The Must-Follow “Dos & Don’ts” Guide to Take on New Business Partner
What is the best way to find business partners? Originally appeared on Quora: the place to gain and share knowledge, empowering people to learn from others and better understand the world.
Having a business partner not only eases your work but also helps you in a lot of aspects. Finding a business partner may be a tedious job, but in the end, it is all worth the hustle.
Here are some dos and don’ts you should consider while finding a business partner:
Things not only have to get done, but they have to get done properly and to the highest standard possible. Any potential business partner should have the drive and motivation to want to do this.
Able to Delegate
Running your business means you and your partners will have to be hands-on with much of the work, implementing your skill sets to get things done. But, you and your partners cannot get it all done yourself, so you will all need to have the ability to find capable individuals and trust those people enough to delegate work to them.
Don’t Settle for Unequal Commitment
When you’re desperate for a business partner, it can be tempting to fall for anyone who offers what you need. Big mistake! You should only partner up with someone whose worth it; someone who will bring equal substance to the table.
Don’t Agree to Handshake Deals
A staggering number of businesses carry one or more “zombie” partners that siphon profits off like leeches because the founders never stopped to put their founders’ agreement in writing. With no written contract in place, there is no mechanism for dealing with problem partners. The only option is to pursue a solution in court—a process that is so expensive and aggravating that the functioning partners resign themselves to keeping the zombie partner.
I hope I was able to answer your query. I would love to hear your viewpoints. Share them with me in the comment section.
Contributed by Shawrya Mehrotra, Founder and CEO at Metvy. TEDx Speaker. 50x Keynote Speaker.