To partner or not to partner?

Insight #4

How can you possibly know if you are selecting the right business partner or even if a partnership is right for you, if you haven’t explored your own dreams, expectations, needs, likes and dislikes?

Just as difficult as it is to ask tough questions of another person, it can be more difficult to probe deeply and honestly into our own psyche, motivations, strengths and weaknesses. Most all of us need an unbiased advisor to provide the questions and structure, to guide us through self-reflection in order to make healthy decisions about embarking on a business partnership.

For example, can you articulate your top core values…those beliefs that guide your behavior and decisions on a daily basis? Can you explain what those values look like (how they manifest) when they are present in your company? When comparing core values with a potential partner it’s vital to understand and be able to explain the meaning of the word in action from your perspective. Can you do this?

Other questions to be considered before moving ahead to form a business partnership include:

How much longer do you want to work? Do you know how you want to exit from the business and when? What are the three things you must have in a business partner? What are the things you will not tolerate?

These are just some of the key questions you should be asking and answering yourself before you start asking them of a prospective business partner. Your chances of beating the odds of failure and creating a successful business partnership will be significantly enhanced.

Know thyself first.

 

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