Choosing the right business partners is one of the most important decisions we can make as entrepreneurs and leaders.
It doesn’t matter whether the business partner is a co-partner (co-founder, co-managing director, etc.) or another company. In all cases, it can have a significant impact on the success or failure of your enterprise.
When I look back over the last 20 years, I consider one aspect to be particularly important to be successful together with business partners:
“Look for people who share your values, work ethic, and commitment to the business goal.”
In addition to rational aspects, it is essential to listen to your gut feeling.
Especially when I was young, I also said “yes” to business partnerships that couldn’t really work out from the start. Or to put it more directly: I didn’t have a good gut feeling, even though the business facts and conditions weren’t a bad starting point.
Starting and running a business is hard work, and it’s crucial to have partners who are just as invested in the success of the joint venture as you are. Take the time to carefully evaluate potential partners.
Three aspects when choosing business partners
1. Communication is key
Make sure you and your potential partners can communicate effectively and honestly. This can help prevent misunderstandings and conflicts down the line.
2. Don’t rush the decision
Take the time to get to know your potential partners and make sure they are a good fit for the business goal. It’s better to take a little longer to find the right partners than to rush into a partnership that could end up being detrimental to the business.
3. Getting a legal agreement in place
The times when partnerships were sealed with a handshake are finally over. A partnership agreement can help clarify each partner’s roles and responsibilities, as well as provide a framework for resolving conflicts if they arise.
Overall, I don’t think it makes sense to run a business without partnerships to reduce possible risks. This is true from both a business and a human perspective.
The topics, markets, challenges, and solutions are demanding and becoming significantly more complex.
With the right partners at your side, you can achieve your business goals more effectively and succeed in a competitive market.