How To Business... Working With Others: BizBit #4 - Choose Your Partner Wisely

WORKING WITH OTHERS: BizBit #4 - Choose Your Partner Wisely

Choosing a partner in business is not necessarily as important as choosing the right life partner, but the same vetting process should occur. You should make sure you can work in pressure or tense situations together.

Undoubtedly along your path to success in business you will encounter challenges along the way; if the two of you fracture at the point of impact the partnership is bound for failure.

You should agree on a plan of action, or at least the general direction for the growth and future success of your business. One of the worst things you could do is to partner up with someone that doesn't agree on the direction to move the business or differs in opinion of how they view the development of the industry you're in... How can two walk together except they agree?

Another key point to consider in business ethics and personal values is that you want to make sure your partner shares a similar value and moral system.

For example, if you're not ok with back door deals or operating in ethically gray areas you should make sure your partner feels the same way about the situation.

The last point I want to discuss is equal value contribution. This is very important. The key to long term happiness in a business partnership is equal value contribution. Once the money starts flowing and then equally divided among the partners the truth will emerge. If one partner feels they've done more than the other, but they are getting paid the same amount, that's the beginning of the end. You should agree in advance about duties and responsibilities to avoid
any confusion later.

Ultimately, if you move cautiously into any partnership and weigh options carefully and objectively you will be fine.

H2B
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