Posts Tagged ‘Business Partner’

Key Questions to Ask When Choosing a Business Partner



Now that you have decided to choose a business partner, what do you do next? The first step you should take after you must have narrowed down the likely individuals that possess the right skill set is ask the right questions.

Why Mrs A, what is she bringing to the table, how do I know that she is the right person, how do I approach her and work things out, what am I offering her. Why Mr B, what is unique about him that I want to tap for my business.

I am planner, I believe that when you plan accurately, there will be little or no mistakes involved when you start acting. So I write things down, I evaluate, I look for all the possible scenarios before I start taking action.

I ask the right questions. Ask the right questions, don’t rely on your intuition alone or your guts. Ask the right questions before you even approach your potential business partner.

Here is an infographic that depicts the key questions you should ask your potential business partner before you approach them.


3 Reasons Why You Should Consider Getting a Business Partner

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A successful business has just one ingredient, the right people. Once you get this right, your business is on its way to financial excellence. Getting a business partner might be a burden especially if you are someone who doesn’t like relinquishing power but they always say that the true test of a leader is how her followers thrive.

A business partner brings in extra pair of hands to your business and this is almost all you might ever need to succeed. Here are three reasons why you should consider getting a business partner.

Financial Resources – The idea is there, it’s perfectly etched in your mind, you have started market research to go full force on your business plan but you lack the financial resources to actualize your business goals. So what do you do next? Find a partner.

As much as you might hesitate with this advise, don’t completely ignore it, secure the money. Some of the most successful entrepreneurs in the country didn’t finance their businesses with their own money. They financed it with other people’s money and trust me they are super successful. Once you have a business that other people can bet their money on, don’t be afraid to go for it. Ask people who you know you can trust. Give them a substantial stake and voila.

Connections – There are entrepreneurs that choose business partners because of their connections. There are people who don’t have the financial resources but they have the right connections. Their connections can be worth a million dollars if you press the right button.

These guys have connection in Aso Rock if you want, they have connection in every state house or they know how to get connection in every state house. I once read a quote that claimed that you are just three people away from who you want to meet. That means that if you want to meet Aliko Dangote, you are just three people away from meeting him. So find a business partner that has the right buttons and define the one you want to press.

Relevant Skills – Great skills are hard to find, when you find the right business partner with the right skill set, you are well on your way to financial excellence. Some people are great salesmen but with no business idea. Some are gifted with a million and one business ideas and they can see a business from start to finish but they know next to nothing about selling their products.

So where do they meet, how do they connect. Vital reason why you need a business partner. Find people who personify all these reasons and speak with them, they can even be silent partners, if that works for you. The most important thing is they have to be strategic to the realization of your business goals.