Q:

What are some tips for looking for business partners?

A:

Quick Answer

When looking for a business partner, an individual should choose a person who is respectful, has enough resources to support the business, shares the same business values, and has the necessary experience or skills, according to About.com. The partner must possess good personal and business ethics as well.

Continue Reading

Full Answer

Good industry connections, a wide business network and an incredible client list may help increase the value of the business and lead to success, explains About.com. Partnering with an individual who has a strong financial base and few financial constraints may help in reducing cases of fraud as well as lead to business growth. Running a business requires continuous attention or focus, so finding a partner who does not have many personal challenges in life may be helpful as well.

A potential business partner should possess skills that the original founder of the business lacks, states About.com. Various skills aid in easy starting and operating, and growth of the business. Effective goal setting and decision-making, and business success result from working with a person who shares the same vision, business philosophies and entrepreneurial spirit.

Respect causes business partners to value each other's efforts and opinions, thus leading to success, according to About.com. Honesty, along with good business and personal practices, ensures that the business abides by the law and prevents the potential partner from stealing the business idea or customers to start a separate venture.

Learn more about Managing a Business

Related Questions

Explore