Mais conteúdo relacionado
Semelhante a How to avoid bad business partnerships (20)
Mais de Brady Gilchrist (6)
How to avoid bad business partnerships
- 1. AVOID BAD
© 2013 Brady Gilchrist www.bradygilchrist.com
HOW TO
BUSINESS PARTNERSHIPS
- 2. © 2013 Brady Gilchrist / Personal Use Only. Commercial Use Prohibited Without License
In an entrepreneurial culture
doing deals and partnerships
is our life blood.
After 24 years of working hard to make an
impact here are a few of my hard earned
lessons.
© 2013 Brady Gilchrist www.bradygilchrist.com
- 3. Learning how to pick the
right business partners is
the most important
business skill you will
ever acquire.
© 2013 Brady Gilchrist www.bradygilchrist.com
- 4. In life we rarely get to success
on our own. Those we run with
make all the difference in the
world.
!
Partners will either make or break us.
© 2013 Brady Gilchrist www.bradygilchrist.com
- 5. All business is ultimately
about people working
together.
!
Skills and experience are important but not
as important as how well you can execute
together.
© 2013 Brady Gilchrist www.bradygilchrist.com
- 6. If want others to work with you
articulate your mission, know
your difference and do your
math.
!
Your job is to be 100% certain in the
validity of your goal. If you are not
100% then nobody else will be.
!
Passion and energy hugely matter but ultimately in
business it’s your math that will impress. Intelligent
execution is where dreams connect with reality.
© 2013 Brady Gilchrist www.bradygilchrist.com
- 7. Partners don’t work for you
they work with you. Give
them respect and voice.
!
Remember partnerships are a melding
of collective potential for mutual gain.
!
© 2013 Brady Gilchrist www.bradygilchrist.com
- 8. If you heed the suggestions posed on
the next few slides you will get well
ahead of the game…
© 2013 Brady Gilchrist www.bradygilchrist.com
- 9. 1. Ask the most trusted
members of your network to
help you find potential partners.
!
Friends and close colleagues especially
old ones give the best intros. All
partners must be vouched for including
you.
!
As a rule don’t rely on people who have
taken you on wild goose chases.
LESSON 1
© 2013 Brady Gilchrist www.bradygilchrist.com
- 10. 2. Get to know someone’s
passion.
!
Winning will take everything. Partners
who don’t share the same commitment
to direction should not be partners.
LESSON 2
© 2013 Brady Gilchrist www.bradygilchrist.com
- 11. 3. Be literally on the same page.
!
Write down the mission, build the initial
plan of attack and agree in writing how
you will work together. Very important:
Know how the money bits work.
!
Handshakes matter but paper provides
context. All relationships eventually
need some context.
!
If you can’t agree on paper you won’t ever.
LESSON 3
© 2013 Brady Gilchrist www.bradygilchrist.com
- 12. 4. Eyes wide open and don’t be
fooled by an empty suit.
!
Lot’s of people impress but not
everyone is genuine. See things as they
are, not as you hope. Track record
matters, especially yours!
!
What you are doing may be new but
past experiences should demonstrate
your capacity to win.
LESSON 4
© 2013 Brady Gilchrist www.bradygilchrist.com
- 13. 5. Both must have skin in the
game. Partnerships are sealed
by having personal risk and
personal gain at stake.
!
Unless you both understand the cost of
failure and are committed to success
something will go wrong. Good
intentions are not enough. Money on the
table does matter.
LESSON 5
© 2013 Brady Gilchrist www.bradygilchrist.com
- 14. 6. Know the time.
!
In business winning depends on speed.
A partner who does not share your
sense of urgency is a liability to the
mission.
!
This is why it can be problematic for
entrepreneurs working with
bureaucratic organizations. Time is
more than money - it’s success.
LESSON 6
© 2013 Brady Gilchrist www.bradygilchrist.com
- 15. 7. Nurture mutual purpose.
!
Your partner may have more financial
and market power than you. When there
is a power imbalance use that
opportunity for both your benefit. A
partner who holds power over you
could be a problem. Do not ever sell
your soul for a deal.
LESSON 7
© 2013 Brady Gilchrist www.bradygilchrist.com
- 16. 8. Change the world together.
!
This is a marriage complete with
commingled assets. Nurture success,
nurture the mission and be honest in
your commitments. Take responsibility
for creating positive energy - amplify
the good.
!
And above all…Do your work.
LESSON 8
© 2013 Brady Gilchrist www.bradygilchrist.com
- 17. The six golden principals to great
business partnerships.
GET TO KNOW SOMEONE’S PASSION.1
KNOW THE TIME.
BOTH MUST HAVE SKIN IN THE GAME.
4
BE LITERALLY ON THE SAME PAGE.2
3
NURTURE MUTUAL PURPOSE.5
CHANGE THE WORLD TOGETHER.6
© 2013 Brady Gilchrist www.bradygilchrist.com
- 18. The purpose of a
business is to create a
and keep a customer.!
!
This is the most important piece of
business advice in the world.
Peter Drucker
© 2013 Brady Gilchrist www.bradygilchrist.com
- 19. Every business relationship that’s gone
south for me did so because of one
major fail:
!
We lost the clarity that comes
with purpose.
!
Be very mindful of purpose.
!
© 2013 Brady Gilchrist www.bradygilchrist.com
- 20. Cover your bases.
Eyes wide open.
Go make it happen.
!
You have places to go and
MOUNTAINS to move!
WWW.BRADYGILCHRIST.COM
@BRADYGILCHRIST
©2013 Brady Gilchrist