CHOOSING THE RIGHT BUSINESS PARTNER

[Guest guest]

CHOOSING THE RIGHT BUSINESS PARTNER

- Radhakrishnan Pillai

 

 

Let's face it: in today's corporate world, getting funds is not really a

problem. The Indian market is flooded with money for anyone who comes up with

good ideas.

 

Of course, in the struggling phase, a new businessman may think his idea is not

good. However, if he strongly believes in his own concept and continues to put

in efforts, the situation will change eventually. He will even get many people

who are ready to finance his company.

 

This is when opportunities crop up for getting a new and financially stronger

partner. However when such offers come flooding in, the challenge is to choose

the right partner.

 

Chanakya advices,

 

" If situated between two stronger kings, he should seek shelter with one capable

of protecting him " (7.2.13)

 

 

So when multiple partners arrive with a lot of money and even experience, you

should be very alert and cool-headed. After all, a wrong choice can ruin the

business that you have created from starch.

 

To make the correct choice, one should be able to evaluate strengths and only

then tie up with the one who is strongest. Here are a few tips to determine who

would be the right partner.

 

1. CONSIDER YOUR VALUES

 

Business is about values you follow. Each person puts his feelings, hopes and

emotions in building the organisation. When a new partner comes, it is important

to consider if your values and his values match. Both the parties should have

the same wave length in thinking.

 

2. THE LONG-TERM APPROACH

 

At times, one may impulsively accept funds when it's readily available. But

consider all possibilities, and have a long term approach before you tie up with

anyone. Otherwise it is like a person who was not getting married for a long

time. As soon someone says " YES " , he jumped into the wedlock, only to realise

later that it was the greatest blunder of his life! So check all the credentials

with known sources before the partnership becomes an agreement. It may take some

more time – but you will be a winner in the long run.

 

3. ITS NOT JUST MONEY

 

Partnerships are not just about money. It is not just plain give-and-take. In

fact, it is about a life-long relationship that needs to be built upon. So, as

Stephen covey says in his book, `Seven Habits of highly effective people',

" ….you need to develop an emotional bank account " . You will have to spend time

with your partners regularly. It is necessary to communicate with them so that

the relationship builds beyond just business transactions.

 

Remember, every business story is a story of team work and having the right team

with you. No wonder then that choosing the right team members is highly

important to win the game.