Bill Gates had Paul Allen; Steve Jobs had Steve Wozniak; Warren Buffet had Charlie Munger. Whoever you are – be you the smartest and shrewdest investor in the world, or just an entrepreneur starting out, it always helps to have extra hand.

Being someone who is trying to start up a business venture of my own, I personally feel that one of the most crucial things that you must have to make your venture work is at the very least a partner that shares your enthusiasm, values and priorities. It’s very easy to get excited about a certain project after talking it through with your best buddies over supper, but if you have ever tried to implement such an idea, you will find that your best friends aren’t always your best business partners.

Here are just some factors that I have found important when choosing a business partner to carry out that special business plan you just can’t ignore.

Steve Jobs and Steve Wozniak (sitting) in Jobs’ garage in 1975

Enthusiasm

If you have to work with a partner that does not share the same enthusiasm and commitment to making your business plan a success, how do you think that you are going to feel? On one hand you will be raving on and on about how clever your idea is and you will have your partner be a wet blanket during your discussions, feeling disinterested and not actively contributing to the discussion. A less than interested partner would also be an energy vampire that soaks up your energy during the discussion as you find yourself having to spend extra effort getting him to get on the same page you are, making your efforts less efficient.

Being an entrepreneur who is just starting out also means that you have like a million things to do and to attend to. Having even part of your energy soaked up by your very own associates just sounds like a bad idea to me. However, if you have a partner who is as enthusiastic about your special project as you are, things will be radically different! The hours and hours of work will fly by because working on your venture will be just so much more fun with an equally enthusiastic partner! Being full of energy and enthusiasm makes working so much more of a joy, which of course definitely increases your chances of success.

Having an enthusiastic partner is also important simply because energy is contagious! Entrepreneurship is definitely hard work and there are bound to be times when you just feel like giving up. Having an enthusiastic and positive partner is going to help you out of those times and keep you moving right on track. Just be sure that you be that source of energy and strength for your partner when he/she needs that extra push too!

Warren Buffett & Charlie Munger - The Unshakable Duo of Berkshire Hathaway

Values

Working with a partner that does not share the same core values as you do is also another source of pain. When your values are not in sync with your partner’s, what happen is that more likely than not, the two of you are going to spend time arguing over how things should be done and why they should be done. Values are important because they are the underlying principle that guide our actions in life – and when they are out of sync in a business context, it could be the root cause of the breaking down of a business relationship.

For instance, a business relationship could be seriously strained if one partner sees nothing wrong with bribing officials to secure a project while the other cannot tolerate it. When personal and ethical values do not match, the partners would find it difficult to make decisions without consulting the other, making the whole process of decision making even more time and energy consuming. However, when the partners involved are very clear about each other’s values and opinions concerning the running of the business, things run smoother and more congruently.

One lesson to learn here is that it is important to take time to know your business partner before creating a business relationship. Values are intangible, invisible and take us time to understand but are all so important.

Bill Gates and Paul Allen (1981)

Priorities

Finally, both you and your partner should have perfectly aligned goals and priorities when it comes to business.

Very often close friends come together to start a business, but fail and even strain their relationship simply because they do not have the same priorities when it comes to their joint venture – one side may see it as just something to do to pass the time, while the other may see it as something he truly wants to invest his life in. And when it comes to entrepreneurship, to be successful, we really need partners that can go all out with us. Would Microsoft be the multi-billion powerhouse that it now is if Paul Allen didn’t go all out with Bill Gates when they were starting out? It would definitely be way harder for Gates to be where he is today if that were the case, being without a partner that he could really work with.

When such a disparity is present, conflict will definitely arise as one party claims that there is too much to do while the other claims that the business is doing too little! This will inevitably lead to frustration, pain and even the possibility of the dissolution of the friendship should the conflict not be handled well.

One thing I believe that we can learn from this is that it is important that we be transparent with our business partners concerning our priorities from day one. There’s just no point trying to hide our true intentions where this is concerned as lying would only result in frustration and heartache for the both of you. This is definitely a situation where I feel that honesty is really the best policy.

***

No man is an island, and we often find ourselves needing to work with like minded people to make our grandiose plans  come to fruition.

Look for people who want to achieve the same goals as you do, but also keep in mind that they should be more than that – they should also share your enthusiasm, values and priorities. It may seem like a difficult task but when you find those partners you will find that they will motivate you, inspire you, and push you along the path you need to tread in times when you just feel like giving up so much.

And I really believe that it would make all the difference.