining your business. This is particularly valid on the off chance that you intend to scale your business rapidly; filling each job will be almost incomprehensible.
If you need to bring in a partner, it can be stressful, but it doesn’t have to be impossible. Along these lines, it’s smart to think cautiously before you settle on this choice. Michael del Vecchio, a successful financial advisor and business leader who has been involved in multinational companies in the US, Malta, Panama and others, explains what to consider before putting pen to paper and signing up a new partner.
It should be obvious that finding a reliable person is imperative. When you’re assessing whether to take on a partner, consider testing their dependability by giving them a touch of “homework” before you settle on your ultimate choice. This shouldn’t be anything tedious or confusion, but it should guarantee that they are routinely ready to meet on schedule, that they communicate effectively and could the test could possibly detect any warnings before the organization is legitimate. In the event that they’re the sort to always drop and reschedule finally, for instance, that is presumably an awful sign.
In addition to ranges of abilities, search for partners with correlative character attributes. An entrepreneur who is quiet and better at one-on-one interaction may do well to discover a partner who is more outspoken and who appreciates attention. Explains del Vecchio,
“The most significant thing you can search for in a colleague is a character and mentality that works synergistically with your own.”
Look for someone who challenges you. You will most likely have days when you feel burned out or lacking energy. One of the advantages of having a partner on these extreme days is that they ought to have the option to motivate you and keep you pushing through.
Find someone who shares the same vision for the future. They would be wise to share that equivalent vision. Says del Vecchio, “A successful partnership must be founded on the principle that you both are headed in the same direction. You have to be compatible and share the same goals and visions.”
The contrast between enthusiasm and fixation lies in an individual’s need to continue a project through to its long-term goal. This is a quality needed in a business partner. If one is burning the midnight oil, the other needs to be there, as well. Passion is good for achieving short-term results, but obsession is necessary to achieve permanent success.
Integrity and ethics are two qualities that must be present in a business partner. Being honest is built on clear communications and accountability, combined with honesty, creates integrity. Asserts del Vecchio, “Both you and your partner are accountable for your actions at all times. If a potential partner is someone who would try to shift blame to an employee or some outside influence, it’s time to consider another alternative.”
Similarly as you would test a potential partner for unwavering quality, consider completing a couple of little ventures with them first to get a feeling of their integrity. Find out if they admit their mistakes and shortcomings; if not, you run the risk of having the individual bring the business down.