6 Key Factors to Consider for Choosing Business Partners

October 27, 2017
business in nigeria

By Adeniyi Ogunfowoke

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.

Ogunfowoke Adeniyi is a PR Associate at Jumia Travel

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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