As in any other partnership, a business partnership can bring tremendous value – as long as it’s the right one. If not, the relationship can become detrimental to the company’s success.
That is why entrepreneurs should carefully consider whether a potential partner will complement their leadership style and business, or whether it is better to find another solution. If you’re looking for a new business partnership, make sure your potential collaborator has these 10 essentials, as recommended by members of Rolling Stone’s Cultural Council.
chemistry
A business partner is someone you spend a lot of time with, so chemistry and trust with each other is crucial. It is important that they are someone you relate to and enjoy being around. If so, it also allows you to overcome the natural frustrations of business because you have genuine respect and love for each other. – King Holder, PROCUSSION
A shared vision
The best business partners share the company’s strategic vision and bring a complementary and diverse skill set to the team. It’s great to discuss different ways to achieve a goal, but the passion and shared strategic vision must be there. Also, adding diverse backgrounds and genders to the team has been proven to increase success. – Donna Hockey, Surreal Brewing Company
Honest communication
A partner must have skills that I don’t particularly like, know or care to learn, along with the ability to have honest conversations. A business partnership is not entirely different from any other type of partnership. You both bring value to the table to create and build the business. – Ginni Saraswati, Ginni Media
Critical value
Value is the key. I will not consider a business partner unless I see that their role is critical to the success of the company. Do they hold the key to resources, connections, or skills that I don’t have? If their experience or network doesn’t bring more value than my value brings to the table, then regardless of potential or moral chemistry, their partnership carries no weight over mine. – Tiffany Gaines, SS Global Entertainment
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integrity
A partner needs integrity. Everything else can be learned. Very few businesses are sailing smoothly all the way, so if you don’t or can’t trust your partner implicitly, things get even more complex and fall apart anyway. – Cate Rubenstein
Ability to Execute
Without this ability, they cannot be a partner because you would drag them down. Having a partner in a business is about the division of tasks between the two leaders. Partners who cannot execute are more of a liability. – Jenny Ta, GalaxE from HODL Assets, Inc.
Strategic alignment
Strategic alignment is critical. The partner may have a great track record, but do they understand the needs being addressed and do they really believe in what you want to achieve? It is imperative that there is alignment in order to create a framework of trust that engages and empowers a team, allowing them to efficiently execute and deliver the project at hand. – Michael Klein, Trees Corporation
A Good Heart
A business partner must have a good heart, not take advantage of people, always do right by all stakeholders and put people above profits, not the other way around. They must also have integrity, which is having all the traits involved – including a strong moral compass, high ethical and moral values, honesty, sincerity, kindness, respect, trustworthiness, decency and more. – Royston G King, Royston G King Group & Companies
Strong principles
A good partner must have the ability to act according to a set of strong principles. The principles your partner is committed to determine how he feels, thinks, and behaves in any given situation. A partner may bring value, work ethic, or money to the table, but if they lack principles, you’re setting yourself up for failure. When the stakes are high and emotions run wild, people do the right thing by sticking to their principles. – Josh King Madrid, NFT Magazine — NFTMagazine.com
The ability to think on your feet
Communication and critical thinking are closely related and influence each other. The ability to think on your feet in any situation requires both, and this is skill no. 1 I’m looking for in a business partner. Thinking on your feet in a tight and difficult situation can result in immediate success or failure. Mastery of this skill develops an understanding of how to deal with victory and defeat. – Wayne Bell, Really Big Coloring Books® Inc | ColoringBook.com