The Game with Alex Hormozi Keys to a Terrible Business Partnership | Ep 657
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Jan 11, 2024 Discover the pitfalls of poor partnerships and learn how an unreliable partner can doom your business. Explore the essential elements for successful collaborations, such as complementary skills, shared values, and clear expectations. Unpack common mistakes like imbalances in effort and misaligned goals that lead to resentment. Gain insights into the parallels between personal and professional partnerships, and understand how clear communication is vital for success. Avoid the traps that turn potential into failure!
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Complementary Partnerships
- Choose partners with different knowledge, experience, time, or money than you.
- Avoid partnering with someone who brings nothing new to the table.
Document Everything
- Discuss and document expectations upfront with any potential partner.
- Don't rely on unspoken agreements; use contracts to clarify roles and responsibilities.
Fair Equity Split
- Avoid giving away too much equity or doing a disproportionate amount of work early on.
- This creates resentment and can lead to renegotiations later.