Tips on choosing business partner

 ACCORDING to recent studies, two-thirds of all businesses fail. This means that a business has less than a 1 in 3 chance of succeeding. So, how can you make sure that your business is one of the 33 per cent who succeed? The answer is by choosing the ‘right’ business partner.
Shared goals and values 
Make sure that the person you are considering as a business partner has business goal that are aligned with yours. In other words, you should both want to create the same thing. 
This goes beyond whether you both want to make money––it means having the same idea of what the company should look like down the road.
Trustworthiness 
A good business partner must be someone you can trust. Everyone has their own quirks and individual ways to deal with stress, success and failure, but if you can inherently trust your business partner, you will have a better chance of succeeding as partners.
 Knowledge of your industry 
Would you hire an auto mechanic to run a bank? It is extremely important that your business partner understands the dynamic of the industry that your business is in-volved in.
 Able to bring new business 
This goes back to the previous question of whether the person understands and has worked in your company’s industry. Business partners may bring with them valuable contacts that can lead to sales. 
Able and willing to invest 
Not every potential partner will have the personal resources to invest as much into the company as you have, but they should be willing to invest as much as they can afford. 
When lenders and venture capitalists see that your partner is also substantially invested in your company, it gives them comfort and makes them more willing to invest their money. 
New business ideas 
They will also be able to help you come up with new business ideas, by instilling a sense of purpose in your team and bringing fresh and original solutions that go beyond the obvious. 
In addition, he or she will be able to reframe problems to come up with breakthrough solutions that can move your business in a new direction if needed