Starting a business is a big decision, starting a business with your best friend an even bigger one. That's why it's crucial to ask yourself and your potential business partner all the right questions. In the worst-case scenario, not asking the right questions can lead to financial losses. Don't forget to ask these 8 important questions as part of your due diligence process.

Founder assessment and technical skills questions

• What are you willing to sacrifice to reach your goal? Financially, time-wise, etc.
• What motivates you?
• Do you have previous experience of running a business or startup?
• If so, what were your key takeaways and lessons learned from that experience?
• What are your key strengths? Consider both technical and soft skills.
• What are your weaknesses? Consider both technical and soft skills.
• In what areas do you think that your skills will complement or conflict with each other?
• What are the skills gaps (individually and combined)?

...71 more questions to ask

If you need more inspiration for relevant questions to ask when starting a business with your best friend, you will benefit from reading the 79 questions to ask before starting a business with your best friend white paper.