Starting a business by yourself can be a highly challenging and intimidating task. That’s why so many entrepreneurs choose to work in a team and launch their startups with a trusted business partner or two. The following criteria are common traits amongst many business partners, and they form the foundational elements for what you should look for in future partners:
You have a good relationship with them.
Starting a business with a friend is a dicey proposition. You might think that because you get along well, you’ll be great in business together, but the challenges you’ll face may test even the strongest of friendships. That’s why it’s best to find a co-founder with whom you have an existing personal and professional relationship. The person should be someone with complementary skills and even somewhat complementary personalities so you balance each other out through the ups and downs.
They’ll make sacrifices for the business.
As mentioned above, starting a business means giving it your all and forgoing some of the luxuries of the “corporate world” to make your company thrive. You should be sure that your co-founder is just as dedicated as you are. Look for people who show their passion for the idea and willingness to sacrifice for the startup. Sacrifices could be anything like, leaving a job and jumping on board full time at a lower or no salary, or investing a small amount of personal capital to kickstart the business.
A Positive Attitude
In life, there are always the type of people who leave you feeling enthused, motivated and/or just in a general good mood. They always seem to have positive experiences or some sort of good luck surrounding them. Others can leave you feeling drained: they constantly appear to be encountering some type of problem, amazingly nearly daily. Successful entrepreneurs universally exude positivity in their lives and want to surround themselves with like-minded people.
Respect for You and for Themselves
Whether starting your venture with a best friend, a relative or a colleague, each of you must respect what the other can contribute to the company. This is especially important if you are working side-by-side with someone with whom you had an unequal relationship dynamic in the past. You can’t let those dynamics trickle into the decision-making process of the business.