Navigating Partnerships: Questions to ask a potential business partner/co-founder

Last week was Global Entrepreneurship Week (GEW), and as the entrepreneurial spirit continues to ignite, the quest for the right business partner or co-founder takes centre stage. Beyond the customary inquiries about skills and visions, exploring relational compatibility becomes a pivotal step in ensuring the success of a budding partnership.

Traditionally, when we ask ourselves who we want as a business partner, our knee-jerk reaction is to go with what looks good on paper. That is, which university did they attend? What network do they bring to the table? What are their technical skills? Are they revered in their industry? In today’s society, where presentation and signalling matter, one would ask, do they have a social media presence? How many followers do they have? While what looks good on paper, i.e., networks, skill sets, educational & professional background, is essential, this tells you very little about how you will work with this person.

Every individual has a relational history that they bring to any partnership, whether romantic or professional. These “ghosts” in the nursery often emerge when dealing with interpersonal issues that inevitably arise in the entrepreneurship journey. You want to know how your potential co-founder deals with times of uncertainty, their approach to conflict, life experiences shaping their values, and how they manage power dynamics. We bring our whole selves to any partnership, and the arbitrary separation of “this is business” is our mind story. We create this separation to convince ourselves that we are only bringing our professional and, therefore, acceptable parts to the start of a new business venture.

As you embark on your entrepreneurial journey and search for that good fit, remember that the success of your venture hinges not only on the skills and expertise your partner brings to the table but also on their ability to align with your values, communicate effectively, handle conflicts gracefully, and navigate the ever-shifting currents of entrepreneurship. Research tells us that interpersonal tensions and conflicts can thwart even the most successful businesses, making this an equally important to explore.

One should consider six areas when trying to find a good fit for a co-founder. Here are some questions that can help you understand your experiences and co-founders.

1. Values

Understanding core values is essential for any successful partnership. These questions will help you explore your potential business partner’s values:

• Have you always been clear about your core values in your personal and professional life?
• Can you share an experience where your values guided a significant decision or action in your career?
• What is the most challenging ethical dilemma you’ve faced, and how did you navigate it based on your values?

2. Truth and Acknowledgment

• Is there a situation or individual where you believe an acknowledgement is overdue, whether from you or the other party?
• Recall the last time you made a significant mistake. How did you acknowledge your fallibility, and what actions did you take to address it?
• Can you share an experience where you had to embrace an uncomfortable truth?

Acknowledgement is a form of honesty and fundamental to building trust in a partnership. These questions help entrepreneurs explore their relationship with truth and their ability to acknowledge it:

3. Assertiveness

Assertiveness is crucial for effective communication and setting boundaries in any partnership. These questions encourage entrepreneurs to reflect on how they express their needs and boundaries:

• How comfortable are you with saying No?
• Think back to when you faced a situation where saying “no” was necessary. How did you communicate your refusal?
• Have you ever ended a friendship?

4. Emotional Regulation & Self-Management

Emotional regulation is crucial in the face of challenges. These questions help you understand how your potential partner will most likely respond during tough times:

• When faced with an emotionally distressing situation, do you tend to shut down, avoid or freeze?
• Reflect on a challenging period in your entrepreneurial journey. How did you maintain emotional balance during that time?
• What personal strategies or techniques do you rely on to stay emotionally grounded in uncertainty or adversity?

5. Conflict Resolution

Conflict is inevitable in any partnership. These questions help you reflect on how your potential partner handles disagreements:

• Can you share an example of when you faced a conflict that initially seemed unsolvable? How did you approach it?
• What happens when you get angry?
• Can you express how you are feeling and what you need during disagreements?

6. Managing Power Dynamics

Balancing power dynamics is vital to a successful partnership. These questions help you understand your potential partner’s approach:

• Have you ever felt you were not fairly recognised by others for your contributions towards an important task or project?
• Have you ever been in a situation where power imbalances within a partnership caused tension or challenges? How did you address them?
• What are your expectations regarding roles and responsibilities in a potential partnership, and how do you envision managing decision-making power?

Every partnership will have highs and lows, moments of triumph and challenge, and inevitable endings or transitions. The questions presented here are your compass, guiding you toward a partnership that can weather the storms, celebrate the victories, and, most importantly, grow and evolve together.

These questions are not just conversation starters; they are windows into the very soul of a potential partnership. There are also no right or wrong answers. This exercise is meant to be explorative and a meaningful way to get to know someone.

So, as you consider potential business partners or co-founders, ask these questions with intention and curiosity, listen with empathy and trust your instincts. Your entrepreneurial journey is a voyage into the unknown, and your choice of partner is your most critical decision.

May your partnerships be built on a solid foundation, and remember the words of legendary entrepreneur Steve Jobs: “One person never does great things in business; a team of people does them.” Your ideal partner is out there, ready to join you in creating something extraordinary.