Let’s face it: in today’s corporate world, getting funds is not really a problem. The Indian market is flooded with money for anyone who comes up with good ideas.
Of course, in the struggling phase, a new businessman may think his idea is not good. However, if he strongly believes in his own concept and continues to put in efforts, the situation will change eventually. He will even get many people who are ready to finance his company.
This is when opportunities crop up for getting a new and financially stronger partner. However, when such offers come flooding in, the challenge is to choose the right partner.
Chanakya advices: “If situated between two stronger kings, he should seek shelter with one capable of protecting him.” (7.2.13)
So when multiple partners arrive with a lot of money and even experience, you should be very alert and cool-headed. After all, a wrong choice can ruin the business that you have created from scratch.
To make the correct choice, one should be able to evaluate strengths and only then tie-up with the one who is strongest. Here are a few tips to determine who would be the right partner.
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.
Dr Radhakrishnan Pillai is an Indian management thinker, author, and Founder of Atma Darshan and Chanakya Aanvikshiki. Dr Pillai has extensively researched Kautilya’s Arthashastra, the 3rd century BC treatise and incorporated it into modern management.