Choosing the right business partner

Consider your values

Business is about the values you follow. Each person puts his feelings, hopes, and emotions in building the organisation. When a new partner comes, it is important to consider if your values and his values match. Both parties should have the same wavelength in thinking.

The long-term approach

At times, one may impulsively accept funds when it’s readily available. But consider all possibilities, and have a long term approach before you tie up with anyone. Otherwise, it is like a person who was not getting married for a long time. As soon someone says “YES”, he jumped into the wedlock, only to realise later that it was the greatest blunder of his life! So check all the credentials with known sources before the partnership becomes an agreement. It may take some more time—but you will be a winner in the long run.

It’s not just money

Partnerships are not just about money. It is not just plain give-and-take. In fact, it is about a life-long relationship that needs to be built upon. So, as Stephen Covey says in his book, ‘Seven Habits of highly effective people’, “….you need to develop an emotional bank account”. You will have to spend time with your partners regularly. It is necessary to communicate with them so that the relationship builds beyond just business transactions.

Remember, every business story is a story of teamwork and having the right team with you. No wonder then that choosing the right team members is highly important to win the game.