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When to find a partner...

Topics relating to managing people and relationships

Nate-NewVenture

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Guys/gals,

Here's the story. I've got a great idea that will fuel the needs of people for years (maybe decades) to come. It may just change the way this market is run. I've been doing my diligence learning as much as I can on the process as well as the business model to use in order to break into the market.

A bit of history: I've stretched my Fastlane hand to two acquaintances I thought would share my passion for this venue. Unfortunately, as interested as they sounded, collaboration on their part has been less than stellar. So far I have done ALL the work, theory's, brainstorming, due diligence, research, planning, etc. Don't get me wrong, I love doing it. I haven't felt this energized since I got married.

Here's my dilemma: should I seek a partner to assist me in reaching my goal or should I just do it all myself?

Seeking 2 cents,
Nate-NewVenture
 
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Nate-NewVenture

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Great question. I would prefer someone that shares the same vision with me to shoot ideas off of. I have a 2D view and would like a 3D view. That would be my only motivation I can think of.
 

Gale4rc

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Many people on this forum seem anti-partnership but, they've always worked out great for me.

When you're slacking they pick up, when they're slacking you pick up and either way you build forward momentum together. It's awesome... I think not having a co-founder is a disadvantage and apparently most of the top incubators in the world (ycombinator, 500startups, etc) won't allow single founders in by themselves.
 
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G

GuestUser113

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Wow. This is how green I am. I had to Search what a mastermind group was. May I ask what the risks are? My biggest fear is someone taking my idea and running with it at a faster, more resource-rich way.


http://www.lifehack.org/articles/productivity/how-to-start-and-run-a-mastermind-group.html
http://www.mindmeister.com/
https://www.thefastlaneforum.com/co...ps-processes-how-tos.35110/page-6#post-322250

Napoleon hill - Think & Grow Rich came up with the mastermind group. You can find the book in pdf on the internet.
 
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Nate-NewVenture

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Many people on this forum seem anti-partnership but, they've always worked out great for me.

When you're slacking they pick up, when they're slacking you pick up and either way you build forward momentum together. It's awesome... I think not having a co-founder is a disadvantage and apparently most of the top incubators in the world (ycombinator, 500startups, etc) won't allow single founders in by themselves.

Wow! Business incubators, mastermind groups. Amazing! I've learned more I the past 15 minutes then I learned all day cold calling investors today. Thank you both!
 

Nate-NewVenture

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Yeah, I got the concept and already signed up for a group metting.

My question still stands though. What if someone gains a spark from my idea and had the resources to bring it to market before I even start?
 
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Tony Nguyen

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Simple. Don't disclosure your idea keep it to yourself. However idea's are useless until you have the working concept.

"ideas are useless execution is everything" I can think of a billion idea's like a flying surf board and not execute a single thing towards it.

And having a partner should be only if the individuals has the skills you need to grow or start your business else-wise I wouldn't give any equity. I don't want a partner who does nothing

Also mastermind groups are great they keep you motivated and push you forward

-Edit if they do bring it to the market, make your product better then theirs, offer more value.
just because something is done doesn't mean it can be change or made better. Competition is good.
 
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Tony Nguyen

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I'm not necessarily anti-partnership, I just see most people going into them for the wrong reasons, with the wrong people.
I couldn't agree more, awesome beard by the way!
 
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Mattie

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I agree. I'm not much into partners for the reason above. A friend of mine just asked me advice on that, and I'm like wrong move. lol I was thinking about it once. Didn't think they were cut out for it. I don't put anything in other people's hands. I've learned just in groups working with people, they aren't willing to pull the weight. Nice ideas, and dreams, but no action.

I need to keep myself focused. I don't need to worry or stress about whether someone else is doing there part. If I'm in control of things I know where it's going

My friends situation, some stranger he doesn't know, and promising to build him a website for free in some other country. I asked him a bunch of questions about traffic and advertising, and that comes later.

You can have a website, but it's not going to go anywhere if you're not prepared. And switching partners every five minutes will get you no where. Three in a month and asking me, it really just isn't smart.
 

Crawsfitz

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In my experience with partners, when you bring someone on out of a need, i.e. they have some skill you don't, or capital, or access to some niche or connection you will start to move forward, but after time, you will grow and the partner will not because they are just filling a role. Soon you will no longer need those skills or connections and the partner will not be providing enough of a value add to justify half of your business, or even partner level decision making.

When you bring someone on out of want, you know someone who is amazing at x y & z and you've always wanted to find an opportunity to collaborate on a project that really drives both of you, that will ultimately lead to a greater probability of success because you are both coming together because you want to be, rather than because you need to be.

Needs change, and divorcing a partner can be worse than divorcing a wife.

Just start and don't look back.
 

Josh from SD

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I have two businesses with two different partners. Looking back, I would of done it differently and here's why. When I started my businesses, I was excited, I had a great idea and I thought I needed a partner to help me and make me feel secure. Boy, I was green. Knowing what I know now, I could of just brought on an employee to handle the areas that I'm weak in, instead of splitting profits 50/50 plus all the other headaches that come with partnerships.

Nothing wrong with a partner - just make sure they excel in the area you have no interest in. For example, I love sales and marketing, my one partner loves operations and systems. This makes a perfect match, because I don't want to touch that stuff.

I would not get a partner that has all the same skills as yourself. OH - and if you do get a partner - MAKE SURE - you put an agreement in place between the two of you so you have all the answers when shit hits the fan (like they call it quits on the business, what happens to their share?)

Hope this helps... That's my 2 cents.
 
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mikekob

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Get goin with what you have. Tackle problems as they arise, and if you get to a point where you truly NEED another body make sure they're not a goon. I had a couple rough spots then my partner showed up and kicked a whole lotta a$$. Patience and perseverance are required in all aspects of the business.
 

Nate-NewVenture

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Simple. Don't disclosure your idea keep it to yourself. However idea's are useless until you have the working concept.

"ideas are useless execution is everything" I can think of a billion idea's like a flying surf board and not execute a single thing towards it.

And having a partner should be only if the individuals has the skills you need to grow or start your business else-wise I wouldn't give any equity. I don't want a partner who does nothing

Also mastermind groups are great they keep you motivated and push you forward

-Edit if they do bring it to the market, make your product better then theirs, offer more value.
just because something is done doesn't mean it can be change or made better. Competition is good.

Great advise. Competition is good. Too much competition is disastrous.
 

Nate-NewVenture

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I have two businesses with two different partners. Looking back, I would of done it differently and here's why. When I started my businesses, I was excited, I had a great idea and I thought I needed a partner to help me and make me feel secure. Boy, I was green. Knowing what I know now, I could of just brought on an employee to handle the areas that I'm weak in, instead of splitting profits 50/50 plus all the other headaches that come with partnerships.

Nothing wrong with a partner - just make sure they excel in the area you have no interest in. For example, I love sales and marketing, my one partner loves operations and systems. This makes a perfect match, because I don't want to touch that stuff.

I would not get a partner that has all the same skills as yourself. OH - and if you do get a partner - MAKE SURE - you put an agreement in place between the two of you so you have all the answers when shit hits the fan (like they call it quits on the business, what happens to their share?)

Hope this helps... That's my 2 cents.

I really like this idea. I can manage employees. It's much harder to manage a partner.
 
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Nate-NewVenture

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Thank you all for the advise. I do appreciate it. I have a lot to chew on and more importantly many different points of view and past experiences. This group is the best free investment I made yet! On to the mastermind meetings!

-Edit

I am going with employees.
 

Josh from SD

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Nate...

You'll get alot out of Mastermind groups. I'm personally in two myself and can't recommend it enough. Remember, what Jim Rohn says:
“You are the average of the five people you spend the most time with.”
 

garysvpa

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as per rich dad poor dad, you need a group to support you, who will include your accountant, lawyer, banker, etc
 

qvantage

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Good!! According to me , The master mind group is best option for your career and suport. Don't think about new life partner.
 

CreateLiving

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If you find a person who works just as hard as you and offers tremendous value to you business, that's when I would become partners.
 
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Nate-NewVenture

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as per rich dad poor dad, you need a group to support you, who will include your accountant, lawyer, banker, etc

I think that's is true to an extent. Yes, having those tools in your arsenal is key once the snowball has hit a certain point. My question was more geared towards the process before that snowball hits those milestones.
 

Ubermensch

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Guys/gals,

Here's the story. I've got a great idea that will fuel the needs of people for years (maybe decades) to come. It may just change the way this market is run. I've been doing my diligence learning as much as I can on the process as well as the business model to use in order to break into the market.

A bit of history: I've stretched my Fastlane hand to two acquaintances I thought would share my passion for this venue. Unfortunately, as interested as they sounded, collaboration on their part has been less than stellar. So far I have done ALL the work, theory's, brainstorming, due diligence, research, planning, etc. Don't get me wrong, I love doing it. I haven't felt this energized since I got married.

Here's my dilemma: should I seek a partner to assist me in reaching my goal or should I just do it all myself?

Seeking 2 cents,
Nate-NewVenture

You left it open, so I'll give a sort of open-ended answer.

If you've truly got something that meets a lot of needs - especially if it's national or global in nature - and you have up to billions of units to move, you need to find strong, reliable partners... folks who have what you don't. Maybe it's distribution. Maybe it's money. Usually, the best way to go get the attention of guys is to show em' what you're doing. Prove your concept. Case studies? Proposals for big clients? Show them a six-figure check, scalability, a clean process for closing deals, and a high barrier of entry so that all of the other vultures and cultures who hear of your idea won't be able to duplicate you out of the gate.

I did this before launching brokerage #3. Did that September 2nd

PS. There's nothing more disappointing than relying on an unreliable partner. So, be ruthless. If they seem to lack your passion for your venture, cut em' off. Keep your standards high. Don't bring in a bunch of partners just because your hustle is lonely (I've actually seen that happen... not good).

Keep your options open. Don't have just one prospective partner. Have some that are huge, with huge potential, and some medium to smaller guys as well. Experiment. Are there some who fit your style more than others? Learn how to spot the bullshitters and the talkers from the doers. Find out what type suits you best, which is the most profitable and effective, etc.
 
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Nate-NewVenture

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You left it open, so I'll give a sort of open-ended answer.

If you've truly got something that meets a lot of needs - especially if it's national or global in nature - and you have up to billions of units to move, you need to find strong, reliable partners... folks who have what you don't. Maybe it's distribution. Maybe it's money. Usually, the best way to go get the attention of guys is to show em' what you're doing. Prove your concept. Case studies? Proposals for big clients? Show them a six-figure check, scalability, a clean process for closing deals, and a high barrier of entry so that all of the other vultures and cultures who hear of your idea won't be able to duplicate you out of the gate.

I did this before launching brokerage #3. Did that September 2nd

PS. There's nothing more disappointing than relying on an unreliable partner. So, be ruthless. If they seem to lack your passion for your venture, cut em' off. Keep your standards high. Don't bring in a bunch of partners just because your hustle is lonely (I've actually seen that happen... not good).

Keep your options open. Don't have just one prospective partner. Have some that are huge, with huge potential, and some medium to smaller guys as well. Experiment. Are there some who fit your style more than others? Learn how to spot the bullshitters and the talkers from the doers. Find out what type suits you best, which is the most profitable and effective, etc.

Thanks for the opinion. Yes, I have maybe 70% of what's needed to launch. I'm going to need to learn the extra 30% or find it in a partner. Thanks for the advice.
 
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Drive2Riches

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What if someone gains a spark from my idea and had the resources to bring it to market before I even start?

I think it's been stated here, but I believe it's all about the EXECUTION. If you're tossing ideas around because you're brainstorming to come up with IDEAS... well, that's different from discussing YOUR IDEA with others. If you need to validate your idea, then there's a wealth of Gold threads here about how to do that. Your idea might have a CORE to it which only you have thought sufficiently about, and can be kept secret while you are getting all kinds of feedback through discussions with others about that idea.

I was devastated when my perceived future partner dropped the ball for everything. Now after a few months, I'm pushing this idea around on my own and am determined to do it myself. I consider my time with her to be an enlightening experience: I didn't know that all the red flags were apparent, but because of my naivete I couldn't see them. It is (for me) far better NOT to have a partner. A joint venture might be something I'd consider, but I'm still maintaining control over my IDEA and my own business, and a JV is a long way off if at all.

Learn how to spot the bullshitters and the talkers from the doers.
^ this^
 

Ubermensch

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I think it's been stated here, but I believe it's all about the EXECUTION. If you're tossing ideas around because you're brainstorming to come up with IDEAS... well, that's different from discussing YOUR IDEA with others. If you need to validate your idea, then there's a wealth of Gold threads here about how to do that. Your idea might have a CORE to it which only you have thought sufficiently about, and can be kept secret while you are getting all kinds of feedback through discussions with others about that idea.

I was devastated when my perceived future partner dropped the ball for everything. Now after a few months, I'm pushing this idea around on my own and am determined to do it myself. I consider my time with her to be an enlightening experience: I didn't know that all the red flags were apparent, but because of my naivete I couldn't see them. It is (for me) far better NOT to have a partner. A joint venture might be something I'd consider, but I'm still maintaining control over my IDEA and my own business, and a JV is a long way off if at all.


^ this^

This is spot on. Fluent Robert Greenese (a language, like Japanese, that can be spoken in any language) spoken in a different voice.

A couple of thoughts.

YOUR IDEA... if it's something good, and you already have an established business... you can test that idea with existing clients, the ones you trust and the ones who trust you. No. The ones YOU trust the MOST. Most of all, you need them to listen to your CRAZY, WORLD-CHANGING idea that you just can't seem to stop thinking about while you eat, sleep, F*ck, piss, dream (especially then), and - of course - while you grind almost every waking moment of the day 'cause you're no dummy and you can smell the piles of cash...

The next best thing - better, sometimes - is running your ideas past other industry experts, even your competitors, your future sales reps, friends, etc. Gauge their reactions. You can learn from any experience, even - especially? - that guy or gal you thought was a complete waste of your precious time.

You're going to pull it off DESPITE her, in spite of her. Deep down inside, you know you didn't need her anyway. I'm assuming part of that enlightenment you got from her gave you a little Musashi-style wisdom about determination and victory.
 
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