Business partners or buddies are important and specifically there is great importance of a complementing business partner. It is always considered risky to start a business all solo. The prime reason for this being you have to be a master in everything and have to be present everywhere.
Mentors all over emphasize on how important it is to have a business partner. Not just because you can share responsibilities with your partner but also you have a shoulder to cry in bad times or a friend to celebrate when you achieve something for your business.
While choosing partners for your business venture, I believe what’s important is to be very selective with partners. A very good friend may be a very bad partner and a very occasional friend can be a wonderful partner. It all depends on the kind of chemistry you two get to have.
The prime thing to understand while choosing a partner for business is how much your partner compliments you in terms of skills and areas of expertise. Two partners may be very good professionally, but if both of them have same area of expertise and same skills then the overall efficiency of the duo cannot be too good. Also in such cases there would be more decision clashes and more chances of internal tussles.
On the other hand, if duo has separate set of skills which compliments each other, the partners have a very good chance of getting succeeded. This happens because the weak areas of one partner can be covered up by other partner’s expertise. For example, if one looks at technology or operations and execution, other can be looking at sales and marketing. This would keep their goals different and less conflicting in nature.
Such complementing business partners can fill the gap to get 360 degree coverage and growth for the entire business. Industry is full of such businesses where partners have been complementing and such businesses have risen.
Also, while choosing a partner for a business the goals of two partners should not be conflicting. For any business to succeed, partners should inevitably be working towards achieving a same goal. In this way the partners would be complementing in skills and aligned in goals. I would say requirement of aligning with business holds true not just for partners but also for any employee or member of board joining your company. This ensures that even after conflicts in individual approaches the final result in each approach is similar and towards the same goal.