Finding a business partner might seem like a crucial part of the experience, but do you need one? Kale Abrahamson was not looking for one when he met Taylor Hiott, but together they have created multimillion-dollar empires and become best friends in the process.
Their story began as two strangers and an investment opportunity. They had no idea they would weather hundreds of storms together and find success at the end of the tunnel — they jumped in blindly.
To their luck, they were both crazy and blessed but their story is uncommon. Business partnerships should be considered from all angles, and if possible, are best when avoided all together.
Depending on the kind of person you find, having a business partner can mean more work from you for the same share of profits. It also means slower decision-making because two people have to approve things instead of one. You also have to give up some of your power in the company when you decide to partner up.
But, if you have to, you can follow Kale Abrahamson’s advice on finding business partners.
Don’t mix friendship and business
The first thing you have to be aware of is that friendship is not a precursor to a good business partnership. Going into business with a friend might look like a great idea and seem logical, but it is usually detrimental to your relationship and your work.
Commerce is a ruthless field to go into and it puts you in stressful situations that require you not to be a friend, but a cutthroat entrepreneur. Friction will happen, and a preexisting friendship can put your objectivity into question.
Like Kale Abrahamson says — you are essentially marrying this person. You have to be sure you two can withstand all the ugly parts of business just as effectively as all the shiny parts.
Work ethic and availability
The second thing to look for is work ethic and work availability. If your partner is even just a fraction lazier than you, then your business will suffer. Both of you need to have similar work ethics and drive, or else you will end up working for two.
It’s not as easy as finding the hardest worker to partner up with, either. Work availability is just as important as work ethic. Your partner can be the hardest worker you’ve ever met, but if they have other preoccupations or commitments, then they cannot be fully dedicated to your project.
A new parent who just bought a house will have less of an investment in your shared career. Their priorities will most likely be siphoned to their home life, which leaves only leftover focus for your venture. This will cut into your profits and dull your successes.
Profit and mutual respect
The third thing to keep in mind when partnering up is how profit-driven your partner is. Of course, it’s good to go into business with someone who wants to see profit, but if profits are the only thing they’re after, that could put you into a tricky situation. If their priority is profits over you, then they will likely screw you over.
Your partner needs to be able to see you as an equal partner and not just an asset to their fortune. They need to be willing to take a bullet for you or it won’t work out for either of you.
The final piece of Kale Abrahamson’s tips for finding a business partner is to move forward with God in mind. He attributes some of his success with his business partner as part of God’s plan, and he recognizes the importance of prayer when going into business.
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