Friday, May 7, 2010

How to Choose Business Partners

5 Key Factors to Watch

Any business in partnership can flourish and be successful provided there is a working rapport and true understanding between the partners. There have always been unbelievable success stories of individuals who started a business venture all alone and initially on a small scale, but ultimately they had to collaborate with someone having congenial interests and like-minded approach towards managing the business.


If you are thinking about entering into partnership with a relative(s), friend(s) or acquaintance(s), please pause for a while and ponder over the matter with cool and unbiased analytical thinking and see how many of the following nuts and bolts you both possess:


1. Congenial Interests


The very basic factor in a business partnership is congenial interest without which nothing could be achieved. It is, in fact, your goal that drives you forward. So, be careful in taking a final decision. Take your time to make up your mind and be a little ruthless in doing so. It is better to not offer your ladder to someone than to pull it away while he is half way up and vice versa.


2. Obsessive Passion to Succeed


The second most important requirement for any business (partnership) is an obsessive passion to succeed. It certainly acts as a fuel to keep the vehicle of your dreams, desires and hopes running in all weather conditions. See if your partner also has the same fierce fire burning with the same intensity as yours and vice versa.


3. Habit of Working Hard


Having a desire to work hard and being habitual of working hard are two different things. Your desire to work, in the future, is not a sure-fire guarantee that you will do so. However, if you are in the habit of working hard, you would not have to force yourself into working hard. A natural urge from deep inside you will automatically force you to do more than your level best even when there is not inspirational element around.


Thus, it is imperative for all partners to develop strong working habits before entering into a joint venture. This could also be achieved after joining hands in a business first.


4. Remaining Cool under Pressure


This factor is no lesser in importance than the above three, for a painstakingly built structure could easily collapse under pressure. Working with a cool approach under mounting pressure is one of the strongest characteristics of successful people. Be sure that you and your partner(s) can sustain all types of pressures. Become a timely mentor to save each other from disintegration in challenging situations.


5. Sharing Attitude Without Taking Pity


The last but not the least, of course, is sharing attitude but it should not be soaked with the acidic chemical of pity. There may come occasions that demand either of the partners to sacrifice interests, benefits and time. These situations should never ever be compromised with pathetic and pitiful reaction. Sacrificing one’s own interests, benefits and time is an act of appreciation, but taking pity on the other person is like handing him crutches instead of extending a helping hand to stabilize his standing independently.


Share with each other whatever you feel up to with an open heart and mind and never let the weaknesses of the others to become your compulsions at any cost.


I have not included the factor of ‘trust’ in the list because no two persons can ever engage in a business of any sort without realizing the content of trust first that is also tagged with honesty.

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