An entrepreneur with a great idea for a new business can benefit in many ways from having a business partner. For instance, the person can help with the tremendous amount of research and planning that goes into starting a new business. Also, a partner can help to get investors excited about the business. Enlisting a partner helps some entrepreneurs move their business closer to success. Some entrepreneurs ask their friends to be business partners while others look for people who have experience in a particular industry. Here are some of the most valuable qualities to look for in a partner to help with a growing business.
Belief in the Product or Service
A partner must have genuine belief in the products or services offered by a new business. He or she should be familiar with all aspects of a product or service. In fact, a partner usually tries a product or service to experience it firsthand. A partner may even have suggestions on how to improve the product or service to make it more marketable to the public. In short, a partner must have as much belief in the product or service as the entrepreneur who came up with the original business idea.
Creative Problem Solving Skills
A business partner must have the ability to solve problems in a non-traditional way. Some people call this ‘out of the box’ thinking. Sometimes when an individual is starting a business, problems arise that can’t be solved with traditional thinking. A partner must have the skills to figure out solutions that are in the best interest of the new business.
Knowledge of the Industry
A partner should be knowledgeable about the industry the business belongs to. For example, if the new business is a restaurant, a partner must be knowledgeable about the food service industry. This knowledge can contribute to the success of the new business. Also, a business partner should be dedicated to continually learning more about the industry. This helps to ensure that the business will grow and change with the demands of customers. An example of an entrepreneur with knowledge of his business’ industry is Maxim Gorin.
Persistence is an invaluable quality in a business partner. There are many challenges involved in starting a new business. For example, an investor may drop out of the project, construction of the business may face a delay or an issue may arise with a contract. A business partner who is persistent can help an entrepreneur overcome those challenges along with others and move forward toward the successful opening of the business!
A partner who is enthusiastic about a new business can make investors enthusiastic about it, too. An attitude of enthusiasm can be the difference between getting someone to invest in the new business and missing out on an investor. Enthusiasm about a new endeavor is contagious and can help to get a young business off the ground in the right way.
Finally, a partner must be dedicated to making a young business work. A successful entrepreneur needs the full dedication of all of his or her partners to bring a business to life!