The market for business is getting competitive by the day. It is a cut throat world out there. People want to acquire something continuously. While this is acceptable, the people who are into business are finding it essential to get into business partnership more as they are waking up to the requirement of having a business support. It is needed that you get into a partnership with people who share your vision, who would want to share the risk of the business along with profit. This is an important fact, the individual who you want to partner with needs to know that it is not only the profit but the risk of loss also they would have to share with you.
Anura Leslie Perera is a famous business consultant. He says that there comes a time when it becomes difficult for an individual to drag a business alone. There are times when people need someone to share the responsibilities with. Outsourcing is a cost effective way of doing business. However, partnering with another organization or an individual is also a way of getting quality work done.
What you need to consider is – the profitability of the partnership. What would you get out of the partnering? What would profit? Will there be challenges? Do you have the capability of getting into a partnership? There are several questions to ask. Sadly, most of the times, the young entrepreneurs don’t think of such things. They get eager to get into the desired partnership. They find it unrequired to consider anything. However, this is a mistake. You need to consider the matters before you make the partnership legal.
So, what should you look for in a business partner? Anura Leslie Perera says that when people look for a partner, they usually look for people like themselves. This is a mistake. You should never find another you. A successful business partnership needs both the partners to have unique skill sets. Therefore, find someone whose strength is your weakness and vice versa. Find a partner who can help you grow. Partnering with yourself will not help your business.
Flexibility is another skill which a successful business partnership needs. You need to have a partner who is flexible. Someone who is ready to adopt to changes is the right person to partner with. You must make it clear that with time the decisions and the plans need to be changed. Every business face times when nothing works properly. These are times which need flexibility. Rigidity earns nothing in such situations. Therefore, you must focus on flexibility when you are trying to find a partner.
Every business person needs to have conviction skill. This is important. This is in fact the foundation upon which a business stands. Your partner needs to have this skill. They must have the ability to convince people and make them see the matters from certain points. Yes, if required they need to be manipulative as well.
When you are running a business you need to have a partner who is open to ideas. If you partner with someone who is rigid and doubtful to changes you will be in trouble as you might get challenged at every step.