As in any other partnership, a business partnership can bring incredible value – as long as it’s the right fit. If not, the relationship can become detrimental to the company’s success.
Therefore, entrepreneurs should carefully consider whether their future partner will complement their leadership style and business, or whether they are better off finding another solution. If you’re looking for a new business partnership, make sure your potential collaborator has these 10 essentials, as recommended by members of Rolling Stone’s Culture Council.
A business partner is someone you spend a lot of time with, so chemistry and trust with each other is crucial. It’s important for them to be someone you connect with and enjoy being around. If so, it also allows you to overcome the natural frustrations of business because you have a genuine respect and love for each other. – King Holder, PROCUSSION
A shared vision
The best business partners share the company’s strategic vision and bring a complementary, diverse skill set to the team. It’s great to discuss different ways to achieve a goal, but the passion and shared strategic vision must be there. Additionally, adding diverse backgrounds and genders to the team has been shown to increase success. – Donna Hockey, Surreal Brewing Company
The partner must have skills that I don’t particularly like, don’t know, or want to learn, combined with the ability to have honest conversations. A business partnership is not entirely different from any other type of partnership. You both bring value to the table to create and build the business. – Ginni Saraswati, Ginni Media
Value is key. I will not consider a business partner unless I find their role critical to the company’s success. Do they hold the key to resources, connections, or skills that I don’t have? If their experience or network brings no more value than what my own value brings to the table, then regardless of potential or moral chemistry, their partnership has no weight over my own. – Tiffany Gaines, SS Global Entertainment
A partner needs integrity. Everything else can be learned. Very few businesses run smoothly all the way, so if you don’t or can’t trust your partner unconditionally, things get even more complicated and fall apart anyway. – Kate Rubenstein
The ability to perform
Without this ability they cannot be partners because you will drag them down. Having a partner in business means having tasks distributed between two leaders. Partners who cannot perform are a greater liability. – Jenny Ta, GalaxE of HODL Assets, Inc.
Strategic alignment is critical. The partner may have a great track record, but do they understand the needs being addressed and truly believe in what you want to achieve? It is imperative to have alignment to create a framework of trust that engages and energizes the team, enabling them to effectively execute and deliver the project. – Michael Klein, Trees Corporation
A business partner must have a good heart, not take advantage of people, always do right by all stakeholders, and put people above profits, not the other way around. They must also possess integrity, which includes all overarching traits – including a strong moral compass, high ethical and moral values, honesty, sincerity, kindness, respect, reliability, courtesy, and more. – Royston G King, Royston G King Group & Companies
A good partner must have the ability to operate according to a set of strong principles. The principles your partner commits to determine how they feel, think, and behave in any given situation. A partner may bring value, work ethic, or money to the table, but if they lack principles, you’re setting yourself up for failure. When the stakes are high and emotions run high, people do the right thing by sticking to their principles. – Josh King Madrid, NFT Magazine — NFTMagazine.com
The ability to think on their feet
Communication and critical thinking are closely related and influence each other. The ability to think on your feet in any situation requires both, and it’s the #1 skill I look for in a business partner. Thinking on your feet in a tight, difficult situation can lead to instant success or failure. Having this skill develops an understanding of how to deal with wins and losses. – Wayne Bell, Really Big Coloring Books® Inc | ColoringBook.com