5 checks to choose a business partner
Need - Most businesses or startups with big vision would require multiple partners to share the common vision, risks, toil and rewards. Having seen successful partnership work for some businesses and having failed at it twice, below is my take on what to look for while selecting a partner for a business. Shared vision and values – while this is the most important factor, it is the basic first criteria to even consider a partnership with someone. It is more of a hygiene factor to decide whether to think more about the idea. Your best friend may not necessarily be a good partner. S/he may remain a friend, philosopher and guide to bounce off ideas to, but not necessarily a business partner. I learned this the hard way in spite of cautionary words from family members. Actions must match the Words! – watch if the actions of your potential partner match the words s/he says and commitments s/he makes in most cases. If there is a gap, you are better off finding someone else.