040: How Are You Choosing Your Business Partners

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Now we quite often we want to go into business. We don't do it alone. There could be that "fear factor". That element of "I don't know everything", and we feel comfortable going and working with somebody else. That's great if you can work with each other and be compatible.

But one of the things is, to be compatible, is probably have a different skillset. Somebody may be expressive, good at the marketing, communications, talking to people, and another person, for example, be good at the administration, the admin, the system side of work that needs to be put together. And the two of you compliment each other.

But what I see is choosing partners. One of the fundamental problems I see is that they choose their partner too quickly. They assume because they see somebody that looks great ,like that person on the stage. They look accomplished. They look as though they can deliver on what they say. And yet, they haven't done the checking.

What I mean is, go back to the pyramid I described yesterday. Like the person you see as the ideal person, could be like the ideal partner in the marriage. That is the top of the pyramid, the very pinnacle. Because you haven't had the time to know that person really well, have they got the foundations, the systems in place, themselves, for what they do to deliver? Have they got the delegation skills? Or have they got the accountability that also comes? Have they got the track record? Have they got the proof, the testimonials, that come?

If they ain't got all this, it's just the top of the pyramid and it can all come crumbling down. And there could be too much dependency on the other person. So you really want to know what they bring to the table from the outset. And what happens is if they don't, well problems start rising.

And one of the common things I see first is, first it's goals. Do they have the same goals, objectives that you're trying to do? Forget the money! What are you trying to do? What are you trying to do with the business... in the next 12 months, in 2 years, in the next five years? What are you going to do together to grow that business to have it sustainable for the long-term? Not just for now and to bring in the next week's pay packet, if that's what you're looking. You've got to take a mindset, "I've got to be in this for the long-term". That I'm going to grow something. It's like watching a baby grow when you're running your own small business.

And, the common thing I see time and time again. There is an element of distrust. The trust, once the trust gone, everything is gone. Now, I'm going to ask you the question. Think about if you've been in business. "What factor, what one key thing would bring about a state of distrust between two partners?" What is it? The pound sign? The dollar sign? The Euro sign?

That's it! It's the money! Once somebody distrusts the other, it comes back to money so often. And it's very difficult to repair, because once there's that distrust we don't... it's difficult to move forward and I've seen a complete disintegration of relationships based on money. And you both commit so much time and money and effort and try to undo and it is a nightmare! So, be careful and watch out. They're my words of warning when it comes to choosing partners.