I've Been an Entrepreneur For 30 Years — Here's What You Need to Know About Choosing the Right Business Partner
Alright, so you're ready to take the plunge and start or expand your business. This is exciting, but before you jump in, you're faced with one crucial decision that can make or break your venture: choosing the right business partner.
Trust me, I've seen it all. I have owned and sold several businesses, and I have been an entrepreneur for over 30 years. I once had a potential business partner who tried to catfish me, but I knew it was a scam all along. The right business partner can skyrocket you to success, while the wrong one ... well, they'll have you asking yourself how to hit the rewind button.
Here's the deal, picking a business partner isn't that different than choosing who you get married to — and sometimes, it even feels like a bigger commitment. You need trust, communication and a mutually shared vision. But you also want to avoid bringing someone on board who will drive you crazy within the first week, right? Don't worry, you've got this. Here's how you can zero in on Mr. or Ms. Business-Right instead of Business-Wrong!
Related: A Bad Business Partner Could Cost You Millions — Here's How to Avoid a Toxic Partnership
Before you go looking for a business partner, take a good hard look in the mirror. What are your strengths and where do you fall a little short? For example, maybe you're a creative genius, but public speaking terrifies you. Finding someone who balances out your weak spots can help create a dream team. A complementary skill set is foundational.
Here's a major red flag to watch for: If you two aren't on the same page when it comes to the big picture, you're in for some turbulence.
I was working on an online magazine business deal with a potential partner a few years ago, and at the beginning, it sounded great. As time went on, I was researching their website, and the companies that........
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