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How I started finding solutions (and created a problem)

Discussion in 'General Entrepreneur Discussion' started by Jaden Jones, Jan 11, 2019.

  1. Jaden Jones
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    Jaden Jones Igloo Builder Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I always knew I was meant to be an Entrepreneur, but the pieces never really fit together for me. I tried a few things (side gigs) that eventually fizzled, and as lifestyle creep started happening I locked in my fate in the slowlane. That was until about a year ago, when I vowed to make a change, and started reading everything I could. A few months later I discovered unscripted which led me here and onto the path I am currently on. I am now fully on course to launch my own fastlane, I am now incorporated, have locked down a domain and a logo and I am currently building the website. That however, is another story, which I promise I will make another thread about.

    The reason for this thread is I need advice on the problem I have. As I began learning and growing, my brain was now programmed to find ideas and solutions. I started seeing them everywhere. It then began to mold with my desire to help and coach the people around me, as I wanted them to see what I saw, and create a better path. I recently gave a close friend an idea on how to expand his hobby into a business, which after some brainstorming, became something awesome. He is now just as far along as me, maybe even further as his website is almost done. The problem is that, he has asked for my help, and needs it. While he is amazing at his hobby, he needs my business knowledge, sales experience and immense contact list (This idea is related to my industry) to really make this work. I will get 33% with no money required, but I will need to put in time and support.

    I want more than anything to be part of what we have created, as its part of what I already do, I know I can make it explode. But I also cannot abandon what I started for myself, that idea and plan has consumed me for almost a year, not to mention the money I have put in. While I am very dedicated and passionate, my fear is that if I take on both that one (or both) will suffer and not become what they should be. I also have fear of the other outcomes, which is I dont help my friend, and he fails, or the less likely (and really only bad for me I guess), that he is successful beyond imagination and I lose out.

    My question is really this, what are your thoughts on launching two completely new businesses at once? If I take on both (which Ill be honest, Im leaning toward), what are some things I could do to help me succeed? Or what are your reasons you think I will fail? Real experience in this would be amazing, but I also appreciate all input, as I feel this may be one of the biggest decisions Ive had to make.

    TL;DR I have an opportunity to be part of 2 start ups, not sure what to do.
     
    Thomas Baptiste likes this.
  2. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Curious if either business has made any sales yet?
     
  3. Jaden Jones
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    Jaden Jones Igloo Builder Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    My friend made his first sale (although not under the company yet) this week. He has also been doing a fair amount of free work to have a portfolio. I wont be getting any sales yet, there is a few more things i want in place first. I have tested the market though, and demand is huge. No one specifically offers what I will.
     
  4. Jello
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    Jello Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Sound to me your friend is a little bit further on his way.

    I would dedicate myself on one thing first. Probably your friend his business and become a full time 50% partner on his business.

    If you can add value to his / your company both will profit from it sooner and more in the end.

    Focus yourself solely on that business and make it a success.

    If he isn't up to it and doesn't want to give up a share you'll have to reconsider where at best you can trade your valuable time for profit.
     
  5. Andy Black
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    Andy Black Any colour, as long as it's red. Staff Member Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Take into account how much you want to work on your own, versus partnering up. Me personally, I’d rather not have a formal business partnership with anyone, and would figure out some other win-win that’s easy for all parties to extricate themselves from. If you’ve not worked together then maybe consider this? I’d not get married without some sort of courtship.

    Also... sounds like you have a bit of “fear of missing out”. There’s plenty of opportunities out there. Opportunity knocks so often it’s like a drumroll on your door.
     
    ZF Lee, Walter Hay, COSenior and 2 others like this.
  6. Chris25
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    Chris25 Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Well, you don't give a hint towards what those businesses are, but I will give you something to think about. Ask yourself if there is a way that you can connect those two together, and benefit from both? Or in other words is your friends business going to steal from your focus, or is there a way it can actually help?

    Option 1: By working with your friend, can you learn things that incorporate into your business somehow? For example, if you're working on business development your friends business can be a real-life case study. You can help your friend and then transfer the experience into your own business. It doesn't have to be full-time help for 30%, you can arrange part-time help for less.

    Option 2: Your businesses are similar and you can use them to cross-promote yourselves and help each other out. You collaborate on some things and grow together.

    Option 3: The friends business has nothing to do with your vision, and won't help you much towards your goals. In this case, leave it alone.

    I think that in all three cases you should keep the main focus on yourself because this is the only way you can be in control of your lane. I see that a lot of successful people say that you should focus on one thing at a time, and I'm becoming an advocate for this more and more each day, but there are many sides to things, and it isn't strictly always the case. Hope this helps you somehow.
     
    Last edited: Jan 12, 2019
  7. Suzanne Bazemore
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    Suzanne Bazemore Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    People can accomplish a lot working as a team, and it sounds like this would be a great partnering opportunity, but I am with @Andy Black in the viewpoint that I wouldn't really want to partner with anyone. Maybe it's because of our single experience of a failed business partnership, with a couple of friends. It made me feel like I wouldn't try it again but you may certainly have a different experience. The only people I would partner with would be my kids, because I wouldn't mind if they benefitted from all of my hard work. I wouldn't even really want to partner with my husband, in a business, because we would disagree (lol, I know I'm not saying about what, it wouldn't matter, it would be everything).
     
    Walter Hay and Jello like this.
  8. Jaden Jones
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    Jaden Jones Igloo Builder Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thanks for the input, our businesses our not that similar, but there is a little crossover, and because he is rolling first I may be able to learn some things about business I would not have foreseen. I think the one thing I didn't think about was that my launch time is completely up to me, while I've been excited to have a date, maybe I can start with his company, get him moving and then take a step back .I could define my role within his company as part time and then begin mine .It would help to have some part time income when I launch. We could also share warehouse and office space once things are rolling. I appreciate everyone's input. I think it will be better to still work on mine when I have time, but don't launch until I have defined my role with him. As for my fear of missing out .I definitely have that, as this will be my first real business venture I really want it to be successful. His has appeal I think because it's a little easier to launch and is related to my industry. My project is definitely a need, and I think has more growth potential, but is going to be a lot harder and slower growing in the beginning.
     
    Last edited: Jan 13, 2019
  9. Walter Hay
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    Walter Hay Legendary Contributor Speedway Pass LEGENDARY CONTRIBUTOR

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    I suggest that you are thinking along the right lines. If it won't harm your business to delay working on it while you help your friend, I would go for that, although I share @Andy Black's reservations about partnerships.

    Walter
     
  10. Jaden Jones
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    Jaden Jones Igloo Builder Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    This will be my first partnership, but I think as long as im clear about what I will and wont do, we should do ok. The good thing is its a low cost business to launch, so worst case, Im out time. But maybe thats what everyone says before a partnership goes bad. I watch "the profit" and I see what partnerships go wrong, I feel most were formed out of necessity or are family. I think 3 people who are really passionate and have clear boundaries can be successful. But I guess we will see. I will do a soft launch on my project, my website and everything up and ready, I just wont go hard on advertising and booking until he is set up and ready.
     
    Suzanne Bazemore likes this.

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