When you go into business, having a partner is helpful because they can provide a second set of eyes and experiences with which to make solid decisions. Choosing the right partner can make the difference between a successful venture and a failed one.
A good partner can communicate well, whether the situation is going well or poorly. During a crisis, good communication will aide in fast resolution. They will be able to voice concerns quickly, which can make the difference between executing a poorly thought-out plan and avoiding the pitfalls altogether.
You and your partner should bring different skill sets to the table. You should choose a partner whose strengths complement your weaknesses, and vice versa. When your experiences are different from one another, your company will benefit from your differing viewpoints. Your different skills will allow you both to accomplish useful tasks in concert with each other instead of in competition.
An emotionally mature partner is a person who takes responsibility for their mistakes, and who forgives you for when you make a mistake. Mature partners look at the other person’s perspective, and seek compromises instead of simply trying to be right. There is no room for inflated egos during the fragile early days of a young company.
The early days of your company are going to be challenging, emotionally trying, and even scary. Particularly if you leave the relative security of a day job, having an uncertain income, a microscopic client list where returns could become the norm and no set schedule can be terrifying. When one partner’s resolve begins to flag and panic begins to set in, the other partner can help them get through the emotional turmoil.
Giving up is easy, which is part of why most businesses do not last long. Those that succeed are powered by dedicated people who do not walk away when things get difficult. When the early group is composed only of members who are dedicated to succeeding, your chances of making it go up considerably.