What many entrepreneurs learn a little too late

1.  The wrong business partner will cost you plenty

Experts recommend that you should know your partner for at least a year before going into business with them.

There are five questions you need to ask yourself as you look for a partner. 

 Do they have great work ethics?

There is a famous duo that did not work out. That of Mark Zuckerberg and Eduardo Saverin. When Zuckerberg was busy working on Facebook in Silicon Valley, Saverin was gallivanting all over New York. Clearly Saverin had a poor work ethic, which contributed to their disagreements. Find someone who will work just as hard as you on the business.

Do they have any business networks?

Your partner should come with a wide network of valuable connections. Their networks could lead to more customers, get you insider knowledge on sourcing for goods, and information on where to sell goods for relatively higher prices. It could also lead you to hiring better employees for different roles in your company.

 Do you trust them? 

You should be able to trust your partner’s judgement in business matters. And if you have a disagreement, you should be able to trust them to handle it maturely. Trust them to always tell you the truth even when it is difficult, to treat everyone around them fairly, and not to start a competing business.

Do they have any complementary skills?

Being friends and trusting each other is not enough. Your business partner should also have skills and a personality that complements yours.

What is their financial strength?

A business is fuelled by money. Without this lifeblood, a business is destined to fail. As an entrepreneur, choose a business partner who has some financial muscle. Combined with yours, the capital you bring to the business will make it easier to achieve your business goals.

2. Rejection is the name of the game

You are excited about your business idea and you are convinced that it is what everyone has been waiting for. However, the reality on the ground is that most people won’t buy into your idea until it starts making money.

If you’ve watched the TV show Shark Tank, you’ve seen how some entrepreneurs go on to make millions after their ideas are trashed as worthless by the millionaire investor “sharks”.

You will have to develop a thick, tough skin because you’ll hear “NO” over and over. But to become successful, you have to keep going. Sometimes rejection can be an indication that you need to change something about the business or your approach. Learn the lesson and grow.

3. Ideas are nothing, selling is everything

As the Bible says, there is nothing new under the sun. Do not be surprised to find that no one seemed enamoured by your “revolutionary idea”. While an idea is a great place to start, the real test is bringing your idea into reality. In business, what matters more is your ability to sell.

This encompasses selling your idea, vision, services, product, and yourself. However, you do not have to pour lots of money into marketing in an effort to sell more.

When you are starting out, you need to invest more funds into perfecting your product and services. Utilise free or low-cost marketing such as social media, influencer marketing, or media interviews.

 4. You have to be nice

Emotional intelligence cannot be over-emphasised. A research by the Carnegie Institute of Technology found that 85 per cent of our financial success was due to skills in ‘social engineering’, personality, and ability to communicate, negotiate, and lead.

According to the research, only 15 per cent of financial success is due to technical ability. What this means is that people skills, or the skills usually associated with emotional intelligence, are a key factor in success.

To become successful, stop saying things like “well, I’m just being honest” or “this is how I am, deal with it”.  Always think of the other person and how they feel and as much as possible, leave them with positive feelings. However, this doesn’t mean that you should become a people pleaser. Being emotionally intelligent will help you handle difficult and delicate situations with tact and empathy.