PARTNERSHIP

Qualities of a Strong Business Partnership

• Trust: If business partners cannot trust one another, it is unlikely that any partnership can work for an extended period of time. Partners do not have to act or think alike, but they should be able to feel that they are being dealt with fairly by the other partners.
• Mutual respect: Just as being of similar personality is unnecessary to trust one another, so too is it unnecessary for respect to be felt. In fact, to some extent differences in ability may heighten respect for one another insofar as these other abilities can shore up one’s own shortcomings, which will thereby strengthen the business as well.
• Shared values and vision: That said, it is important that business partners have a similar general outlook for their business, otherwise the conflicting goals will most likely either cripple the partnership or tear it apart.