Building a successful business takes, vision passion and energy – not to mention great planning and perhaps a dash of luck. There aren’t many of us who can carry this off on our own. So, if you find yourself looking for a business partner, here is our four step guide and tips from successful entrepreneurs.

 One: Start by searching

Start the search with business networking. Actively participate in university societies and local business events, and join entrepreneur forums on LinkedIn, Facebook and Twitter. Believe it or not, there is even online dating for entrepreneurs.

You can also look for independent thinkers outside of lectures and University activities. Universities are flush with bright people from a variety of cultures who would bring a new energy to your enterprise.

Two: Choose carefully

Make sure you choose someone that complements, rather than mirrors, your own skills. To do this you need to define your own skills and weaknesses honestly. Lara Morgan sold a 99% share of her international business, Pacific Direct, in 2008 for £20 million. She says, “If I had a business partner I would want them to be brilliantly connected. A proven entrepreneur who would keep me on the straight and narrow. Focused but flexible and with skills in areas in which I was weak.”

Just as important is to share the same dream for the business. If, for example, you set up a retail business and one partner dreams of going public in five years, and the other is happy running a small shop, you’re destined for a clash or two down the road.

Complementary skills and a shared strategic vision are a given, but you should never underestimate the importance of actually getting on with your partner. Personal rapport will mean that you will have more fun out of the journey and thrive on the long working hours.

Three: Dot the i’s and cross the t’s

Once you’ve found your partner, establish a formal structure with a lawyer. It’s a smart move to protect yourself. Besides, its much easier to agree before any problems occur.

By drawing up a contract, you can define and agree on specific roles and responsibilities early, as well as address issues, such as how to add further partners or drum up investment. According to entrepreneur and business author, Emma Jones of Enterprise Nation, assigning complementary roles means, “You won’t step on each other’s toes, but you will travel together on the road to success!”

Get it in writing. Later will be too late.

Four: Think about the exit

It seems counterintuitive, but you should discuss your exit strategies right from the outset.

A perfect partnership would, of course, last until both parties are ready to sell and move onto new things. But it rarely works out that way.

More likely, one partner will end up buying the other out, so a buy-sell agreement is a good thing to put in writing from the start. This is a mechanism by which partners consent that, should there be a disagreement in the future, one partner can buy the other out.

Surrounding yourself with like-minded people, who share your vision and can bring useful skills, is important in helping make your business a success.

If you are a university student or graduate with a potentially award winning business, then go to www.lloydstsbenterpriseawards.com and enter today.

So just who is your dream partner?

For Suleman Sacranie, a serial entrepreneur, who pitched to Dragon’s Den at the tender age of 17 and has secured venture capital funding for his latest venture, 99pWholesaler, it has to be Steve Jobs for his great attitude. Suleman says, “I will always remember one thing he said ‘Going to bed at night saying we’ve done something wonderful… that’s what matters to me.’”

Who would be your dream business partner? Leave a comment below or tell us on Facebook and Twitter.