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6 Things to Consider Before Partnering Up

6 Things to Consider Before Partnering Up

Great businesses are founded on great partnerships. But great businesses can also be destroyed by bad partnerships.

These entrepreneurs—and members of The Oracles—share their hard-won wisdom about what to watch out for before joining forces with a business partner.

1. Trust your gut and get it on paper.

All of my success has come from successful partnerships: co-authoring the Chicken Soup for the Soul series with Mark Victor Hansen; The Success Principles with Janet Switzer; and managing my companies with Patty Aubery and Russ Kamalski. My top two criteria for partnering are: One, I must like them and trust the person. Two, they have to bring something to the table that I cannot myself provide. Liking them and trusting them are subjective things, but I’ve learned to trust my gut. If anything doesn’t feel right, I don’t proceed.

One of the biggest mistakes you can make when partnering is not sufficiently clarifying each other’s roles, boundaries, compensation, and exit strategies and then documenting them on paper. While it’s important to trust each other, it’s also important to ensure you are clearly on the same page before you start. People often have different understandings and interpretations if they are not codified in writing.


2. Know the partner for at least a year.

Before entering a business partnership, my top criterion is to ideally know someone for at least one year. (Some psychology and scientific studies say that people truly show who they are after one year.)

It’s like dating—you have to date before you get married. A business partnership is a marriage. So you need some short-term “dating projects” in business. Become good at reading people and back it up with references. If projects don’t work out, you move on. It’s like choosing not to see someone after three dates: you haven’t made a long-term commitment and will be OK.

The biggest mistake you can make in partnering is going into it too quickly. Make sure you outline the responsibilities of each partner. Otherwise, you might get stuck doing all the work.

In the operating agreement, write out the partner’s responsibilities, your rights and the exit strategy. Something like, “You’ll work approximately 30 hours doing A, B, C, and five hours doing Z.” The more clear you are, the less likely it is to fail.


3. Use math, but don’t forget the fun.

Partnerships can be wonderful, but also can become your worst nightmare. Use math to decide on the right partners. That’s right, math. If one plus one equals two, that’s not the right partnership for you. One plus one must equal three! A partnership must be more than the sum of its parts; otherwise, you’d just as well outsource different parts of your business.

You should also partner with someone who is better than you at certain things. Many times I’ve seen people’s egos prevent them from building great partnerships. They felt threatened by their partner’s skill and couldn’t get past that to achieve a grander vision. “The Father of Advertising,” David Ogilvy said you should hire people smarter than you.

Finally, you must ensure that you’re going to have fun. After all, you’re entering the long-term commitment of a business marriage. It’s going to become a deep part of your life. There will be lots of ups and downs. You will be tested. But what’s the point if it isn’t going to be fun? Resist the seduction of your partner’s resume or their prestige; if you aren’t having fun, the partnership won’t last.

4. X-ray their brain.

The first thing I do is ask a potential partner to take the HEXACO and dark triad personality tests, which are like x-rays into their brain. It’s important to know the personality type that you’re dealing with because a business partnership is like a marriage.

Secondly, I look for people with different, complementary skills to my own but who share the same vision. It’s not enough just to like someone, which is how I used to think. If you’re an extrovert, look for introverts. If you’re the face of the company, maybe you need a nitty-gritty operations person behind the scenes. Likewise, if you’re that operations person, perhaps you need someone more extroverted.

The biggest mistake I ever made in partnering was going into business with three other partners. Too many cooks spoiled the broth, you might say. I thought a range of personalities and opinions would be good, but it created too many conflicts, egos, obstacles, and slowed everything down. The perfect scenario is two to three partners, but four seemed too many.

5. Get on the same page upfront.

I form partnerships that are win-win, long-term, and relationship-based. Our contract simply becomes a way to document our understanding and an insurance policy if leadership changes. To get there, we sit down to share and clarify two things:

One, core values. We check for alignment and allow both sides to develop trust by understanding the other’s key drivers. These can be relied upon when things get difficult and the relationship is stressed.

 

Two, business baggage. We share our business baggage to ensure we’re starting on the right foot. This includes outlining our expectations and commitments for the partnership, so that they’re openly shared and can be met. We also share our fears and desires for the partnership, so that they can be addressed in the planning phase, rather than at a point of conflict.

Together, these allow the creation of healthy, profitable partnerships that withstand the stresses of business.

6. Don’t be afraid to walk away.

Consider a personality test such as the Myers-Briggs Type Indicator. This will develop self-awareness of your working preferences and provide a better understanding of how your partner operates. But, there’s a dichotomy—ideally, you want to balance each other out, but you don’t want to drive each other crazy from being too different. If it resonates with you, maybe look into an astrology compatibility reportfor yourself and potential partners—it’s simply more due diligence.

Ensure that your end goals are aligned. For example, do you want to operate as a passive lifestyle business or build it to sell for huge multiple figures? How many hours a week do you want to dedicate to the business? What staff do you want to hire? Do you have any other projects or commitments which will conflict with the business or distract your attention too much? Is your family on-board with the business venture?

The biggest mistake I’ve made in any partnership stems from my fear of confrontation; I struggle with difficult conversations. Once, I delayed ending a partnership for too long—even though I knew it wasn’t the right fit. It created a lot of unnecessary inner turmoil and wasted energy, when I could have been building something that was more suited to me. Phil Suslow, owner of Oznium


Did you read Secrets of the Big Dogs? – it’s worth reading (from 2001!!!)

Scale business in the next 90 days this year

This is the way you fill your “bucket of time”. Don’t do this year!

Let me explain. Of course, many entrepreneurs know this idea. How do you plan your 2017?

What you (and I) need to do better, is decide what are the most important things we have to accomplish in our businesses in the next 90 days, and then focus on getting them done.

These are what you call your ‘Rocks.’

First, put big ‘rocks’ in the bucket.

Imagine, The big glass container represents your time.

Lets call it the next 90 days.

Next to it, you have some big rocks, pebbles, sand, and water.

If you put in the water and sand first, they’ll fall right to the bottom.  Then if you add in the pebbles, they’ll sit immersed in the water, on top of the sand.

Then if you try to put in the big rocks, they’ll sit on top of everything else, and they won’t all fit.

But…

If you do it another way, it’s possible to get everything to fit in the jar just nicely.

First put in the big rocks.

Then the pebbles are poured in, and they all fall between the gaps in the rocks to the bottom.  Then the sand is poured, and finally the water.

Everything fits.

Here’s the lesson;  those rocks represent the big, important things you have to do each day.

It could be sending an email to your list.  Hosting a sales webinar.  Setting up a joint venture deal.

Planning the outline of a new product. Making 10 sales calls.

Basically the important things that move your business forwards.

The pebbles, sand, and water represent the lesser important ‘busy’ work.

A pebble might be taking a phone call with a colleague in your industry, and chatting about how things are going in your businesses.

You might get some value out of this call.  But more likely, you’ll burn up 30 minutes of time and it won’t impact your business.

The sand could be you responding to a few urgent but unimportant emails.

The water is you checking Facebook, Skype, Snapchat, Twitter… or getting sucked into watching time wasting videos on Youtube.

The water activities are incredibly tempting.  They don’t require much deep thought, and are entertaining.

But they do nothing to move your business forwards.

My big goal in 2017 is to focus more on the rocks and leave the pebbles, sand and water to the end of the day IF I have time.

By the way – I didn’t come up with this analogy.

I read about it in this book by Verne Harnish, which you should buy.

It’s called ‘Scaling Up.’ (thanks to my mentor, Matt Lloyd for this reminder)

If you’ve got a business that’s doing multiple 6 figures annually and you want to scale to multiple 7 figures, you’ll get a lot out of it.

And if you have a new business and / or you’re not yet making a lot of sales, you’ll still get some useful insights out of it.

So while I’m in my location today in Toronto I’ll be clearly identifying my rocks for the first quarter of 2017.

Any opportunities / distractions that come up during those 90 days, will have to go on the waiting list for the next 90 days.  Completing the current Rocks will be the number one priority.

My advice to you is to start operating your business this way.

Decide on what the most important things are to accomplish in the next 90 days, and block out everything else.  What few important projects will result in the greatest amount of sales?

If you focus on these things, you’ll be able to complete 2017 having accomplished a few super important projects that catapulted your business forwards, rather than half-completed 100 different things that were not really that important in the first place.

Start from here >>>


“Secrets of the Big Dogs” – useful reading for internet markets since 2001

7 Figure Freedom Formula:

7fff-formula

 

What Does Your Next 24 Hours Look Like?

I ask because, if you’re like most people, in the next 24 hours you’ll do several things you have very little control over. And most likely, you never find the time to do the things you actually want to do … like spending time with friends and family … helping with your favorite charity or church … and living the life YOU want.

But if you’ll give us your next 24 minutes, we’ll show you a system that can give you more time to do the things you love. It’s a system we used to earn $30,000 in 24 hours … over $150,000 in our first 4 months … and a total of more than $1 million in commissions since we got started.

And if you like what you hear, you can get started with our system for just a crisp $1 bill.

We’re Bill and Michelle Pescosolido, and this is our life. We want to tell you how it can be your life, too.

You want to see this video and their story, real people and results, why not to try copy them? Click here >>>

What Is YOUR Most Valuable Asset?

Most people say money. But for us, it’s time.

It used to be about money when we first started, of course. But now, time is our most important asset.

Time with each other. Time with our daughters and family. Time to leave a legacy … by focusing on things we are passionate about.

Sure, we still love making money. But it’s not the driving force in our lives anymore. We’re much more interested in the things we’re able to do because we have a successful home business.

Before we found this system, we never found the time to do what we wanted, because we were always too busy doing the things we had to do.

At the start of each week, we all have the same amount of time–168 hours. But most people will spend about 50 to 60 hours working. That’s a third of your week, gone.

Another 56 hours will be spent sleeping. That’s another third of your time, gone in a blink.

Add 3 meals a day and other household activities and there goes another 20% of your week.

Add a few more percent for other obligations (like washing, cleaning, dressing etc.) … and if you’ve maximized your time, you’re down to about 10% of your week left to do things that are important to you (or 1-2 hours only in 24 hours belong to you).

That’s why we say time is our most valuable asset. It’s very important to us.

Stick with us and we’ll introduce you to a powerful system that allows us to spend less time working and more time doing the things we love. And at the end of this short video, we’ll tell you how to get started for just $1.

Click here >>> to start with them

 PS: 7FFF – seven figure freedom formula. It might be not for everybody. What if you could get 5-19%? It’s worth to try! Don’t say no, before you watch their story.

Personal story by Matt Lloyd

Seems like just yesterday I was starting out in internet marketing.  Completely clueless, I got involved with this company that had 3 main products.

One was $1,997, the other $8,997, and the last was $14,997.

I was an affiliate for them, before I even knew what the word ‘affiliate’ meant!

The $1,997 product they had was a home study course in the personal development niche… which came with a manual, and a bunch of CD’s / DVD’s.

The other 2 more expensive programs were these all-expenses paid mastermind retreats, held in places like Fiji, Mexico, etc.

The commissions were $1,000, $5,000 and $9,000 per sale.

Those dollar amounts were really what got me into this industry in the first place.

I thought to myself, “if I can just make one or two sales each month of these programs, I might be able to make an extra 50k (or more) each year.”

But to make these big commissions, you had to know how to generate leads, and you had to know how to sell the programs. (about traffic click here >>>)

I didn’t know how to do either.

So my first year in the business, I made very little.  Literally less than $5,000.

This company provided very little training, but in reality I can’t blame them.

My lack of results was a lot more due to me having no focus, and spending way too much time learning.  Learning is great, but if you never apply what you learn, it’s useless.

On top of that, each day I was on to the next ‘shiny object’ that appeared in my email inbox.  My focus was terrible.

Finally in early 2010 (March I think it was), I got my act together.  I had a lead I’d generated from advertising on Google, who went ahead and bought two of those mastermind programs.

I made 14 grand USD in one day.  In Australian dollars, it was about $15,600.

And I can’t even begin to describe to you how excited I was.

Up until then, I’d only read about other people doing that kind of thing.  There was still a lot of doubt in my mind as to whether I could actually do it.

The $15,600 in my bank account that day proved I could.  Best of all, I knew if I could do it once, I could do it again and again.

From that day on I put all my focus on promoting top tier programs.

I wasn’t interested in generating little $20 commissions here and there each day with normal affiliate marketing.

I wanted to have those big paydays instead, where I’d make $1,000+ per sale.  Even if they came in only once or twice a week, that was fine by me.

Fast forward 6 years, and I’m still doing the exact same thing.  Only now, the numbers are a little bit bigger : )

So what’s this got to do with you?

I’m going to release a training program (new and updated in 2016 version) that will teach you how to do the same thing.  It will show you how to generate these top tier commissions for yourself.

You will need a minimum of 30 minutes a day (more is better), and you will need a marketing budget.  Ideally 50 bucks a week to get started.

This training will be offered as a 7 day trial, for just $7.

Don’t be fooled by the price though; with absolute sincerity, I can tell you the knowledge in this program is worth many thousands of dollars.

This company is in the TOP of 5 best affiliate internet marketing programs.

Click here to start >>> work with him

work-with-me

5

Time for Big Dogs

TRAFFIC GENERATION … SOLVED!

INCOME GENERATION … SOLVED!

==> Don’t dig for gold – Sell the shovels! <==


IT’S TRUE!

  • Marketing on the internet IS a relatively easy way to earn a reasonable supplemental income!
  • Unfortunately – it’s also the world’s easiest way to go BROKE!

Here’s your problem!

How much TIME have you spent beating your head against the wall in frustration, in a vain attempt to put money into your bank account, instead of sucking money out of it – again?

crush-pc

… And here’s your solution!

“Secrets of the Big Dogs”

…will show you incredibly powerful, yet ultra-simple system that enables you to generate,- not just one, or two – but an astounding FIFTEEN residual income streams SIMULTANEOUSLY. Even if you don’t have a website! Even if you don’t have a product!

“Secrets of the Big Dogs” is going to take you by the hand, every step on the way, and show you how to…

  • GENERATE…a supply of up to TEN MILLION quality, targeted prospects every month!
  • EARN … an ongoing, residual (and most importantly – realistic) income!
  • SLASH…the time required to perform the mundane tasks of running your business to just 1/2 hour a day!   Click here to learn more and download eBook.

 

click here for more info

 


PS: Multiple Income Streams

Entrepreneurs (affiliate members) make one technical mistake – many of them promote only one program. They should diversify and have multiple income sources.

eggs1basket-300x212
Download this ebook to know how.

Personal mistakes in online business -1

I counted 7 my personal mistakes in starting online business from home (actually they are common). I’ll post about them in different posts (not to overwhelm you)

First mistake – Overwhelming.

(You can sort them out (mistakes) or classify in different ways – I think it first, when you start online business and look for make money opportunities)

tell me if this feels familiar… (Yaro Starak)

You are starting or growing a new online business.

You frequently have conversations with other people who also have a business, and walk away with lots of ideas. Every time you go online and watch your Facebook feed, or check your email inbox, you are presented with more ideas, opportunities, and things other people do that you could do too.

While you are excited about the potential in front of you, this feeling quickly turns to overwhelm and a sense of stress. You want to do it all, but for some reason you don’t seem to do any of it!

Progress is slow at best, and you’re so frustrated because it seems like everyone else is getting so much more done than you. How is it these people can be so productive?

regulatory-uncertaintyregulatory-uncertainty

You can even get lost by all the opportunities within one project. Do you create a short course or a flagship training program first? Or run a webinar, or focus on social media, or write a blog? What about looking for affiliates and doing a launch? Or maybe you should focus on private coaching now, or run some kind of lean test to make sure your idea works? Or first hire people to build a team around you?

So many options!!!

If you don’t have a concrete foundation holding you on a path towards a result, it’s easy to jump to another path.

Unfortunately this has the effect of destroying any momentum you have built up with whatever you had started to do.

The net impact of this is discord. You float around all the time and never feel anchored towards a goal.

You need the anchoring because it helps you with one very powerful technique…

Ignoring.

It’s natural to compare your own results against the results of others. Unfortunately we tend to be our own harshest critics, so nothing is ever good enough.

It’s not realistic to do it all, so there is always going to be some feeling of untapped potential (which ideally should fuel your motivation).

How to solve the problem:

Commit To A Project (And Ignore The Rest)

I learned a long time ago that this feeling of wanting to do everything is a trap.

To make matters worse for new entrepreneurs, it’s much easier to fall into this trap when you don’t have a successful project yet.

When you’re not sure what your focus is, you easily jump from idea to idea. We all have plenty of ideas, but if you don’t have an active project that you build on every day, it’s too easy to change focus. There is no loss changing projects if you haven’t built something that has value.

Ignore and commit to one project.

This practice is helpful because it keeps me on track and it forces to me to focus on priority tasks.

However the reason this works at all is because I’ve become very good at ignoring.

The act of forcing myself to limit to just the three to five tasks I can work on in one week means I ignore everything else.

Since all or nearly all the tasks tie into the one short term goal, it forces me to decide what project is most important this week.

It’s not just a way to hold yourself accountable, it’s a technique for setting priorities, which gives you the mental freedom that comes from ignoring everything else.

In my experience mental freedom is vital. For you to focus and get projects up and running, you have to have tunnel vision, at least short term.

You need a big long term vision, which contains all the different things you want to do over a period of many years, but that many conflicting projects and goals will mess you up when it comes to short term execution.

For example: this project


Are we connected with you on LinkedIn?

Are we friends on Facebook? Here >>>

The 10 Questions

 Download free report here >>>title

You Absolutely Must Ask Before Choosing a Home-Based Business.

Here is your copy of my eBook The 10 Questions You Absolutely Must Ask Before Choosing a Home-Based Business. (by Matt Lloyd)

I know you’ll find it useful because, unlike a lot of guides and how-tos and checklists that you can find on the internet, my eBook is really more of a story.

In the eBook, you’ll see the mistakes I made along the way. You’ll read about the hard lessons I learned on my journey toward building a 40 million dollar company. How I learned, from experience, what questions I wish I had asked.

Had I known then what I know now, it would have saved me a ton of hassle, heartache, and, of course, money.

I encourage you to read the eBook right away and ask yourself those 10 questions before starting any business.

Down load e-Book here

Make Money Blogging – 60 days adventure

make-money-blogging

When you are in a jungle you need guide!

You need it especially if you spent a lot on advertising – blog can become you ATM.

People have asked me… (by Ray Higdon)

  • How to Create Compelling Content that Attracts People like Magic
  • How to Get Traffic to a blog
  • How and when to sell on your blog versus just teach (without turning people off)
  • How to create a powerful online brand

I’ve decided to pull back the curtain and share some of my best kept secrets with you.  If you’re sitting on the fence, the details below will open your eyes to the value in my new program – Make Money Blogging – A 60 Day Journey To Online Riches!

Here’s a painful reality…

So many people are frustrated trying to get even one sale.  Many are mindlessly posting on social media with ZERO results.  And, most have burnt out their warm market and are in dire need of hot, fresh leads!

The truth is blogging can fix all that, IF you know how to do it, by following a simple system.

Over the next 60 days as we work together, you can expect to dive in deep and discover my Five Pillars of Becoming a Powerful, Branded Blogger, which are:

Now is the time to see what is inside – click here

Believe me you can find 60 days or your own pace to learn it. Yes and there is a money back guarantee.

60 days can replace full-time income! No risk to try. Secure yourself from being laid-off.

take action


Are we connected with you on LinkedIn?

Are we friends on Facebook? Here >>>

Socrates Method


Socrates generally applied his method of examination to concepts that seem to lack any concrete definition; e.g., the key moral concepts at the time, the virtues of piety, wisdom, temperance, courage, and justice. Such an examination challenged the implicit moral beliefs of the interlocutors, bringing out inadequacies and inconsistencies in their beliefs, and usually resulting in aporia.

You can read a lot about Socrates Method

Socrates didn’t sell anything. What we can learn from him. We are going to make his method as simple as possible. The only way to get the best of an argument is to avoid it!

You can’t win an argument.

The secret of Socrates.

 Socrates, “the gadfly of Athens”, was one of the greatest philosophers the world has ever known. He did something that only a handful of people in history have been able to do. He sharply changed the whole course of human thought, and now, 2500 years after his death, he is honored as one of the wisest persuaders who ever influenced this wrangling world.
When you are talking with people, don’t begin by discussing your differences. Rather, begin by discussing the things on which you agree. Keep emphasizing, if possible, that you are both striving for the same end and that your only difference is one of method and not of purpose.
Get the other person saying “Yes, yes” at the outset. Keep the other person, if possible, from saying ‘No.’
A ‘No’ response is a most difficult handicap to overcome. When a person has once said ‘No’ all of his or her pride of personality demands the person to be consistent and NOT reverse by saying ‘Yes.’
Did Socrates tell people they were wrong? Definitely not.
He was far too adroit for that. His whole technique, now called the “Socratic method”, was based upon getting a “yes, yes” response. He asked questions with which his opponent would have to agree. He kept on winning one admission after another. He kept on until, almost without realizing it, his opponents found themselves embracing a conclusion they would have bitterly denied a few minutes previously.
Get the other person saying “yes, yes” immediately.
Socrates wasn’t that simple guy. He used very general definitions (concepts) to prove a person that he (or she) doesn’t understand them.
In Plato’s early dialogues, the elenchus is the technique Socrates uses to investigate, for example, the nature or definition of ethical concepts such as justice or virtue. According to Vlastos,[5] it has the following steps:
  1. Socrates’ interlocutor asserts a thesis, for example “Courage is endurance of the soul”, which Socrates considers false and targets for refutation.
  2. Socrates secures his interlocutor’s agreement to further premises, for example “Courage is a fine thing” and “Ignorant endurance is not a fine thing”.
  3. Socrates then argues, and the interlocutor agrees, that these further premises imply the contrary of the original thesis; in this case, it leads to: “courage is not endurance of the soul”.
  4. Socrates then claims that he has shown that his interlocutor’s thesis is false and that its negation is true.

confusion

PS:  – Get the other person saying “Yes, yes” at the outset.

  • When you are talking with people, don’t begin by discussing your differences.

I wanted to simplify Socrates method.


Agatha Christie advice not to procrastinate

We’ve all read stories about people taking too long to make decisions and find that, regrettably, opportunities have been lost. Most of them relate to their personal lives e.g. If only they’d bought something when it was on sale, If only they’d asked her out before she started dating their best friend, If only they’d told someone how much they loved them, before it was too late. (see offer at the end of the post)

Author Agatha Christie wrote   “One doesn’t recognize the really important moments in one’s life until it’s too late.” 

We must also remember that this can and often does apply in business.

I want to be clear, I’m not talking about missed opportunities. It’s not worth dwelling on what might have been, that type of regret can eat away at you.  Atari founder Nolan Bushnell turned down an opportunity to invest $50,000 in seed money in Apple.  Had Bushnell said yes, he would have owned a third of Apple, a company that is today valued at about $480 billion. That’s a missed opportunity.

What I’m talking about is knowing you should take action and for whatever reason, you just keep putting it off. In business, this may concern reinventing your company, whether it be a branding, reacting to new competition, refining operations, installing up-to-date technology or recognizing an untapped market. It’s especially tempting to stall when your company is at the maturity stage and enjoying success.

There are many excuses for doing this. Perhaps it feels more comfortable to stick with certain employees, perhaps you’d rather not spend money on marketing or you feel you might just be making changes for changes sake. Whatever the reason, it’s good to re-evaluate, from time-to-time.

You don’t want your company to be pushed out of the market by one that is hungrier and ready to be innovative. You can’t afford to let your business stagnate as this will affect your image not only with your customers, but also with employees who value a challenge and have the energy to move the company forward.

Of course, in order to take the right action, a company needs foresight and employees need to be encouraged to share ideas and be asked for input, on a regular basis. If, however your company is open to this idea, you must be prepared to act. Otherwise those same employees may feel their input isn’t valued and you could miss out on an idea that could be transformative in boosting efficiency, sales or several other areas of operation. (by blogger, Martin Parnell)


Can you make money here?

 

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