10 Things I Want In a Business Partner

I started a $4 million Web design business--without even knowing how to build a website.

That’s because my business partner helped me along the way. Any entrepreneur needs to know the importance of finding the right partner to build their business.

The right person will share your passion and balance out your weak spots. I recently wrote an article for Inc. highlighting what you need in a business partner.

What you should have in common:

1. Passion: You and your partner have got to have nearly equal levels of passion to make your business work. They need to be someone you can pick up the phone and call at 3 a.m. with a new idea.
2. Goals: Aligning your goals is a make-or-break decision. Ask your potential partner everything they envision for your business--do they have an exit strategy? What kind of staff do they desire? How will you structure your company? Cover all your bases before entering into a concrete business relationship.
3. Location: This may not seem important in today’s technological world, but you need a partner you can meet with in-person if you really want them to commit.
4. Commitment. Does your partner already have a full-time job or other time commitments? Your partner has got to have the same availability as you if you want to be able to clearly define and follow up on your expectations.
5. Motivation. It can be easy to be lazy, but you’ve got to find someone who will push you forward--and someone who you can push forward, too. The relationship goes both ways in terms of motivating each other. Think of it like a gym buddy--only a much bigger investment.

Where you should differ:
If you and your partner have the five things above in common, the rest should be complementary. Different skill sets is key:

1. Ideas vs. execution. If you’re an idea guy, look for someone who can execute well.
   
2. Right brain vs. left. A creative-minded person needs an analytical half.
   
3. Sales vs. production. I’m a marketing guy, but my partner, a Harvard computer science grad, knows how to build websites.
   
4. Problems vs. solutions. If you’re great at seeing the problems, you need a partner who’s great at implementing solutions.
   
5. Gas vs. brakes. You can’t both put the pedal to the metal, or else you’ll crash. You need a partnership where one of you is the gas and the other is the brakes.
   

Finding a business partner means creating what can be a tricky balance. Follow these steps when looking for your partner, and you’ll be on your way to startup success.

(Image courtesy oooh.oooh, Flickr)