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6 Tips For Choosing The Right Business Partner

6 Tips For Choosing The Right Business Partner*

Being friends or close pals for years with someone does not automatically
make them a viable business partner. There are critical things you have to
consider before you start working with someone on a business idea. Jumia
Travel, the leading online travel agency, highlights points to consider to
avoid a bad business partnership.*Trust*
Trust is pivotal for a partnership to stand the test of time. The question
is do you trust this individual as a business partner? If the answer is no,
just ditch the idea of working with them.

*Decide if you want them as partner, employee or consultant*
Don’t partner with someone just because you can’t afford to hire them. It
is better to hire them as a consultant than to give away a part of your
company or to find out later that he/she is not a good partner for you.

*Shared values*
Successful partners generally agree on standards regarding what is
acceptable and unacceptable. These values guide their actions, judgments,
and choices. When partners’ values align, they are more likely to make
reliable decisions and remain united.

*Accountability*
Whether you are a startup or an established business, having an
unaccountable business partner will someday lead to the collapse of your
enterprise.

*Partnership agreement*
No matter how strong your relationship is now, certain circumstances can
threaten and possibly end partnerships. Avoid feelings of regret by
proactively structuring an agreement that is fair and protects both
parties. If the person does not agree to the agreement, just move on.

*Someone you can communicate with*
Communication is the key to any healthy relationship, business or
otherwise. Partners should be able to speak honestly and openly about
everything in the relationship, from a professional and personal
perspective.

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