In business, the right partnerships are often a key component of success. If you are an entrepreneur in New York, you may be interested in bringing an investment partner into the fold to help you achieve goals and expand your enterprise. But how can you be sure that a potential partner is a good fit for you?
In terms of what to look for, Entrepreneur offers a few tips on what makes a great investment partner. You no doubt have an idea of what your business will look like in the future, and a partner should agree with these goals. Establishing a person's skill set is also important. Try to locate a partner that offers a skill set that offsets your own to ensure you comprise a cohesive team going forward.
There are also personal issues to be taken into account. Can you trust your partner with details involving your finances? Additionally, is your partner stable from both a mental and financial perspective? Instability can signal risky behavior, especially if a person is badly in need of funding to cover basic expenses. While these questions are of a sensitive nature, they are imperative for determining whether your partner is the right choice.
The working style of your partner is another vital concern. Partners who differ on how much time should be put in each day are usually not a great fit. If your partner's working style is a lot more laid back than your own, you will most likely feel that you are responsible for a large portion of day-to-day work. You can prevent a clash by laying out duties beforehand and explicitly stating what you expect in terms of output.