The Game with Alex Hormozi Lessons Learned from Failed Partnerships | Ep 712
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May 17, 2024 In this discussion, Alex dives into the realities of failed partnerships and their crucial lessons. He highlights the importance of equity and contribution in business dynamics. The conversation emphasizes disciplined spending for sustainable profit generation. Alex also shares practical tips for entrepreneurs on wise financial decision-making and the strategic allocation of resources, ensuring that every effort contributes to growth.
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Essential Partner Qualities
- Partners should bring something you lack: time, money, or skills.
- If they don't offer any of these, they're unnecessary.
Equity Distribution
- Most equity is lost on day one when partners often split it evenly.
- This ignores the often unequal economic contributions of each partner.
Addressing Unequal Contributions
- Acknowledge unequal contributions upfront to avoid future conflicts.
- If potential partners disagree, it's best to know early on.