Finding a reliable business partner is an important step, and it must be taken seriously. Unfortunately, you cannot trust everyone these days. You cannot pick the first company or person you think is cool or interesting. Discover the important characteristics of a good business partner in India.
They Must Be Driven
So, you are looking for a proactive partner who will help you reach your goal. Lack of motivation is a real deal-breaker, and it is quite common. If you are working on a joint project, your partner must share your dedication and passion, so you can achieve success together. There could be many people with formal competency in your field, but without this spark.
A business partner should also be persistent and able to persevere in the face of challenges. Business is not always smooth sailing. Nothing guarantees they will not simply jump the ship when the going gets tough. Therefore…
Don’t Trust, But Test
Take off your rose-tinted glasses. This may sound depressing, but you cannot trust anyone these days. This does not mean you have to be cynical and lose your faith in people altogether. Do not assume it – instead, test your partner to see if they deliver on their promises.
Be particularly wary of those who say you should trust them. A reliable professional or company will provide you with evidence to show that their services or products may be counted on. They will also agree to sign written documents stipulating the rights and obligations of both parties.
For example, how do you choose a service provider? You probably check review sites and customer feedback before making a decision. For instance, suppose you want to become a Forex trader in India. This is a profitable and popular occupation, but it is imperative you choose a trustworthy intermediary – broker. This company will educate you on the intricacies of the exchange and help you build a career in finance.
However, you cannot just choose the first broker that comes to mind. Things like licensing and reputation are extremely important. Scammers create attractive websites that advertise Forex as a get-rich-quick scheme.
In reality, it is true that you may start trading with just $10, but few companies that offer such cheap entry are reliable. For example, ForexTime is authorized in a number of different jurisdictions, and it has licenses from reputable regulators like the FCA in the United Kingdom. Using Forex trading strategies in FXTM looks sensible, as the provider’s background is solid.
Separate Personal from Professional
If you are looking for a partner to start a business with, choose people you can really count on. For example, your former classmate may be a close friend, but what if they are chronically late for meetings? Look at their business qualities, not their personal qualities unrelated to the job.
Business partners should not let you down due to their lack of discipline or sloppiness. You need to know that their words and promises have value. Of course, you are no psychic, so make sure all obligations and rights are stipulated in a contract.
Put It in Writing
Your legal agreements should include all the right safeguards, including exit terms. You may treat it as a prenuptial agreement. When you are getting married, such a document may seem counterintuitive and even offensive because you are essentially planning your actions when you separate from the love of your life. However, business is an entirely different ball game. Force majeure is always possible.
The agreement must protect the interests of all parties involved. If your potential partner refuses to sign any documents saying you do not need one, as your relationship is built on trust, this is a red flag. Trustworthy companies or professionals will have no problem signing and document that protects their own rights, as well as those of the other party.
Keys to Lasting Partnerships
Choosing a partner is no simple matter. A bad decision may cause lots of trouble when your business faces problems (which is an integral part of the game). When it comes to partnerships, be picky and don’t take anything on faith. Look for evidence before drawing conclusions and protect what you have via legal agreements. This is what being circumspect is all about.