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6 Tips For Choosing The Right Business Partner

Tony Orji by Tony Orji
October 30, 2017
in Inspiration
Reading Time: 2min read
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Being friends or close pals for years with someone does not
automatically make them a viable business partner. There are critical
things you have to consider before you start working with someone on a
business idea.

Jumia Travel highlights points to consider to avoid a bad business partnership.

Trust 
Trust is pivotal for a partnership to stand the test of time. The
question is do you trust this individual as a business partner? If the
answer is no, just ditch the idea of working with them.

Decide if you want them as partner, employee or consultant 
Don’t partner with someone just because you can’t afford to hire them.
It is better to hire them as a consultant than to give away a part of
your company or to find out later that he/she is not a good partner for
you.

Shared values 
Successful partners generally agree on standards regarding what is
acceptable and unacceptable. These values guide their actions,
judgments, and choices. When partners’ values align, they are more
likely to make reliable decisions and remain united.

Accountability 

Whether you are a startup or an established business, having an
unaccountable business partner will someday lead to the collapse of your
enterprise.

Partnership agreement 
No matter how strong your relationship is now, certain circumstances can
threaten and possibly end partnerships. Avoid feelings of regret by
proactively structuring an agreement that is fair and protects both
parties. If the person does not agree to the agreement, just move on.

Someone you can communicate with 
Communication is the key to any healthy relationship, business or
otherwise. Partners should be able to speak honestly and openly
about everything in the relationship, from a professional and personal
perspective.
Tags: InspirationSocio-Economic Issues
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Dr. Tony Orji is the founder and owner of Success Tonics Blog. He is a Senior Lecturer at the Department of Economics, University of Nigeria, Nsukka.

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About Dr. Anthony Orji

Dr. Anthony Orji

Senior Lecturer

Dr Anthony Orji is a Ph.D holder in Economics and a lecturer at the Department of Economics, University of Nigeria Nsukka.

He obtained his B.Sc, Msc and Ph.D Degrees from the University of Nigeria, Nsukka and a Post Graduate Diploma in Sustainable Local Economic Development (SLED) from Erasmus University, Rotterdam Netherlands.

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