- When you look for partnership in your business, you are looking for a multi-year journey
- Here are six questions, allowing you to uncover potential issues, shared strengths, and weaknesses
- You should be able to decide whether these people are good to start a company with
1. What are your goals for this project?
- It’s important to understand what is motivating your co-founders to build this company
- Each founder must see the startup as their life’s work for at least the next several years
- Ideally, you should believe you’re one of the few people in the world who can solve the problem you have defined
2. How will we divide the equity and responsibilities?
- It’s crucial to get the equity split right, in order to avoid issues later
- Many founders default to a completely even 50/50 between two founders, one-third each for three founders, and so on
- You can decide the split according to the roles and responsibilities
3. Are we ready to go into battle together?
- Business is a high-pressure environment, and you need to know how your partners will handle that stress
- You can also ask if they’ve dealt with personal or professional adversity in the past
- That way, you’ll get an idea of how they handle tough situations in a business
4. Is there anything about your past I need to know that might affect our business?
- There’s a temptation to hide parts of your history that are embarrassing
- It is far better to raise these issues before establishing a company together rather than to discover aspects of a partner’s past while in front of investors
- Owning your partner’s mistakes and working together to resolve them efficiently is true business development
To know about more questions to ask whole choosing a business partner, do read the entire article:https://www.forbes.com/sites/timyoung/2021/09/16/6-questions-you-need-to-ask-your-potential-startup-co-founder/?ss=entrepreneurs&sh=7af1a2f3286a
You can also ask us these questions if you’re having any stagnancy issues, partnership selection issues or anything else related to your business through our Q&A forum via this link: https://sncoglobal.com/#q&a
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