Points To Consider When Choosing A Business Partner | Business Insider

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Points To Consider When Choosing A Business Partner | Business Insider

Bad patnership have had adverse effects in so many big businesses.

It could eventually lead to separation and business crash.

So it is important as entrepreneurs, to give attention to the kind of persons we make our business partner.

A business partner could either break or make you – make the business boom or make it crash.

One reason many businesses usually crash is that the partnership is between friends and family members that do not have similar goals.

It is not bad to make a friend or family member your business partner, my brother and I have a business we run together.

But the thing is, do you have similar interests or goals? Before selecting a business partner, more attention should be given to the person’s lifestyle.

You could be friends with such an individual, but you should try to find if he/she is a supporter – someone that would help you during bad times.

Another thing to consider is trust.

Do you trust the person? Earlier this year, a friend of mine who has a spare parts shop wanted me to partner with him.

His business was booming so he wanted more funds to be invested in it, but the thing is I have been observing him for months.

He is someone who loves money so much, so I decided to test him.

I told him I would consider his proposal, he then said he needed some money urgently for a deal and that he would pay me back with interests.

I gave him the money, when it was time to pay back he actually did.

But he did not add the interests he promised, that taught me something about him.

That he was someone that is not ready to share profits. So I decided I’m not going to partner with him.

You could also consider getting consultants.

It is not everyone you want to share your profits with, so hiring consultants will save costs.

This way, you do not have anyone that owns part of your established business.

Your business partner is like your marriage partner, you both should complement each other.

Just as a wife should assist the husband in what he is not good at, a business partner should complement the other.

So it would be unwise to have a business partner that have the same weakness as you do.

If you are good at making sales, the other partner could be better in management or even keeping records.

That’s the much we can take on the topic “Points To Consider When Choosing A Business Partner | Business Insider”.

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