Handshake deals are the best kind of business deals. People come together, discuss their ideas and shake on it. No legal paperwork, just trust and the promise of work.
Integrity: the quality of being honest and having strong moral principles.
Having the right ingredients of integrity will set the foundation for handshake deals. Being honest to yourself & others is the key to building long-term partnerships, and to creating something valuable together. Because it is impossible to start a business with someone who doesn’t pass your trust threshold.
I’m a strong believer of handshake deals, and I’ve been lucky that most of my ventures have started and ended with just verbal agreements. Legal wasn’t required as we trusted our words enough.
If you want to create a great business, you must have a have a golden and a silver circle of people. They will, in fact, vouch for you with their circle, and that is how you build a network of trust to move forward quickly.