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How to choose perfect business partner ?

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  • How to choose perfect business partner ?

    Hello
    There's no way to guarantee a potential business partnership will work. However, there are some things you can do that should help you avoid a repeat of the serious problems you've experienced.

    To address your first question: Having had some bad experiences with partners, it's understandable that you'd consider going it alone. It's certainly simpler: As president and chief executive, you'd have the authority to make crucial decisions and shape the future of your company without having to reach agreement with another individual or a group. Of course, this can be a good thing or a bad thing, depending on whether you work better as a consensus builder or as a maverick. If you're a sole proprietor you can brainstorm with employees and advisers, but ultimately company decisions and responsibility will rest on your shoulders.

    "The benefits of starting a business by yourself include not sharing the business's rewards, not risking potential partnership problems like you've experienced, and not having to share control and recognition with another person," says Phil Holland, chairman and founder of MyOwnBusiness.org, a nonprofit online business training program. Evaluate realistically whether you have the financial resources and other credentials to go it alone—and if you do, why not try?

    "If you do decide to fly solo with the business, I would strongly recommend putting together an informal board of advisers with some diverse experience," says Steve Nielsen, president and CEO of PartnerUp.com. Find members for your advisory board (BusinessWeek.com, 2/1/08) on networking sites such as Nielsen's, by asking friends and colleagues, or through your Chamber of Commerce or trade association.
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  • #2
    Re: How to choose perfect business partner ?

    Well, since 2 person can not think alike. So it is better to have the potential business partner having healthy discussion capability.
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    • #3
      Re: How to choose perfect business partner ?

      Everyone has heard stories of partnerships that have gone sour. If you decide to take on a partner, the survival and prosperity of your company depends on how well you choose that partner. How can business owners tell which prospective partners would be a real boon to the business . . . and which might be a real ****?
      everyone has heard stories of partnerships that have gone sour. If you decide to take on a partner, the survival and prosperity of your company depends on how well you choose that partner. How can business owners tell which prospective partners would be a real boon to the business and which might be a real ****?
      No approach is ever perfect, and business ownership consultants and experts differ on which factor is the most important. However, together, they identify several that can help you narrow down the candidates and make a wise choice. She cites an example of two seasoned business partners who needed to get their partnership back on track. “On paper, they were terrific. They had a wonderful invention. They raised gobs of capital,” she says. But six months later, they were at each other’s throats, in part because of different communication and leadership styles. Partner #1 was accustomed to being a senior leader in a large company with a team of followers. His “my-way-or-the-highway” style didn’t surface until the partners actually began working together. Whenever Partner #2 wanted to do something novel or take a risk, Partner #1 refused. Not until they reached the brink of disaster (Partner #2 threatened to dissolve the business) did Partner #1 relent and consider alternative viewpoints. “It’s just like a marriage,” Horowitz notes. “The style and communications differences tend to emerge after the honeymoon, when real-life stressors come into play.”
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      • #4
        Re: How to choose perfect business partner ?

        Hello friends,

        Here are some tips on how to choose perfect business partner.

        #. Find a Partner That Shares Your Values, Entrepreneurial Spirit, and Vision
        #. Find a Partner That Can Bring Skills and Experience to The Business
        #. Look For a Partner Without A Lot of Personal Baggage
        #. Find a Partner That Can Offer Resources and Credibility to Your Business
        #. Choose a Partner That Practices Good Personal and Business Ethics
        #. Choose a Partner That is Financially Stable
        #. Respect: A Necessary Element to Forming a Successful Partnership

        Hope this helps you..!!
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        • #5
          Re: How to choose perfect business partner ?

          A lot of examples are exist in the world where potential business partnership is going on. All business like banks, manufacturing units and so many others are being run on partnership basis. The main issue is sincerity with your work and trade
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          • #6
            Re: How to choose perfect business partner ?

            Thanks for the information and i have read that i think more important for me because i am looking to start mu business so with two of my friends so its much important for me to get the things in mind before anything can happen wrong.
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            • #7
              Re: How to choose perfect business partner ?

              As business owners dream about growing their companies, their thoughts often turn to taking on one or more partners. Additional business partners — by which I mean equity owners of a company who are actively involved in its day-to-day operations (regardless of whether the legal form of business is a partnership, a corporation or a limited liability company) — bring with them a great deal of promise. You may want to bring in a partner to provide expertise in an area where you lack experience. Or perhaps a new partner would give your business access to potential clients and customers that you can’t reach. One of the most common occasions for bringing in a new partner is when you need additional capital to grow.
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              • #8
                Re: How to choose perfect business partner ?

                Choose a perfect business partner is more harder than choose a life partner because when business grows so one will surely get separated from business.

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                • #9
                  Re: How to choose perfect business partner ?

                  Hello friends

                  Nowadays, the corporate environment is significantly more sophisticated in comparison with the last decade. That is why many business managers are giving a great deal of thought when picking out a gift for their associates. It is a very popular and highly effective method of exhibiting how much a manager appreciates its clients, suppliers and other affiliate business organisations that provide added value to the company. The management committee is trusted in picking out the right items when gifts are presented. Corporate gifts are given on behalf of the company and it provides the message and the idea behind the company.

                  Thanks for all friends
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                  • #10
                    Re: How to choose perfect business partner ?

                    Get clear on your needs. Why are you looking for a business partner? Who will fulfill the answer to that question best? Figure out exactly what you’re looking for in a partner, and, just as importantly, what you aren’t looking for. You and your new partner are going to be two parts of the same picture, so you’ve got to make sure what they bring to the table completes the picture. A good exercise to complete this step is to write a job description. Your partner obviously isn’t an employee, but write this description as though they will be. What qualifications, skills, and past experience will they need to have to fulfill your needs? Now, prioritize this list by which items are non-negotiable, very important, and optional. You might not find someone who fits every qualification, but at least you’ll know that they meet your minimum requirements – but only if you’re clear on what those requirements are. Also be sure to include personality traits in what you’re looking for. Remember this document is just for your eyes, so be completely honest. For instance, if you don’t like working closely with someone who is an introvert, put that in the description. Make it as all-encompassing as possible.
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                    • #11
                      Re: How to choose perfect business partner ?

                      There are a number of reasons to bring a partner into your business. You might need a certain expertise, you might need funding, or maybe you just don’t want to go it alone. Whatever your reasons, bringing in a partner can be a good idea, but there are a lot of potential pitfalls to partnering with someone too.
                      The following 5 steps will help you do just that-
                      1. Get clear on your needs
                      2. Fish in the right waters
                      3. Be selective
                      4. Clarify roles, duties, and expectations
                      5. Get legal
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                      • #12
                        Re: How to choose perfect business partner ?

                        Get clear on your needs. Why are you looking for a business partner? Who will fulfill the answer to that question best? Figure out exactly what you’re looking for in a partner, and, just as importantly, what you aren’t looking for. You and your new partner are going to be two parts of the same picture, so you’ve got to make sure what they bring to the table completes the picture. A good exercise to complete this step is to write a job description. Your partner obviously isn’t an employee, but write this description as though they will be. What qualifications, skills, and past experience will they need to have to fulfill your needs? Now, prioritize this list by which items are non-negotiable, very important, and optional. You might not find someone who fits every qualification, but at least you’ll know that they meet your minimum requirements – but only if you’re clear on what those requirements are. Also be sure to include personality traits in what you’re looking for. Remember this document is just for your eyes, so be completely honest. For instance, if you don’t like working closely with someone who is an introvert, put that in the description. Make it as all-encompassing as possible.
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                        • #13
                          Re: How to choose perfect business partner ?

                          What i will find is the partner should be well aware up and down process of production in business.He should be well prepared to adjust every kind of investment and decision making stuffs.In absence able to handle the total business.
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                          • #14
                            Re: How to choose perfect business partner ?

                            it’s critical that you choose business partners with care, and that you plan your partnership in a way that will set you up for success. The following 5 steps will help you do just that.
                            1. Get clear on your needs. Why are you looking for a business partner? Who will fulfill the answer to that question best? Figure out exactly what you’re looking for in a partner, and, just as importantly, what you aren’t looking for.
                            2. Fish in the right waters. You now have a clear picture of what you’re looking for in a partner, so now it’s time to find them. Some people think of close friends and family first, because often that’s easiest, but make sure they fit the criteria you set up in step one,
                            3. Be selective. Again, this goes back to the plan you laid out in step 1. Don’t compromise on your needs. You should be getting to know people pretty well before even discussing a business partnership, so you’ll have a good idea of the kind of people they are and what they have to offer. If you’re bringing a partner on to share in your great business idea.
                            4. Clarify roles, duties, and expectations. Once you feel like you’ve found the right person to partner with, it is critical that you lay out a plan for going forward. Avoid misunderstandings, conflicts, and hurt feelings by clarifying exactly what each person’s role is going .
                            5. Get legal. Whether you form an LLC with a formal operating agreement stating what you’ve clarified in the previous step, sign a partnership agreement, or create another legal form, hire an attorney to draw it up and make sure all the i’s are dotted and t’s are crossed.
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                            • #15
                              Re: How to choose perfect business partner ?

                              You need to make sure your prospective partner is reliable, otherwise the partnership will reflect badly on your own professionalism. Do your research and check how established they are. Are they still developing their proposition? How much experience do they have? How efficient are they? Do they have the capacity to manage increased volume and fulfil additional orders if the partnership yields good results?
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