Starting a business can be scary. Statistics prove this, with high failure rates in the first five years and others closing their doors within the five to ten year mark. There are many reasons for failure, including lack of cash, lack of sufficient research and poor marketing. But there's one reason that doesn't get enough attention: a bad partnership.

Most potential business owners are good at what they do or do, but may not have all the skills needed to succeed in the long run. That's why they look to open the doors with one partner.

How do people find a business partner? Some use their network of friends and family to get recommendations. Professionals network at industry events or conferences and find people with similar interests.

It is common for individuals to look to current colleagues or those they have worked with in the past when it comes time to start a business. After all, you know them. You know the quality of their work. You know their goals and aspirations. Or you?

I thought I did when I connected with an associate to start my own media production company. The idea was that I could handle sales and creative aspects of the business, and my partner would manage the operations and technical aspects of the business. On paper, it looked good. It seemed attractive to those we approached for loans.

As a bonus, when we worked together at a TV station, we seemed to be compatible and of the same mind when it came to business. However, working with another individual is different from having a business with them. That's why some partnerships go south. That's exactly what happened to mine, and as a result, I developed my “pre-wedding business” to help others avoid the mistakes I made. It's important to be smart about your partnership, or you may have to get a business divorce.

The concept I first explained in my book Small business for big thinkers in 2013 goes beyond the typical things you discuss when thinking about a partnership, such as business structure, compensation and acquisition. They are important, but conflicts often arise from those murky, gray areas that should have been considered but not because you believed you knew the individual. This is often the case when you partner with current or past colleagues.

In my latest book, Small business. great success, I expanded the concept of premarital business to include several additional areas.

Before you open the door to a potential partner, here are three things to consider.

1. Ownership mindset

Some individuals are great at their jobs but may not have what it takes to be an owner. Being an owner means taking responsibility for everything, not just work within your area of ​​expertise. An owner must be willing to put in the hours, make tough decisions, and deliver results. It is very different from being an employee. Some can make the transition. Others cannot.

My ex-partner was more interested in filling out reports and doing mundane tasks than working on the important tasks that would produce results. He liked “busy work.” To see if your potential partner has the “right stuff,” ask a few questions. What do you think is your role as a business owner? What is your vision for the business in the first five years? Beyond that? Are there tasks you won't do for the business? How do you see us working together?

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2. Personal differences and style

People's family background and upbringing affect how they behave in business. It's one thing to work side-by-side with a co-worker on someone else's operation, and quite another to spend large amounts of time together building a business. Small things that may have annoyed you suddenly become problematic. For example, each person's idea of ​​ideal working hours may be slightly different. What one person thinks is work/life balance may look like laziness to another. What if one person has a “glass half full” mentality, while another is constantly negative? This can affect a relationship.

When you work for someone else, the structure is determined by the organization. In a partnership, personalities take over. There may be unforeseen power plays to take control. That co-worker who seemed mild-mannered is suddenly unrecognizable. Or it controls completely. It's hard to know how people will react when it comes to money and power. That's why you take the time to find out potential issues or are the differences so critical before joining forces.

Here are some questions to ask. Do you have personalities that complement each other? Does your potential partner have a healthy lifestyle? Is there anything about them that is annoying or disturbing?

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3. Faith

Consider this. When you partner with someone, your financial and family future is inextricably linked. And it goes beyond money. Your reputation is also on the line. If your partner engages in risky behavior or acts on the edge of integrity, it affects your business and your life.

If you can't communicate with a potential partner for everything – run, don't run away. Communication is the key to building trust and the foundation for a successful partnership. Here are questions to ask in this area. Is your potential partner a good communicator? Are there things he or she seems reluctant to discuss? Do they exaggerate the truth?

Partnering with a co-worker or colleague can bring out the best in both parties. The old saying goes that “two heads are better than one”. This is true. With a partner, you get additional support and expertise. However, it can also be a nightmare if you don't have shared values ​​and open communication. Ask lots of questions and listen openly before forming a partnership.