The Importance of Selecting the Right Business Partner
Finding the perfect person to embark on a business venture or project may seem straightforward, but in reality, the situation isn’t always positive. Choosing the right business partner is crucial for the future of your business, as it can be the key to success or lead to failure.
Business partners share workloads, but also celebrate achievements and develop a shared vision. However, before this can happen, it’s essential to determine if the choice of partners was correct.
Common Mistakes When Choosing Business Partners
The purpose of a business partner is to complement an area where the other person may not excel, such as communication or technical skills. A poor choice can lead to endless conflicts and the decline of the project or business.
One mistake is choosing someone based solely on emotional factors and idealizing the candidate. For example, partnering with a friend or family member without clearly defining each person’s responsibilities or strengths.
A sign that the choice is incorrect is when individuals fail to uphold their commitments. “We’ve seen that in practice, the partner starts saying ‘Yes, here and there, but doesn’t do anything’,” explains Denis Yris, founder and director of WORTEV.
However, starting a project alone is challenging, as 47% of entrepreneurs believe that success requires alliances and a network of contacts, according to the Emprendimiento en México study by Research Land.
3 Signs of a Good Business Partner Choice
Having a partner who complements ideas and shares the same vision significantly increases success. For instance, Bill Gates and Paul Allen, who founded Microsoft and revolutionized the technology sector.
Denis Yris outlines three signs indicating a good working relationship between partners:
- Resilience: Business ventures have their ups and downs. During challenging times, mutual support from partners is essential.
- Shared Path: Like any couple, disagreements will occur. However, they should be constructive and benefit both parties. Conflict resolution is crucial, as reaching an agreement, even if not fully convinced, is a positive sign.
- Commitment: Even if specializing in different areas, each partner contributes and understands their role. Partners who actively participate in the project or business demonstrate greater commitment.
Finding Your Next Business Partner
While technology facilitates finding personnel, selecting a business partner requires a deeper approach since it’s about sharing a life project with someone.
To find your partner, attending in-person events like conventions, conferences, and even approaching incubators or educational institutions is recommended.
Denis Yris advises, “Sitting in front of a computer won’t help you. During the pandemic, we got tired of being confined and now want to go out. When looking for a partner, you should attend technology-related events if that’s your field.”
If you’re not very sociable but seek a partner, improving emotional intelligence to become more empathetic and utilizing both verbal and non-verbal communication is advised, according to BetterUp, a talent management platform.
