I [Will Corrente] recently received an email from a young entrepreneur requesting the criteria I would use in selecting a business partner. How to choose the right business partner is not an uncommon concern among aspiring entrepreneurs and is definitely one that should be considered very carefully before moving forward. Your choice of business partner could be the difference between success and failure.
Selecting the right business partner is a two step process:
- First, you the entrepreneur needs to complete a candid self-evaluation and skills inventory. Based on the results, you will have a clear vision of your capabilities and shortfalls, which in turn will give you the selection criteria for the appropriate partner.
- Second, you the entrepreneur will need to candidly evaluate your potential partner’s skills, capabilities and personality. Successful partner selection should be objectively based on the needs of the business and not on friendship, emotion, or exhaustion of the entrepreneur. The most successful partnerships are found on synergies and skills that meet both the current and future demands of the business.
The best partner will have skills complementary to your own, not the same skills as you. Several years ago a friend opened a deli and chose a close friend for his partner, both loved to cook and create in the kitchen. But neither enjoyed the front of the house, customer service, marketing or staff management responsibilities necessary to the business’s successful operation. They both quickly realized that the business did not need two chefs, no pun intended, and one of them would need to step beyond his comfort zone and take on a different role. Neither was willing nor effective in these critical areas, and because finances were tight and someone could not be hired to assume these duties, the business soon closed.
To read the full, original article click on this link: Successful Partners Complement Each Other | New York Entrepreneur Week | Stand Up and Come Together
Author: Will Corrente
