How to Choose a Business Partner?

What is the process of choosing a Business Partner? How to Find a Business Partner?
  1. Avoid friends

    The most common mistake people do when they try to start a business is choosing from among their friends. The problem with that approach is that it usually leads to a very bad choice. If a person is your friend, it doesn’t mean that he will be a good business partner.

  2. Scout for passion

    In order to have the perfect business partner you need to make sure that this person shares your passion. Find someone who is as passionate about the project as you are.

  3. Beware of people who get excited then lose enthusiasm

    So many people get excited in the first few weeks or even days then lose enthusiasm. Those are the ones who join a project just because they want to do anything useful without having to care much about the outcome or the project itself.

  4. Find out how a person lives his life before inviting him in

    Does that person waste a lot of time? Is he a procrastinator? Does he have a hesitant attitude? Does he give excuses all the time? No matter what a person says about himself his attitude in life will be reflected in your business.

  5. Test people first

    Try to inspire a person to achieve a small goal first and give him time. If he does that successfully, you can tell him about your big idea.

  6. Try to inspire a person to achieve a small goal first and give him time. If he does that successfully, you can tell him about your big idea.

    Some people are dying to start the right business and they are waiting for the right opportunity. Try to find a partner who knows that he can be nothing but an entrepreneur. (See How to build the entrepreneurial mindset?)

  7. Find someone who is moving

    Some people are always moving. They start things, take actions, try new things, fail a lot and never stop. The achievements of those people shouldn’t matter to you at all, what should matter is whether the person is dynamic or not.

  8. Find people with a can-do attitude

    Avoid those who think they can’t change things, those who believe they are stuck and those who blame everything for their misfortune. Not only will those people give up fast, but they will also infect you with their negativity.

  9. Find someone you feel comfortable around

    If you don’t feel comfortable around a person then he might not be a good business partner even if he is truly skilled. You are going to spend a lot of time with your business partner and if you can’t really trust him then the business won’t work.

  10. Expand your circle to find the right people

    Don’t rely on your current circle of friends to find the right partner. While this could work, you still might need to attend conferences & related events to scout for business partners.

  11. Make tough tests

    Let’s suppose you want someone who has a lot of commitment, try to give him a boring & annoying task first and see if he will keep doing it. If he does, tell him about your business idea. (See What are the Benefits of Studying Business Administration?)

  12. Analyze from a distance

    Before bringing up the topic try to become friends with that person for some time. Examine his behaviour and see how he reacts in different situations. The person’s attitude towards small problems can give a good indication about his attitude in business.

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