Referring to his partnership with Microsoft co-founder and longtime friend Paul Allen, Bill Gates once said, “Our success has been based on partnerships from the very beginning.” The two had been close since high school, and if it weren’t for a business the two founded as teens, Microsoft might never have existed. They met when Gates was in eighth grade, and Allen was in tenth grade.
However, over the years, Allen disagreed with Gates on numerous things, including product and hiring-related decisions. This was revealed in Allen’s memoir, Idea Man, he wrote:
“Over the years, the result of these and other incidents has been the gradual destruction of our friendship and ability to work together.”
Partnerships are that important, whether your company becomes a multi-billion-dollar corporation like Microsoft or remains a smaller yet successful venture. Choosing the right business partner can make a huge difference, so you have to do all you can to increase your chances of making a successful choice.
While some entrepreneurs will argue that finding the right business partner shouldn’t be rocket science, choosing the right partner remains one of the hardest things in business for many. What makes it more challenging is that you’ll never know whether a partnership will work until you’ve tried it.
Before you consider what to look for in a partnership, you need to be able to answer the following three questions:
- Why do you need a partner? Are you sure you don’t need a consultant or freelancer?
- What kind of a partner are you looking for? Sometimes you will find that what you need is not a partner but an investor, not a co-founder. But still, that investor should be someone who understands and believes in your vision and could give you the direction you need to make your business successful.
What are you looking for in a partner?
A business partner needs to bring value to your business. It should be more than a financial boost. You must ensure that you have the right mix of skills that complement each other.
What are the key things one should look for?
1. Trust
It is imperative to consider how many potential partners can be trusted to put the company’s interests above their own. If they went out to win new business, would you let them be alone with your new client?
CEO of Motseng Investment Holdings, Ipeleng Mokhari, says trust should be at the centre of every partnership. She adds, ” I have experienced brief and highly successful partnerships and equally long ones which start off well and eventually disintegrate. I think the power lies in understating the purpose of the partnership.”
Without trust, you will spend the entire relationship looking over your shoulder and second-guessing everything your “partner” does or says. This may well destroy your entire business.
2. Values
Personal values may be as important as technical skills when choosing the right partner. Do their values align with those of your business? Also, what key personal attributes are you looking for in a partner?
3. Physical proximity
While proximity may not be an important consideration, it can be helpful to have a nearby partner. Besides, it is quicker to build a relationship with a partner who lives streets away from you than someone who needs to book a flight to see you.
Closing
Lastly, choose a partner with a solid work ethic, someone you know who would be willing to put in the extra time and energy to help get your business off the ground.
