3 Things you should always look in a Business Partner - IBG Consulting Dubai

3 Things you should always look in a Business Partner

October 20, 2016by admin

3 essential traits to look for in a business partner
Dubai is always booming with business opportunities for both entrepreneurs and business owners who would like to expand their business in Dubai for substantial returns. Running a business is not as easy as it may sound; there are a lot of bitter sweet complexities that are better handled in a partnership. For those entrepreneurs who haven’t found their business associate or co-founder yet, here are a couple of tips that can help you find a better collaborator for your business.

  • Calm Temperament: Being a business owner is a pretty challenging thing, especially if you are at the very beginning stage of business setup in Dubai. A calm temperament is more important than the skill set or the experience of your partner. Why, you may ask? Because business set up is not going to be a smooth ride and there is a high possibility that you and your partner will find yourself in the middle of a tough argument. Bad temperament can not only lead to bad decisions, but can also rupture your relationship that may cause future problems.
  • Sound judgment: One of the most crucial things that you and your partner will have to face is the business decisions; the tough calls that you have to make in the early days of your business set up. Sound judgment is the key ingredient for making sound decisions. One wrong move can throw you off the grid in no time, which is why you need to make sure that your business partner has a sound judgment for business activities.
  • Patience: Business formation in Dubai requires experience, skill set and tremendous patience. You may survive without the right resources in the beginning years, but if you and your partner don’t have patience for the overall business set up process and the hurdles that follow, you will crumble without a chance of getting up. So, make sure that your business partner is somebody who shows tremendous patience for business processes and every-day operations.

Gauging your partner’s traits and skills
Now the big question is: how can you check if somebody has all these traits? Well, never make long term contracts. It is as simple as that. You can never judge if the person has all the above-mentioned traits without spending some time working with them. So start off with a short term agreement that allows you to gauge their abilities and patience for the whole process before you make a long term business contract. Only take the risk of long term agreement if you have known your partner for a while and you are certain that they have those essential traits.
Your business associate, co-founder, or partner must possess the temperament and traits of a leadership so he can supplement the growth of your business with equal and positive contribution. Lack of sound judgment and patience can cause problems between you and your partner especially when it’s time to make strategic decisions. Therefore, be extra careful before you sign up with a business partner for a long term basis.

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