When choosing to build a business with a partner or co-founder, you want to be very comfortable with that person. It takes time to get to know someone. Make sure that you spend time getting to know one another before getting into business together.
One of the best ways to find this person is to leverage your business network. You may already have someone in mind or you may need to ask others in your network. The more diverse your network the better so you can cast a wide net to find the right person.
Here are some questions to consider when choosing a partner:
- What stage in life in this person? Generally, it is good to partner with someone in a similar stage so you both can put in a similar amount of time or effort. However, treat this case by case.
- Does this person have the vision? It is important that you choose a partner who has a similar vision with to build and grow a company.
- Does this person have the same values? Having the same values early on is critical for the business relationship so you start working together with a similar mindset.
- Does this person have the same end goal or exit strategy? When starting a new business or partnership, it is important to have an end goal. While it may be difficult to be thinking of any exit in the beginning, it is still important to keep this mind. Some of your business decisions will be made with this in mind.
What else comes to mind?
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