Starting a business on your own can be life-changing and difficult, but it’s a great step that you can make. Even if most resources are available to you now, there are times when you need to man up and seek for a business partner. You probably heard about stories of business partnerships going down the drain. That situation can happen to you indeed, especially if you just pick partners out of a whim.
Try out these strategies if you’re having a hard time searching for a trustworthy business partner.
Decode the Partner’s Attitude
Attitude is everything – it is the golden nugget that can make or break a person. By uncovering the real attitude of the ‘prospect partner,’ you can determine if you’ll continue the partnership or not. Don’t be convinced by what the partner is attempting to tell you – it’s easy to spit words and empty promises. Rather, observe and read the actions carefully.
Share the Vision and Observe Reactions
Sometimes, it’s fun to slingshot your ideas and observe who can be your worthy partners. Of course, for safety purposes, don’t throw all of your ideas at once. Observe the reactions of your common friends and acquaintances. If some of them showed interest, then continue observing for more data. Jot down attitudinal strengths and weaknesses. Know their skills and determine how they can fuel your business properly.
Check the Partner’s Financial State
Business is business – money is needed to generate profits in the future. One of the reasons why you need to get a business partner is additional capital to stop you from applying for lowest interest rate for personal loan in Singapore even if it comes from licensed Singapore moneylenders.
The prospect partner may show interest and a great attitude, but his wallet is almost empty. On top of that, the partner is fond of making financial errors all the time. Forego that partner and look for someone who can manage finances well.
It may take time before you can find a reliable business partner. Bide your time because it’s better to sacrifice now rather than have your business stalled in the middle. As much as possible, make business partnerships last a lifetime.