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Common Drawbacks to Avoid When Choosing Business Partners
Author: Tara Brown  | Posted: 12-03-2008 | Comments: 0 | Views: 11 | Rating: (58)  (?) 
 Interviewing potential business partners is a bit like speed dating. Thoroughly screened individuals come to meet you at a certain place and time, and you interview each one to discover strengths, weaknesses, and concerns in a minimum amount of time. Everyone will be dressed to kill, carry a striking portfolio, and overall come across as the one asset that will send your business over the top. If this were true, then why is it that a great proportion of businesses fail so early on in their existence? Why is that a successful business set on expansion suddenly fails in many of its endeavors and will be forced to downsize and eventually close down?
The answer is straightforward: you selected the improper business partner. It doesn’t take a rocket scientist to identify that by partnering your business with the wrong people the latter will most likely fall. It might take a fortune teller, however, to pin point correctly which of the clean cut, eager, sophisticated, and well spoken individuals will make for the best affiliation! Even though in these instances there are no guarantees, there’s some common pitfalls to avoid when in the process of choosing a new business partner.
1. First and foremost is a failure to identify the reason of the partnership. Be clear what you need a partner for. Will he or she be in charge of an expansion or will the individual share responsibilities for day to day business activities? Scope determines skill sets needed.
2. Choose a partner who compliments you, not emulates you. If you’ve got a knack for math but can’t write your way out of a wet paper bag, you need look for a skilled writer! Likewise, if you are an introvert wallflower who cringes at the thought of speaking to more than five people at a time, you need an extrovert who loves giving speeches and making presentations to rooms filled with eager customers.
3. Beware the gender and age traps. Taking on an applicant because he is younger or older than you is a significant mistake. If you are older, you will need the enthusiasm, drive, and dynamism of younger person. If you are younger, you need the serenity, wisdom, and gentle strength of maturity. Gender can present a potential problem if you are known to have a roaming eye. Workplace romances should be avoided for a reason, but if they happen between business partners they can spell disaster in a number of ways!
4. Don’t value education over real experience. While a graduate degree from any Ivy League school is an impressive accomplishment, all it really tells you is that the person had the ability to make it through college and find a way to pay the outrageous tuition. It doesn’t necessarily mean that she or he has what you need in a business partner. Do not overlook someone who may have established a night school education from a community college but has life experience that will bring many desirable qualities to your business.
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Article Source: http://www.articlesbase.com/ask-an-expert-articles/common-drawbacks-to-avoid-when-choosing-business-partners-357809.html
About the Author:Tara is the owner of www.ExecutiveHomeBody.com and writes on a variety of subjects related to home businesses and professional business advice.
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