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How To Choose a Business Partner

HOW TO CHOOSE A BUSINESS PARTNER YOU AND YOUR BUSINESS PARTNER WILL BE MAKING BIG DECISIONS WHEN IT COMES TO YOUR COMPANY. But choosing the right partner could make or break your success – so how do you go about choosing the right one?? WHAT TYPE OF BUSINESS PARTNER DO YOU NEED? Do you prefer to work with facts and figures or come up with ideas? FACTS IDEAS Do you like looking at the bigger Do you like to create and picture or the finer follow a plan? detail? FINER DETAIL BIGGER PICTURE A GOOD PLAN IS ESSENTIAL I KNOW I SHOULD, BUT I JUST WANT TO GET STARTED BLAH 000 l. BLAH Would you Are you consider yourself to have good I know I should, but I just want to willing to take a risk? get started. communication skills? I CAN OFTEN THEY COULD BE GET MY POINT BETTER PREFER TO PLAY IT SAFE ONLY IF WE CAN PULL IT OFF ACROSS Are you willing to take control Can you make decisions easily? of the situation? I PREFER TO FOLLOW I LIKE TO BE IN CHARGE I STRUGGLE AT DECISIONS I OFTEN MAKE THE FINAL DECISION You need a... You need a... need a... You You You need a... You need a... You need a... You need a... need a... SKILLFUL GLOBALDETAILED VISIO- RISK PRACTICAL FINAL STRUCTURED TALKER VIEWER OBSERVER NARY TAKER THINKER DECIDER PLANNER bd YOU AND YOUR BUSINESS PARTNER EXPLAINED By knowing your ideal way of working, here's what you need to look for in a business partner. SKILLFUL TALKER GLOBAL VIEWER YOUR STRENGTHS: Facts, figures and attention to detail. YOUR STRENGTHS: Looking at the nitty gritty and strong communication skills. 000 YOU NEED A PARTNER WITH YOU NEED SOMEONE TO TAKE A STEP BACK AND LOOK AT GOOD PEOPLE SKILLS. Negotiating and building relationships is a crucial element to any business. THE BIGGER PICTURE. They will be able to add a sense of direction and not get too bogged down in the detail.* DETAILED 6d OBSERVER VISIONARY YOUR STRENGTHS: Seeing the "black and white" of things. YOUR STRENGTHS: Looking at the overall picture. YOU NEED A PARTNER WHO YOU NEED SOMEONE WITH BIG CAN LOOK AT THE VISIONS AND IDEAS to take SPECIFICS to complement your practical mind to situations your skills perfectly. you might not have thought of. COURAGEOUS RISKER PRACTICAL THINKER YOUR STRENGTHS: Big ideas and YOUR STRENGTHS: Willing to take risks with your visions and a strategic mind to plan. strategic mind. YOU NEED A PARTNER WITH YOU NEED SOMEONE WHO CAN TAKE THESE IDEAS, PUT IN THE FACTS AND MAKE THE COURAGE TO IMPLEMENT YOUR THOUGHTS to take your business to the next level. THEM PRACTICAL could see your visions come to life. FINAL DECIDER STRUCTURED E PLANNER YOUR STRENGTHS: Asking the "what if" questions, perfect for change in your business. YOUR STRENGTHS: Being decisive with big ideas means you are able to get the ball rolling. YOU NEEDA PARTNER WHO CAN MAKE THE FINAL YOU NEED A PARTNER WHO IS ABLE TO PUT THIS INTO A DECISION to move the PRACTICAL PLAN to add business further. structure and have things become a reality. THE 3 ESSENTIALS OF A SUCCESSFUL PARTNERSHIP Knowing the type of person to work alongside with is half the battle, but consider these three elements before each of you sign your name on the dotted line: KNOW THE OTHER PERSON FOR AT BLAH BLAH 1 LEAST A YEAR. Going in too quickly is one of the biggest mistakes. Similar to a marriage, you have to date and get to know each other before you fully commit.5 BLAH BLAH CHECK YOUR CORE VALUES ALIGN. When things get tough, your values can always be relied upon to see you through.6 WRITE OUT YOUR PARTNER'S RESPONSIBILITIES, YOUR RIGHTS AND THE EXIT STRATEGY in the operating agreement. The clearer you are, the less likely it is to fail.5 le YOUR BUSINESS PARTNER IS THERE TO COMPLEMENT YOUR SKILLS AND BRING THEIR EXPERTISE TO THE TABLE. Knowing your own strengths and weaknesses will set you on the right path so your business can truly thrive. SOURCES 'Entrepreneur. Partnerhsip.entrepreneur.com Vechten, C. (2013). Why Your Business Partner Should Be Nothing Like You. entrepreneur.com Smith, K. Business Relationship Building SKills – Benefits & tips for Success.moneycrashers.com "Kenton, B et al. (2010). HR: The Business Partner. "Lopez, T. 6 Things to Consider Before Partnering Up. entrepreneur.com *Plough, C. 6 Things to Consider Before Partnering Up. entrep ir.com Merrill, T. (2013). Business Partnership Evaluation. fortunebuilders.com Ebersole, J. Strategic Thinking: 11 Critical Skills Needed. cssp.com iPersonic. The Analytical Thinker. ipersonic.com Hoque, F. (2013). 10 Paradoxical Traits of Creative People. fastcompany.com a 00 This image is licensed under the Creative Commons Attribution-Share Alike 4.0 International License - www.creativecommons.org/licenses/by-sa4.0 THE BUSINESS BACKER.

How To Choose a Business Partner

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Choosing someone to be a business partner can seem like a daunting task. Do you go for that friend you’ve known since high school or a family member? How about that ex-colleague, or maybe even a com...

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