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.
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
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.
