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Donny's Blog: Finding a Business Partner

Many of the entrepreneurs who appear on my show often tell me one the biggest challenges

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they faced was finding a business partner. Selecting the right partner is detrimental to your success and the success of your business. The right choice in a partner can take you to a whole new level and amazing growth but the wrong choice can cause you to crash and burn. You must choose a partner carefully and wisely. Here are a few guidelines to follow for establishing a successful partnership:

1. Take a good look in the mirror and evaluate your strengths and weaknesses. This will allow you to determine what skill set your partner should posses. Where your skill set is weak, your partner's should be strong and vice-versa. Each of you will bring a different skill set to the table and your strengths and weaknesses should compliment one another.

2. Find a believer. When you choose a business partner choose someone who wholly believes in the power of your product or service. You want your partner to be as excited and driven as you are about your business. Look for someone who shares your passion.

3. Be selective and take your time in choosing a partner. The last thing you want to do is rush into a partnership. Don’t make a hasty decision. Be selective, take your time and choose wisely and carefully, just like you would if you were choosing a spouse. Spend as much time as you can with that person and get to know them, their personality traits, their likes and dislikes, etc. Does this person share your vision? What are their expectations? What are their short and long-term goals and do they align with yours?

4. Establish specific roles and responsibilities. You and the partner you choose should both have a clear definition of accountabilities.

What's the key to your successful business partnership? I want to hear about so write to me at donny@cnbc.com