There are many situations where an aspiring or established entrepreneur can benefit from a business partner. Maybe you’re just starting out and believe your business idea would perform better with someone else by your side, or maybe you’ve grown your business as much as possible on your own and need someone else at the wheel to take it to the next level.
While it is essential to know what qualities you look for in a business partner, it is equally important to know what to avoid. If you’re looking for your ideal business partner, keep an eye out for these nine types of people. This is why the experts at Council for Young Entrepreneurs say entrepreneurs should avoid them, as well as how these traits will affect your relationship.
1. Someone who neglects communication
Entrepreneurs should avoid partners who are not trying to become better communicators. Building anything takes years of hard work and all of this makes disagreements and conflicts inevitable. In fact, some kind of conflict may be desirable, as you would hope your partner challenges you and pushes you to greater heights. Open, transparent and compassionate communication is essential to resolving disagreements and conflicts in a productive and healthy way that does not create resentment and hinder the development of one’s own business. This is easier said than done, because effective communication is an art that is tailored to the ever-changing needs and context of the other party. As such, we can always be better communicators and work better with those who want to improve their communication. † Akshar Bonu† The custom move
2. Someone who cuts corners
When looking for a business partner, an entrepreneur should really avoid anyone who has a tendency to cut corners. This may mean not doing due diligence with organizing a previous business and paying taxes; it may mean that employees or customers are not treated with respect; and it may mean showing a general lack of ethical guiding principles in business. As an entrepreneur, you must be able to articulate these ethical guiding principles and your potential partner must be fully committed to them. If not, any future breach of trust could be fatal to the Company and your personal relationship. † Kyle Michaud† Carolina Bulldozer
3. Someone who doesn’t want to learn
Learning is the basis of innovation. The most successful business people are the ones who are always learning. If your potential business partner doesn’t feel like or has the time to learn further, you’d better walk away. If there’s one thing we learned during the pandemic, it was that those who were innovative found solutions to stay in business in the wake of the upheaval in ordinary life. People who are not lifelong learners tend to be more secretive. This trait can undermine a business relationship, especially if a partner wants to change tack or try new things. † Jared Weitz† United Capital Source Inc.
4. Someone who is a different version of yourself
An entrepreneur should avoid looking for a business partner who is too similar to himself. They need to look for someone with the skills and expertise they don’t have. This will help them avoid the trap of thinking they can do everything themselves and not need help from others. † Kristin Kimberly Marquet† Marquet Media, LLC
5. Someone who has no motivation
Choosing your business partner is not a decision to be taken lightly. There are many red flags to watch out for, one of the biggest being a lack of motivation. They may have the skills you’re looking for, but you’re at risk if they’re not motivated to get things done. For example, it will be very frustrating if you work 12-hour days when they only work 3-hour days because they can’t find the motivation to do the work. This is not to say that you need someone who is a workaholic, but they do need to have a sense of commitment. Otherwise you pick up the slack. This quality will negatively affect the relationship by putting unnecessary stress on your shoulders. † Nick Vendittia† StitchGolf
6. Someone who is not aligned with your vision
An entrepreneur should avoid looking for a business partner who does not match his vision. In the long run, this will only lead to tensions and conflicts. It’s important to find someone who shares your values and is passionate about the same things you are. Otherwise you will only get more headaches and problems. Finding someone who is on the same journey also leads to long-lasting partnerships and even friendships. So if you can find a partner who shares your vision, it’s worth sticking with. † Syed Balkan† WPBeginner
7. Someone who doesn’t ask questions
Your business partner as an individual should not be too pleasant and unquestioning. A great partnership is based on brainstorming ideas and questioning those ideas extensively in order to refine them. Avoid finding a partner who can become an echo chamber of thoughts. This limits your growth. Find a partner who complements your work ethic and believes in you and your vision, but at the same time is not afraid to point out mistakes and take the lead to fix them. This quality, while seemingly contradictory, is in fact an asset that further strengthens your relationship. Don’t look for someone who is too focused on pleasing you and agreeing with everything you say. This not only affects how you work together, but also the future of your organization. † Candice Georgiadis† digital day
8. Someone who is overly confident
In my experience, a business partner who thinks he knows everything is toxic not only to the partnership, but also to the company. I believe you have to be an open-minded person with a global vision to innovate and attract talent. You can’t keep talent in your company, especially at a startup, if the work environment isn’t constructive and supportive. † Alexandru Stan† tekpon
9. Someone who is unreliable
Finding a business partner is like finding a partner in life: there are many things that can initially attract you to them – personality, skills, network – but the quality that will keep the relationship successful is trust. You can’t build anything without real trust. If you spend half your time following up or double-checking someone else’s work to make sure you don’t burn yourself or drop the ball, the math is simple: You’re wasting 50% of your time. time and effort if the partnership works, and 100% of your time and effort if it doesn’t. The final summation: it is an obligation. Developing high skills is easy, but developing high character is difficult. Character is the backbone of trust and without it you cannot have discipline, good leadership or effective collaboration. † Nic DeAngelo† We buy loans quickly