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Characteristics to Evaluate in a Potential Partner

When an entrepreneur is considering a business partnership, evaluating her potential partner based on various criteria increases the likelihood that the combination will produce positive results for both parties. While instinct and good chemistry can make for a friendly and enjoyable partnership, those two components alone don’t necessarily create a recipe for business success. Rather, a careful assessment of the specific business-related components of the prospective partner’s personality and experience can lead to business harmony and business success.

Extensive research with women entrepreneurs on all aspects of business ownership reveals the importance of due diligence when selecting a business partner. Additionally, research shows that there are seven main characteristics to look out for in potential mates. This article goes into the details of two of those features.

Characteristic 1: Suitability for Entrepreneurship

The question: “Is it the right potential partner to be self-employed?”

Although a prospective partner may have great ideas, tons of money, or be a sales superstar, that doesn’t necessarily mean they’re cut out to be a great business person. If both partners have been self-employed before, the question of suitability may be an easy one to answer. If one partner (or neither) has been self-employed, consider the financial risks of self-employment, the self-discipline required, family tension, and the challenges of working at home (if any), just to get you started.

It’s important to realize that even if a prospective partner seems like a perfect match, if he or she doesn’t fit into the business lifestyle, then he or she may end up unhappy or dissatisfied, or even unknowingly cause business problems.

If a prospective partner is cut out to be a business owner and/or has already managed to run their own business, then the partners should determine if they are a good fit to work together. If you’re not sure, you should do yourself a favor and discuss the challenges of entrepreneurship as much as you discuss the possibilities.

Trait 2: Compatible Business Goals and Values

The question: “Are there conflicts around the partners’ business goals and values ​​that would prohibit or jeopardize their ability to partner successfully?”

Different types of business owners strive to achieve different balances in their work. For a partnership to work well, potential partners need to determine, in advance, how well their business and work-life balance goals fit together, and if they are not similar, how the partners can resolve the differences.

For example, if one partner sees business ownership as a way to spend more time with their family and the other expects to work 60 hours a week, the two partners may not be compatible. If one partner wants to build a multi-million dollar empire and the other wants to run a small home-based business, they may not be compatible.

Here are some examples of partnerships between two types of business owners, and their potential high points and conflicts:

• Jane Dough and Go Jane Go: Both are driven to succeed, but for different reasons, with Jane Dough seeking growth and profit while Go Jane Go strives for service and deep customer relationships. To avoid miscommunication, these two guys need to discuss how to be helpful while also hitting profit goals. Also, it’s important that Jane Dough and Go Jane Go keep the lines of communication open, because Go Jane Go can tend to take on more than its fair share of work.

• Accidental Jane and Merry Jane: This partnership has the potential to be strong, because both types want balance in life and freedom of time. One point to consider: Finding the right combination of businesses to generate enough income to make both partners happy.

• Accidental Jane and Tenacity Jane: This partnership can be tricky because Accidental Jane wants a dream job, while Tenacity Jane may be looking to grow the business (even though she lacks significant experience or skills). To be successful, they need to discuss expectations for time and effort, as well as how they will handle financial decisions. Tenacity Jane can also find a mentor who can help her develop skills Accidental Jane may care less about.

Women entrepreneurs should keep in mind that all pairs of partners can work, as long as they commit to open dialogue and mutual understanding. The best exercise in determining if your business objectives are in harmony, whether they are two different types of entrepreneurs or two entrepreneurs of the same type, is to put together a business plan, or at least begin to outline the process. The business planning process has the potential to reveal significant differences in partners’ long-term goals and focus. Those differences do not necessarily spell the end of a business partnership before it begins. Rather, a complementary approach, in which partners consider all points of view and arrive at solutions that draw on their mutual experiences, will strengthen all business decisions.

One more key consideration: essential and desirable values. From creativity to risk-taking, and from religion to parenting styles, all values ​​come into play when two people work closely together.

If business partners share core values, their relationship is likely to be more harmonious and rewarding. It is important that the partners understand the type of company and the values ​​of each one, to increase the possibility that the association will prosper.

When two prospective partners are compatible in terms of experience and business style, and in terms of core values, their partnership is more likely to produce great business results that meet your needs and desires.

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