Bad business decisions can be like vermin – they can pop up when they are least expected to spoil the party, this also applies when choosin...
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Bad business decisions can be like vermin – they can pop up when they are least expected to spoil the party, this also applies when choosing a business partner. Considering that you might spend more time with your business partner than your spouse – you must make sure you select the right one.
Starting a business is not a get-rich-quickly by all means necessary venture, expecting to reap the best from the least effort. You must be prepared to put in extra, grueling hours – and if your partner thinks otherwise, then you must think again.Having loads of cash does not automatically qualify someone to become your partner – remember this might be a lifetime union. You need one who matches your vision, values and ethics. But how can you tell if your possible partner is the right one?
Read on and this article could save you from making a lifetime mistake.
Try before buying
This might not be possible to everyone. But if you can, spend some time working together in the business before you both commit. This way you can access possible strengths, weaknesses and where you can improve if your union becomes a reality. Ask yourself: do you trust this individual with your personal bank account. If your response is negative, then think twice.
Decide together
Small little things like spending leisure time together can make a difference. And just like in marriage, money is always one of the major problems in a business partnership. At the onset, how you will use the funding you raise and how the profits will be distributed to avoid future disputes. Even when disagreements occur, have a plan on how to settle them.
Travel together
There is no other way of discovering your future partner than travelling together and see if you get along together. Here, you can learn a lot about someone in a short while. Know if your partner is a team player and how they react in difficult situations. If you have no experience with a potential partner at all, do a trial run for a specified period of time before concluding the partnership.
Matching values
Values can make or break any relationship. If your partner considers cheating and disrespecting their spouse as way of life – and you disagree with such a lifestyle, then you are definitely not compatible. Religious values may also determine of your partnership will survive or not.
If the person is a good friend, make sure that their goals, values and responsibilities are aligned to yours. Just because you attended the same school does not make your partnership smooth. Scutinise their personal life and how stable it is. Personal problems are difficult and can easily complicate their professional life. If in doubt, pull out early.
Dovetailing skills
Similar values make a solid partnership, but different abilities create a successful combination. If you are good in administration, a technical gifted partner could bring in a difference, maintain balance and complement your weakness. Always make it a point that your partner’s strengths are in different areas.
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| Choose the Right Partner for Your Business |
Try before buying
This might not be possible to everyone. But if you can, spend some time working together in the business before you both commit. This way you can access possible strengths, weaknesses and where you can improve if your union becomes a reality. Ask yourself: do you trust this individual with your personal bank account. If your response is negative, then think twice.
Decide together
Small little things like spending leisure time together can make a difference. And just like in marriage, money is always one of the major problems in a business partnership. At the onset, how you will use the funding you raise and how the profits will be distributed to avoid future disputes. Even when disagreements occur, have a plan on how to settle them.
Travel together
There is no other way of discovering your future partner than travelling together and see if you get along together. Here, you can learn a lot about someone in a short while. Know if your partner is a team player and how they react in difficult situations. If you have no experience with a potential partner at all, do a trial run for a specified period of time before concluding the partnership.
Matching values
Values can make or break any relationship. If your partner considers cheating and disrespecting their spouse as way of life – and you disagree with such a lifestyle, then you are definitely not compatible. Religious values may also determine of your partnership will survive or not.
If the person is a good friend, make sure that their goals, values and responsibilities are aligned to yours. Just because you attended the same school does not make your partnership smooth. Scutinise their personal life and how stable it is. Personal problems are difficult and can easily complicate their professional life. If in doubt, pull out early.
Dovetailing skills
Similar values make a solid partnership, but different abilities create a successful combination. If you are good in administration, a technical gifted partner could bring in a difference, maintain balance and complement your weakness. Always make it a point that your partner’s strengths are in different areas.
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