Selecting the Right Business Partner Magna UT

All relationships are a partnership. There are characteristics that define partnership. Knowledge about which characteristics apply in a given partnership make the difference between a successful business partnership and a difficult one. The necessity for making an assessment can be difficult to accomplish for prospective partners.

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Logan SBDC
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Selecting the Right Business Partner

Provided By: 

Partners need to be responsible for the consequences of their behavior…
By Marvin Snider, Ph.D., Organizational Consultant

A successful partnership depends on each partner’s ability to follow through on commitments in a timely way.

Look for the Same Compatible Qualities that You Should Seek in Any Relationship

All relationships are a partnership. There are characteristics that define partnership. Knowledge about which characteristics apply in a given partnership make the difference between a successful business partnership and a difficult one. The necessity for making an assessment can be difficult to accomplish for prospective partners. Often, they are irresistibly drawn to one another in the glow of a shared vision and the promise of financial prosperity. Potential partners will be rewarded by a heightened probability of a successful partnership when they are able to look beyond their initial enthusiasm and attend to considering their compatibility. Characteristics that warrant careful attention include:

1. Accountability
A successful partnership depends on each partner’s ability to follow through on commitments in a timely way — to be pleased with success and to own and correct mistakes. People who exhibit the following characteristics are a poor partner risk:
• Those who apply a double standard for their behavior and those of others
• Those who are quick to blame others
• Those who are insensitive to the needs of others

2. Compatibility in Values and Beliefs
Values are a guide to behavior — a road map to a desired goal. Beliefs are a statement of what is — a statement of current conditions. Partnerships have a better chance of success when the partners share common values and beliefs. This sets the basis for the ability to resolve major differences that could negatively impact on their ability to work together. When dealing with difference:
• One needs to respect difference without judgment.
• One needs to have a commitment to search for consensus on differences.
• One needs to view compromise as an investment in a relationship and not as a deprivation.
• One shouldn’t always have to be right or need to be in control.

3. Judicious Risk Taking
The venture into any new business presents risk, and risks naturally involve making mistakes. People who view making mistakes as failure will never be successful entrepreneurs. Success comes precisely from taking calculated risks and learning from one’s mistakes. The hackneyed maxims, “no risk, no gain” is a reality reminder of a basic truism. Of course, adequate homework must be done before taking risks so that the uncertainty, number, and severity of consequences in taking risks will be minimized. Also of concern, is whether the consequences of failure are manageable. Included in the assessment of risk is whether the desired goal is warranted in terms of time, money, or energy.

4. Mana...

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