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5 red flags to look for in a business partner, according to an executive psychologist
- Dr. Matthew Jones, a startup executive psychologist, shared red flags to look out for before going into business with someone.
- One key piece of advice is to discuss all specifics before signing and work on a trial project first.
- Heavy conflict between business leaders can pose a significant threat to the company's existence.
- Choosing the right business partner from the start is crucial to avoid potential financial and emotional issues.
- Research suggests cons in running a business with close relationships, such as friends or family.
- Avoiding change in relationships under high pressure situations can lead to more pain in the future.
- Ego-driven co-founders may struggle with compromise, potentially causing imbalances in the partnership.
- The inability to handle feedback well is a red flag, as it hinders growth and development within the business.
- Specific conversations about roles, contributions, and expectations are essential to avoid conflicts in the future.
- Conducting a trial project together before fully committing can reveal deeper insights into your potential partner's character.
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