Watch This Before You Partner Up
Summary
- When choosing a partner, they should have something you lack such as money, experience, or time and energy.
- Ensure their contribution is clear and complements what you bring to the table.
- Don't partner for things you already have or don't actually need.
- I've learned the hard way by losing a lot of money through nine failed partnerships.
- My insecurity made me feel like I needed a partner because I feared going it alone.
Video
How To Take Action
I would suggest implementing a simple rule when choosing a partner: make sure they offer something you lack. This could be money, experience, or time and energy. Before making any decisions, write down what you bring to the table and identify any gaps you have. This will help you find someone whose strengths fill those gaps.
A good way of avoiding failed partnerships is to clarify their contribution from the start. If it's financial support, make sure the amount and terms are clear. If it's experience, outline how they'll use it to benefit your business. For time and energy, detail what tasks or projects they'll tackle.
If you’ve ever felt insecure about starting a venture alone, remember that it's okay to seek help, but only when it's truly needed. Don't partner just because you're nervous about going solo—you might end up bringing in someone who doesn't add value.
Focus on these low-cost, practical steps to ensure any partnership you enter is valuable and effective, not just for the sake of having a partner. This small shift in mindset can save you a lot of stress and money, just like I learned from my past experiences. Prioritize these strategies to set a strong foundation for successful collaborations.
Full Transcript
if you work with a partner or decide to partner up with somebody one of your friends one of your co-workers this is coming from somebody who has nine failed Partnerships and now I have successful Partnerships a partner needs to have one of these three things that you do not have either have to have money that you don't have and then the clear contribution is that money they need to have experience you don't have and the clear contribution is that experience or number three they have time and energy that you don't have and the clear contribution is that time and energy in other words don't bet what you have in need for something you don't don't have and don't need I've lost so much money in Partnerships a big part of it was I was insecure and I thought I just had to have somebody else cuz I was afraid to do it on my own
