Businesses all over the world need both human and material resources to thrive. If you’re a budding entrepreneur who is just about to choose a business partner, there are certain factors you should take into account:
- Look for someone with complementary (not identical) skills:
As the CEO of your business, you are essentially the team leader and the one with the vision of the business. Your number two should possess qualities that will complement yours and closes any gaps in ensuring the business vision becomes a reality. If your partner has identical skills with you, it can breed room for unhealthy competition. It is vital to properly evaluate the backgrounds of the prospective partners to be sure they have the needed expertise
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- Clarify your partner’s job role and responsibilities:
A good partnership can only exist when the individuals in question are fully aware of their roles and responsibilities. Clearly define what your partner is expected to bring to the table and strategic deliverables you will each be responsible for. For example, if you are the CEO, your partner could be the Chief Operating Officer, Operations Manager, Vice President, or whatever you name it. Outline KPIs
- Take time to observe:
After the partnership begins, it is key to keep an eye on how your partner handles their responsibilities, as well as the entire system in your absence. Give constructive feedback to help your partner improve and be open to receiving the same, too. This helps ensure that your business is not affected and you don’t hurt the relationship with your business partner.
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Thanks for sharing this FCMB, please do you have tips for starting business as a couple? Thanks.