1. Why do you need a partner?
As easy as the question may sound, the answers may not be that easy. Most new business owners get a partner because they are afraid of doing things alone. FEAR is the word. Usually, these are the common causes:
#1. Lack of experience
#2. Lack of capital
#3. Fear of losing money alone
#4. Do not know anything about hiring
If your answers rhyme with one of the above, I strongly suggest that you must reconsider again. Experience can be gained without partner(s) and capital can be obtained from bank loans. If you are afraid of losing money, consider halting your business setup until you have a more solid plan. Gather as much information as you can. Hiring staff can be messy but getting rid of probation staff is so much easier that getting rid of wrong partners.
2. Does this person share the same core values as yours?
You are a person of integrity and very responsible in your business. The person you wanted to have as your business partner focus more on making lots of money in the shortest time possible, using whatever method. Obviously, the two of you have a conflict of core values. Just because he or she is your best friend, does not mean they can be good business partners. BFF may not be your good business partner but a good business partner can be your BFF.
3. Can you count on each other?
Most partnerships failed because of serious lacking of accountability. How many of those we really know that can really say to us, “You can count on me!” and you can really count on them without any single doubt at all? If you cannot count on that person, he or she cannot be your good business partner. It is the same likewise.
4. Do you respect each other?
Respect is by far one of the most important element in a relationship. Without respect, nothing will work long term. There will be talking behind backs, rumors, dissatisfactions and inner competitions. These will definitely break the partnership apart. Respect each other’s strengths and compensate each other’s weaknesses, and if you and your partner(s) can practice these, the partnership will work for a long long time – if not forever.
5. Will that person put in effort as much as you would?
There are a lot of opportunist out there waiting and hunting for the right prey. They put in money into a company or business and that’s it! Opportunist treat businesses as Golden Geese. They expect the businesses to give high amount of return in the shortest time and the least effort possible. This kind of people will not put as much as effort as you would into the business to bring the business to the next level. They are there to wait for the golden eggs, and you could be that golden goose. We all know how the story ends.