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4 Questions to Ask a Prospective Business Partner

Have you seen the news about people getting scammed by their so-called business partners? I have heard a lot about this case in the past years, which disheartened me. Seeing others getting cheated and losing their life savings because of it, I somehow become skeptical. However, as I continue to grow in my personal and professional life, I learned that I could prevent such from happening. It really pays when you continue to learn and equip yourself. 

Before starting a business partnership or a joint venture, all parties involved should be on the same page to avoid future conflicts. Besides the financial aspect, there are other essential things to be considered.

For me, it is vital to find out your prospective partner’s goals or mission first. Check if your mission or goals are the same or similar to that of your prospective partner. Not knowing about each other’s goals may lead to a conflict of interest and dissatisfaction. It is also essential to understand why that person is doing it – is it for personal gain, or is it for service? If your mission is to serve others, it would be best to work with people who have the same heart. 

It is also equally important to check the values and ethics of the person if it is similar to yours. Regardless of the kind of business you are in, you should do it to make other people happy or make their lives better. Thus, it would be best if you were doing business conscientiously. If you are to venture into such with another party involved, it only fits to check if they value integrity over income the most. Not securing this aspect before diving into the partnership will possibly compromise your business or your morality in the future. 

So here are the questions you should ask your prospective partner before deciding to collaborate or partner up:

  1. Why do you want to partner with me?
  2. What is your goal?
  3. What is your mission in life?
  4. What is your definition of success?

Their answers to these questions will give you an idea of the other parties’ priorities, preferences, and values. 

Even people who belong in the same family or group of friends have different goals and values, so we should not use kinship or affinity as bases when venturing into something crucial, such as business, with someone. In fact, if that partnership does not work because of the differences you have, it will ruin both your business and your relationship with each other. Therefore, we have to be practical and decide wisely. 

Do you agree with this?

 

 

(Photo by Savvas Stavrinos from Pexels)

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