I used to think you make your own success; your drive, hard work, making your own luck. That you can be ‘self-made’ can you make your own luck in life?
I was wrong. Very wrong
You can not do everything. You can’t be everywhere. You can’t correct all your faults. No one can.
You need great people. Great friends. A great team. An extended network. Smart advisors & partners. Support & community.
A B team beats an A player every time. A team of A players can carry you to great heights & you can achieve miracles & mastery with a great team that you lead/inspire or at least find your own part to play & value to add within it.
My business partner Mark Homer just saved me £27,700 on ONE insurance quote yesterday. He has helped save us millions in wasted expenses.
He has taught me to manage money better than I ever knew. He has grounded me when I needed a slap, and taken off the reigns when he knows to let me run with it.
He made sacrifices and decisions that self negate for the good of the long term, the businesses, community & our partnership. The power of just one amazing partner is not 2x or even 10x, it’s almost infinite.
I’m an accident that would have happened long ago without Mark, the greatest business partner that ever lived, the right match for me, and taken in case you try to nick him.
I mean, Should you even have a business or joint venture (JV) partner? I get asked this a lot recently. Here are some thoughts:
1. Yes, but don’t rush in
Watch people in role. Spend time getting to know them, once the initial impressions and distractions have worn off. Spend time courting before marriage. Keep all options open.
2. Be clear on who you want/what you want them to do/be
IMPORTANT. Get pen and paper, draw a line down the middle & have ‘Assets’ on the left and ‘Liabilities’ on the right. Note down all physical, material, emotional and experiential assets you possess on the left, and all liabilities, flaws, dislikes etc on the right. The RIGHT (NOT the left) is who you are looking for. Be clear first before you jump into bed with someone.
3. Start slowly, with one deal/small project
You don’t have to go all in and give everything away up front. Test live with a deal and keep an open mind. This will save a lot of legal and operational entanglement later.
4. Ensure you have different skills with a similar vision
The vision must be similar, the skills and roles must be different. This is very important. Ask them about their vision and values.
5. Don’t tell them you are watching them
Watch them in role when they don’t know they’re being watched so you see their genuine behaviours and characteristics rather than attempting to make a good impression.
6. Get clarity on roles & responsibilities EARLY
Get pen and paper, draw a line down the middle and put their roles and your roles on either side. Most should be clear because they will be/you are very different, and a few will need to be negotiated between you that neither or both of you want to do. Do this early, get agreement and have in in written form. Do a future org chart with all roles for cute mapped out and your and your partners name in all of them. Then pick them off by hiring up over time.
7. Once agreed, desire & work to give them value & be the best partner they could wish to have
Stop looking at what they should be doing and focus on what you can be giving. Desire to be the best partner, and they will step up too.
8. Keep communicating honestly
Communicate often, be honest but respectful about how you feel and talk through challenges with a solution focus.
9. Do not go into ventures they would see as distracting/disloyal
NEVER do things they would see as competitive, a time distraction or without them without discussing, involving them or getting clear agreement first.
I have been talking about how to start and scale your business for years.
For those who are hungry to find more routes to passive income, and those brave enough to place their business achievements into someone else’s hands, read on to find out how I managed it with multiple businesses.
Most CEOs never systemise their companies for a range of reasons.
Some just love working with their company too much. Others never find a team strong enough to trust with the day-to-day running of their successful business.
And, let’s be honest: others are just too controlling and paranoid to let go, even if their teams are good enough to trust.
Every successful person that I have met goes through the painful transition of trying to handover the work they’ve always done, and not being happy at the results that others get for them.
After all, no one does your thing as well as you, right?
If you would like to learn more about doing less but getting more done, as well as how to outsource everything you do not want to do, you can find my bestselling book Life Leverage here
If you would like to read more about self-development accepting yourself, you may be interested in this blog