Business partner

How to Choose the Right Business Partner [Infographic]

Starting a new business can be the most exciting time of your life. When you’re sitting on a big idea, it’s natural to want to share it. Plus, you’re likely to need a bit support from other people if you’re to get the thing off the ground. Most importantly, you may need a business partner: somebody who can bring both economic and emotional investment to the table.

You know you need someone you can trust, and someone who is passionate about your project. Once you get down to choosing an individual, it gets much more complex than that. Do you need someone who’s good with figures, or a great speaker? Is it more important that you have chemistry with each other, or that you share the same level of skill and experience?

Whatever type of person you need, whomever the individuals are who make your short list, you need to make sure they are indeed what they appear to be before you make a commitment. It should be someone you’ve known for at least a year, so you know they are stable and that they truly possess the qualities boasted on their résumé.

Don’t get so hung up on their skills or experience that you fail to read their deeper ideals. Core values should be assessed both in a formal setting (writing a kind of manifesto together) but also by spending leisure time together where appropriate.

Finally, you need to make sure that you share the same understanding of each other’s rights and responsibilities. Again, this is a case of preparing a written document together – one that acknowledges how to deal with problems should things turn sour, however unlikely that might seem at this point.

To get a precise idea of the kind of person you should be looking for, run through the infographic below and see which of the eight key business partner types is right for you. Get this part right, and you’ll be ready to get on with the fun stuff.

Choose the right business partner

Business partner

Previous Article
10x rule

The 10X Rule: Drive Maximum Performance in Your Business

Next Article
Using data

7 Tips for Using Data to Keep Your Startup Ahead of the Curve

Related Posts
Read More

WJR Business Beat: Job Switchers Rewarded with Higher Pay (Episode 406)

On today's Business Beat, Jeff Sloan talks about how it's going to be more difficult and costly for small businesses to hire the best talent because job switchers during the pandemic have seen significant salary hikes. Tune in to today's Business Beat for more:   Tune in to News/Talk 760 AM WJR weekday mornings at...
startup team
Read More

5 Strategies for Building a Great Startup Team

The way you treat your employees, their time, skills and abilities in the early phases of your union as a team influences the rest of your company's course of action. Mark Zuckerberg once said, "The most important thing for you as an entrepreneur trying to build something is, you need to build a really good...
pitch videos
Read More

How Pitch Videos Can Help Your Startup Get Funding

When you’re about to launch a startup, gaining the interest and support of startup investors is an important element in becoming a successful brand. These days, videos are a great way of communicating information and landing you anything from seed funding to crowdfunding. After all, a great pitch video can grab your investors’ and consumers’...
Read More

A Q&A with Ryan Close of Bartesian: Creating and Marketing a Game Changer

Bartesian started as a dream for Ryan Close. But in just a few years, his cocktail company had 975% year-over-year growth and more than $50 million in sales. The business is a media darling and has been featured in such publications as Forbes, Esquire, People and others. And not just every product lands on Oprah's...