My partner from Zalfion Media Pte. Ltd. and I just joined a business mentorship program called X-Factor Method.
After the session we went drinking with one of the mentors inside X-Factor and one of the questions that I’ve had in my mind for a really long time was finally answered.
“What is required for a business partnership to work?”
I know what kills a business partnership though, the lack of trust.
Not just lack of trust for values, but lack of trust for capabilities also matters.
Partner 1 might have great values but when his delivery of work sucks,
Partner 2 might get tired for constantly having to do more work and resentment builds.
I’d dare say, if you’re a 2-man owner business, your business partner might end up becoming closer to you than your girlfriend/wife.
So picking the right business partner is paramount for the success of your business and your sanity.
A business influencer that I really look up to when it comes to business coaching is Chris Do.
I was already aware of his story of his 3 failed business partnership, and his personal stance is not to have a partnership and why he thinks so.
You can watch the video below to find out more on his perspective.
For a long time on my 3 years business journey, I’ve been pondering, what’s the secret to a good business partnership.
And I think I found the answer, through the example of the 2 partners in our X-Factor Method mentorship program, Melvin and Josiah.
And the answer I’ve derived is 2 criteria
- 100% Trust
Absolute trust in each other’s values and intentions, that all decisions made is devoid of ego and done to take the company to greater heights and not for self interest.
View each other as not just a friend, not just a best friend, but as blood brothers who he will take a bullet for.
- Compatible Skillsets
The Star & The Operator, it seems most successful business partnership has 2 partners.
One is the charismatic star to be the front of the business, and the second is the operator who ensures everything is running smoothly in the background.
Seeing Melvin’s conviction when he told me that he viewed Josiah as his blood brother who he’ll take a bullet for was beautiful.
As of now, I genuinely believe those 2 criteria are the basic requirements for the perfect business partnership.