The Lifestyle Business Podcast episode 163 hosted by Dan and Ian talk about a clear Guide to Business Partnership in a Bootstrapper’s perspective.
They talked about Bootstrapping as people who invest their time in order to get their business off the ground.
Another important message of this episode is the share of Dan and Ian’s mistakes that could help us have a guide of WHAT TO DO and NOT TO DO in Business Partnerships.
- THE START UP SPACE AND THE BOOTSTRAPPER’S SPACE
- PARTNERSHIP AS A HUGE OPPORTUNITY OR LIABILITY?
- A CLOSE PARTNERSHIP
- FINANCIAL PARTNERSHIP AND INFRASTRUCTURES
- NOT INCUBATING LIFESTYLE BUSINESS
- NOT OVERVALUING MONEY
- VISUALIZING A CLEAR PLAN FOR SUCCESS
- Who’s getting all the money?
- What is everybody doing?
- What is the understanding at that level?
- THE BIGGEST MISTAKES PEOPLE MAKE
- DO NOT PARTNER ON SOMETHING YOU CAN PAY CASUAL-The Equity will cost you more
- PARTNERING ON SIDE PROJECTS THAT REQUIRE A TON OF TIME-Focus instead on resources
- PARTNERING WITH EMOTIONAL SECURITY AND FEAR
- PARTNERING WITH SOMEBODY WHO HAS DIFFERENT FINANCIAL GOALS AND SITUATION TO YOU
- Partner with people that you’ll grow together with and see yourself success with
- MANAGING RESENTMENT IS ONE OF THE MOST CRITICAL PART IN SUSTAINING ANY BUSINESS RELATIONSHIPS -List your partner’s input & resources
- THE MARRIAGE MODEL PARTNERSHIP “Successful Relationships allows you to put your partner first”
- Having incentives for both participation
- Not on working on the same tasks helps the relationship
- What are WE doing, Why are WE doing it and How are WE gonna get them
- THE OPPORTUNITY FOR YOUNG BOOTSTRAPPERS
MY BIGGEST TAKEAWAY!
“A partnership is a sinking ship”
“What’s worse than wasting your money is wasting your time”
“It’s the ownership that counts”
“There is a huge opportunity for people that don’t have a lot of resources, young bootstrappers to cut deals with people that a lot of that is a little bit farther from them.”