The Game with Alex Hormozi How To Avoid Bad Partnerships | Ep 278
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Feb 16, 2021 Discover the importance of recognizing partnership errors early to avoid costly mistakes. Explore the essential roles in successful business collaborations and why clear agreements matter. Hear how small businesses often think too small and learn about the surprising longevity of married couples in business together. This conversation is packed with insights on achieving growth and profitability while steering clear of common partnership pitfalls.
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Partnerships: When to Avoid
- Avoid partnerships when starting a business, especially with friends.
- Focus on acquiring necessary skills and capital yourself initially.
Essential Partner Criteria
- The only valid reasons for a partner are if they bring money or skills you lack.
- If your skills overlap completely, one of you is redundant.
Contracts: A Must-Have
- Always establish clear contracts with partners, outlining roles and responsibilities.
- This prevents misunderstandings and protects everyone involved.