Why I Don't Have A Business Partner Anymore
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- čas přidán 30. 06. 2024
- How do you find a good business partner? What should you consider when making a formal business partnership? What are the pros and cons of having business partners?
In this episode, Chris is at the AIGA design conference answering questions during an intimate roundtable discussion.
One gentleman asks Chris about starting a formal business partnership with an associate and Chris discusses his experiences with working with partners in the past. There are pros and cons to be aware of because, like personal relationships, you should be careful before making a big commitment.
#businesspartner #partnership #AIGADesignConf #partner
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Host- Chris Do
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My grandfather used to say, a partnership should be made by an odd number of partner, and three are too much ;)
Haha. Perfect. I’m going to steal it.
Domenico Marco Di Donna hahaha this is great!
Your grandpa is a legend bro. Am stealing that BTW
My mom said the same about having children...
Domenico Marco Di Donna like it even me fail with partnership sooner or later it will fail
Good luck
So cool
"When I tell you my vision you get scared and I don’t have time to convince you"
Words to live by
Word! I used to waste time explaining myself ans now I just keep it to myself and if I have to explain, I just say "you shall see" and say no more.
So so true
Well try to say this at a board meeting to the shareholders
Elequently described. I deal with this frustrating phenomina constantly. It's as if they are acting as if they can't comprehend what I'm saying.
I decided to put my apartment on on Air B&B a few years ago. Since I have anxiety and I'm not good around people, I asked my friend to partner with me. He would take care of all of the guests, and we would split the cleaning duties. The first month was fine. Then he said that he would just pay a cleaner to do his part of the cleaning, which was fine. Then he started going AWOL when guests were arriving, which meant I had to greet them and check them in. It was stressful at first, but after a while my anxiety subsided somewhat and I was confident enough to greet the guests. I would NEVER partner with anyone again. I realised I have to learn the skills required myself and get over any fears I may have.
Open carry, it makes you confident
@@franzferdinand5150 guns don’t make you confident. Confidence comes from within
@@silentx9709 It's a joke
@@franzferdinand5150 Liberals don’t know how to joke.
"The only ship that doesn't sail is a partnership."
-Dave Ramsey
👊🏻💥👄 POW! Right in the kisser!
Couldn't one argue that the only ship that does sail is a sailboat? Lol cute sayings are fun and all, but only if they make sense
@@dougtond1380 Ikr XD. Plus it's from Dave Ramsey, a boomer cultist.
Nice original thought, oh wait.
I’ve had partners on multiple ventures and everything that he said happens, happened. But on the flip side, I have seen partnerships work. I think he’s right when he says that it has a lot to do with your personality. Although, I think it also has a lot to do with the type of business you’re in.
Yes, it's very true. Partnerships can work and have worked. It totally depends on the people involved. It's a double edged sword but if u can make it work it would be so benefiting.
I can't make partnership work either. The resentment thing is real if the other partner is not pulling their weight.
I can’t work with a partner either, because then there is two brains working on the same thing. So this will inevitably lead to conflict, where I will get so frustrated that I will want to take over the entire thing.
Then why don't you assess the reasons for resentment and talk about it? It's not the other person that is resenting, it's you.
If the other person isn't doing any obvious damage that should end the partnership and it's just your ego, it may also be a sign to work on your social skills and to redefine a common vision to make it work.
@@TheNinnyfee I’m currently feeling resentment towards my business partner because they are not working at 1000% like me and they also put a lot of their energy and time into their other obligations.
@@rainypath96 I get that, and maybe it's better to separate. But have you assessed if they are bringing something valuable to the table you aren't? Maybe you have tunnel vision because you want them to perform exactly as you expect. That will never happen. Have you talked to them about it and compared expectations? Or examined your own current frustrations or leadership skills? I am not saying your business partner doesn't use excuses and you would be better off without them, I don't know the details. But sometimes context matters and lessons can be learned. All the best for you and the future of your business!
This is true. I stopped collaborating with friends on a project as soon as I realized this.
This guy is a case study for many business owners, I work 70-80 hrs a week. Don’t tell me to take weekends off, I work when inspiration strikes and customers are buying.
“Learn how to fill your own hole.”
I died.
Bars
Autofellatio! Self help is the best Help! Lol
I like to fill someone else's, not my own hole.
Hee Hee I get it
Ya dirty...! hahahaha
That's so true, it is really hard even when freelancing, my clients suddenly become my friends and things become really difficult when it comes to making business decisions.
Racheal J working with small businesses I have seen this failure in at least 80% of partnerships
I can relate to this
Damn this happens to me all the time
If this is happening in your freelancing it's probably because you're not setting enough boundaries between you and your clients. There should be no reason freelancing clients are becoming that close to you. You've got to be assertive and define clear boundaries for what you will and won't allow. Be friendly with your freelance clients, but don't be so friendly that lines get blurred.
Figured this out with my sister. Like Chris it's really hard to compromise. I want to move. Not be held back on the ground. I want to dream big. And even bigger. And work to that. Unfortunately my sis is the complete opposite. She first needs to figure herself out before she can commit to such a project. Great advice Chris. Incredibly valuable and wish I had this sooner
Blood and money should never be mixed :)
Solid perspectives as usual Chris! Although I may be an anomaly to the topic, I partnered with my longtime friend for a wedding video company that ended great. We went strong for more than five years, traveling the world producing a few award-winning wedding films. Our talent, style and drive to succeed were equivalent and built off each other easily.
Through the span of our company I got married, had kids and aspired to dig back into my graphic design roots and entered back into freelancing. My partner understood and I left the company willfully and amicably. He still shoots video and we are still good friends and talk often, literally like yesterday ;) Again, I'm sure I'm one of the few, but my friend/partner had a great run and plenty of memories to last a lifetime.
Sometimes it works.
He's more a twin flame than partner
A partnership can work... I’ve been in partnership for years and it’s worked out. I will do any new business solo though because of course it’s good to be able to do whatever you want to do and keep more of the business profits. However, if your partner is bringing skills, assets or funding that’s critical to the business, then having a partner is simply practical.
they can work. just not for me.
Thanks for your honesty. I'm tired of hearing others say that working alone is something stupid. I have wasted more time partnering with the wrong people than working on my own. Of course this depends on our personality, but beyond that, is so easy to fall in the trap scenario where you are carrying more weight than your partner, but the earnings, credit and rewards have have be split 50/50, because almost no one wants to partner with someone who is going to earn more than them.
“If you want to go fast, go alone. If you want to go far, go together.”
Love it
- Elon Musk
This saying somehow contradicts the video content*
@@bouzidomar333 but few people can notice it!)))
You can go far alone. Less to carry.
What he's saying makes sense, it seems like it's best to partner up for a certain amount of time to get something done and then once it's done dissolve the partnership until you may need to partner again. Partnering up if at all should be super limited, that's really great advice.
I knew from Day 1 of December 2011 I didn't want a partner, and still feel that way in 2021 on my 10th agency anniversary!
Congrats my man
Thanks for being humble and for sharing insights! Collaborations on specific projects may be an alternative, for example, for a potluck dinner, each of the dozen person bring their favorite dish so we learn and enjoy and benefit from people with different skills!
Or when you lack a certain skill - hire/pay/commission a professional! Establish relationships with 2-3 professionals/companies who are proficient in the areas you are lacking so that you can rely on the other if one is busy or unable to do your work. Calculate it in your bid and try to make it work.
I have a business background and am learning design because I was learning branding and marketing lol. I am testing the waters and I will decide where to get deeper and where to learn enough knowledge so that they don't treat me as a fool and rip me off when I am purchasing expertise. It is hard. It takes time. There is a lot to learn. BUT Taking it step by step helps and the confidence boost you get from knowing that you have knowledge in a previously dark area is amazing.
With this new knowledge, I managed to clarify what I want in the logo for my brand and why! And my designer was pleased and confident about it as well! Made her job easier!
Self-awareness is on point here. " I work like an animal, like I work all the time. And not only do I work, I work smart, I work super efficiently, so that means that my output usually is 4x somebody else." - Chris is more advanced than most.
so like the same beast, but a different animal at the same time.
All I can say is... *GOLD!* The nuggets in the short video break the LOGIC scale! Incredible!
Cold hard truths. It's nearly impossible to not have an explosion.
I've been in the same boat several times... no more partners for me. Employees, contractors, but no partners.
Thanks for sharing
You need to pay employees a lot and equity as well if they are great.
My dad told me to never sit down with anyone that you can't get up and leave sitting there without you...clients, family, or otherwise.
@@Ecosteven Lol, ikr. But what I think he meant was, never be with someone who would talk trash about you in your absence i.e. they talk trash about you when you leave the table.
I know what your trying to say. It a doozy concept to say in one go.
Yesssssss. Omg.
So much hard truth here. Thanks for being bold enough to say it.
Chris is fountaining knowledge, as usual! Wow. Btw, I feel like I prefer the futur videos to be way longer because it isn’t ever enough of The futur for me!
Agreed! The Futur is one of the only channels that I can watch 1 hour +!
Agree!
Some good advice Chris. Ive had three partners in three separate businesses. And they all had pros and cons. Some were better than others but some of your pros and cons were right on point. I work a lot because i enjoy the challenges. I like to learn new things. Running small studios you have to wear a lot of hats and id say resentment also sets in when your partners only do the one thing they know how to do and wont learn to do anything else. I have also learned some very positive things and had some great experiences with partners as well. I was working myself to death and one of my partner’s taught me the merits of client boundaries and making time for you. Took a while but it’s something I’ve adopted. I also learned from the same partner about designing and moving fast. I used to labor over my designs. Now i make stuff. Make a lot of stuff. Iterate.iterate.iterate. I step back for a while. Review and iterate some more. Ive found giving designs a day (if you can) and looking at them with fresh eyes helps change your perspective in your own work and you can try new things. Thanks for putting these out. Inspiring tips.
Really appreciate this perspective! I agree, and the business my partner and I operate only works because we both work like mad and set clear boundaries for who calls shots on different projects and areas. It's a huge risk with a big reward, but finding business chemistry is like catching lighting in a bottle.
You might say rocketfuel? Haha I'm an Integrator in this business system called EOS - basically, I'm the "2nd" person, and I'm incredibly proud to be THAT person. The concepts are laid out in this book called Rocketfuel by Gino Wickman. I've seen reading that book change the lives of so many visionary type people.
You hit the score on every single point. I'm currently struggling with this situation (unbalanced workload/responsibility/motivation) and it's a burden that adds up to day-to-day operations.
Thank you so much! I tried partnerships twice and it backfired. I can't seem to put my thought and emotions in words but this guy read my mind!
You guys are on point with everything. Love these Q & As
The missing piece analogy was hit me so freaking hard.
I'm 26 y.o and feel so exhasuted because that "hole" thing. People tend to build the relation with me because most of them is trying fill their lack of ability to solve the sort of specific problems. While I try to slightly educate them so in the future event, they can solve their own problem and we can make an unpressured friendship.
But the mostly output from what i did was 2:
- First: they leave me when they can solve the problem themselves
- Second: they just keep diggin me because too lazy to improve and push me with that-so-called gratification
In my side, I always though why I can't be them?. Because I'm so self-oriented when facing with problem. The problem make us stronger, so if you can handle it, you grow up. Most of my colleague took my ability not as inspiration, but as resource.
Why I was so exhausted? because when someone ask me to help them (in terms of friends call, not a professional offer), technically that's not my problem. You never feel the resolution after you resolved something that isn't yours. And what I do now to be freaking firm with my own problem. I love friendship and kindness for helping each other, but when you face between two, make sure you prioritize your problem. True friend will stay.
Chris, please tell us more about 'working smart' and productivity. Would love to hear your tips and tricks. Love your content. The best out there imo
we have some whiteboard sessions on this.
@@thefutur Thank you, i will definitely check them!
I spent 8 hrs trying to find a cofounder. Never found them because I never needed them to begin with. I identify so much with what he’s saying.
a confounder
What did you expect to find in 8 hours? Lmao
8 hours? lol
YES!!! Thank you so much for putting words to what I always thought. You don't hear this point of view very much. I'm always the one working more and better, and then incompatibility rises. Very tough to make things work like this with friends.
Funny how I've always believed there no is "gap filling" for love relationships, but never applied it to business! Although I always learned the stuff I didn't know simply because I hardly trust anyone else's "expertise" in a given subject without me knowing at least the basics. This "tactic" has allowed me to notice scams early on.
This was very insightful and needed in this moment!
Faaaak, Chris soo much true and I'm 100% with you on this one. It's not a popular view but for me that works as well. I tried few times and it didn't work.
I feel like this everyday like I am putting out more than others are at my work and constantly trying to build and grow sometimes I feel thats part of the stress along with my work, so I can totally relate to you in what you mean about being efficient. Thats also a reason why I would rather stay late then let the specific day late night team work finish up my stuff because I want it to be done right and not sloppy, because either way I will have to clean it up the next day.
It's ok. You still love Jose.
Haha 😂
@@thefutur We all love Jose.
Yeah wasn’t there another dude on this channel? Where the hell did he go?
Clayton Alexander I wonder this too
Thanks guys!
Powerful advice. I’ve been through this myself. Working for yourself is always better but Self Awareness is key.
100% right on. The first point: you work harder and naturally resentment builds. Been there so many times and I've only recently started to put my finger on it. Not making the same mistakes again.
I love you, Chris! I can't believe how much my life has changed binge watching your content for the past month. Every answer I am looking for, I want to hear it from you. My search queries begin with Chris Do.
I just broke ties with my partner, the first thing I did was look for this video. Thanks for adding so much value in my life
Jesus Christ man imagine not thinking for your self
Love your work. Thanks for bringing Jose on clubhouse and talking about everything. You have made us all a better person.
You bet.
As soon as you framed this by first stating your personality and telling them to think about whether or not they should even consider the advice, I knew it was going to be great stuff!
You sound like my older family members (in a great way). They owned their own businesses and, yes, sometimes employed family members (sons and daughters, training them) but they were wise enough not to have friends come on board.
I have always been taught, in life, not to blur the lines between the two (business and friends) as that clouds judgement. You have your lines clearly defined so that everyone knows where they stand and that gives you more clarity when making decisions. We are more inclined to accept lower standards by those we know well or to place unnecessary faith/trust in those - letting down our guards and intuitions.
Have been a new subscriber over the past week and am really enjoying what I have seen of your content so far; really impressed with the information you are sharing (thank you). A fellow home educator here too. 👍
5 partnerships and I can tell you that this is the truth. You win together for a while, but as time goes by you are bound to drift apart. And I always outworked them.
My last partner left me out in the cold at a moment's notice. That was 2 months ago. Now I am utterly convinced that it is not a sustainable idea in the long term. I would rather just collab on ad hoc projects.
maybe it took you 5 times to realize that you are better off on your own.
This video was spot on, and I learned why I've had business partnership failures also. Great insight!!
My former partners, “friends”, bought my business and screwed me out of 500k. Needless to say, we don’t talk now.
Wtf? Sorry. Partnerships are very risky situations
OMGGG. Hope you're ok now
Love the video and advice.
I personally find it tough though to "learn" as you go because you often forget the skills you learn unless you continuously build upon it. For example, I learned how to create video animation with Adobe After Effects to create a promo video and then stopped learning to focus on other parts of the business. A few months later, I had to tweak my promo video but I forgot how to use Adobe After effects and I had to relearn it. Even though relearning Adobe After Effects was a lot quicker than the first time of learning it, it still took awhile and ate up the precious free time I had to work on my side business.
Now multiply that pain of relearning by x4-5 and that’s how I feel on a weekly basis because there are so many more aspects to a business that needs attention such as advertising, sales, accounting, the product/service you're trying to build.
Exactly my thoughts. We can't cover even the basics of everything. What are some possible solutions to this?
This advice is so on point and profound - wisdom. Thanks!
#2 and #3 helped me find the words to express some hesitations I've had with working with others. Never really knew how to say it without sounding arrogant. Thanks! This helps a lot! Point #1 also resonated with me, I just assumed it was normal and something I'd have to accept.
Thank you for being real! Awesome hat!!!!!
Hi Chris, Absolutely spot on…….You are talking for me also……….that’s why I am 70 yrs young and I AM STILL GIVING IT SOME,
I love Everything about my Business!
Great Stuff! What Great info you are giving!
Gary
So true! Just go learn the skills yourself. It is also a good thing to improve yourself and be more well-rounded
Truth! The Ultimate Truth, we need more of this, you are an excellent speaker who gets straight to the point.
realest advice ever. you've spelled out virtually every partnership I've ever had.
OMFG! The filling in the missing piece was so freaking perfect!!!
Love the advices, as always, Chris! Do you have more videos talking about business partnerships? Because i need this!
No. I don’t.
I needed to hear this, you were spot on!
I've never seen so many gems dropped in such a short period of time.
Perfect timing, thanks so much!
dude this video made me cry!! it's all so true. miss my best friend and former partner so badly =(
But it didn't went bad cuz of work, it´s really hard to separate friendship from work.
I love Futur channel insights. Chris is spot on here to present his candid self-analysis of his own alpha personality before his personal conclusion about partnerships. After a brief period of initial friction, my partner and I sorted out our respective roles in our small carpentry business early on, each of us accepting and appreciating that one of us was a highly effective "point guard" (handling the business side), the other a great "shooting guard" (focusing on the craft side.) Either of us could have led his own company without feeling an overwhelming need to fill a "hole" in his personal skillset, but teaming up enabled each of us to concentrate on the part of the business that best matched his respective training and passion. We worked together for over forty years without regret. In boxing, styles make fights. In business, personalities make (or break) partnerships. In Chris' case, experience and self-awareness taught him that flying solo is best for him. But the Alpha model is not the only one that can lead to success.
Damn, Chris, solid advice again. I’d do some pretty unspeakable things to get even an ounce of that energy and efficiency! Power up, brother.
Excellent advice - it shows his expertise really.
This is so true from start to finish, experiencing literary this at the moment.
Chris is the man I love this guy. I’d love to meet him. I’d be intimidated but buzzing to be in the presence of greatness!
Definitely on the same page with you Chris, I am feeling this 100% at the moment
Thank you for this Chris!
I thought always it was a failure to NOT have a partner! Now I feel like a winner 🤩🤩🤩🎊🎊☺️
That was extremely real.
So true and helpful! Chris Do is my master.
Excellent and practical insights :) thanks!
I needed this advice 5 years ago! Now I know and completely agree with!!!
Some hard truth. Thanks for keeping it real as always, Chris. I hear you. And I get why a partner could slow you down specifically, but I'm wondering about instances where the partner helps you go forward faster? Perhaps fill the hole first, then delegate from a place of strength, not dependency?
To fill a hole or something missing in me means that I need to go learn it ~ this resonates with me well, thank you 🙏
Gold as always, Chris.
Great call Chris. I appreciate this.
this is gold I don't need it now cause I learned the hard way but I could of done with it about 3 years ago
It's almost like you've thought about this before he asked 🤣
What's your thoughts on this topic?
Almost like it happened to him three times?
I avoid partnerships like the plague. Didnt work for my grandfather, didnt work for my dad..it sure wont work on me.
Finally !! somebody said it loud and clear
Your CZcams videos have help so much. Thank you 😊
Wow, just wow. You confirmed why I felt but didn't have the articulate words for.
It's wild how on point this is.
Damn, Chris! Droppin some knowledge as per usual💪
I have an investor partner that just cares about the business side and works well... I do all the creative work and he takes care of the business side and cash flow fairly.
My guru thanks for the wisdom Chris🙏🏿🙏🏿🙏🏿
I needed to hear this. Thanks Chris.
You’re very welcome
The most profound ideas I've ever heard about partnership very interesting thanks for sharing
The truth hurts...but I needed to hear this.
I totally feel him on the aspect of people not seeing your vision. That can be the most frustrating thing in a collaborative process. It's not even a difference of opinion so much as it's a wet blanket
I can so relate to this. People can be buzzkills when it comes to ideas, especially eccentric ones. Egos get in the way; and I can't do it. Productivity for my own company starring me, as egocentric as people will decry it, doesn't matter, do what you know will work and do it alone if you must
Im just seeing this video and you got a valid point. We gota state clearly what our roles and responsibilities are and share equity according to value in terms of effort, network, input of individual partners
love this, thank you Chris 🔥🔥🔥
It seems I'm living a paralex life with Chris on this planet, same thoughts on this partnership matter. Wow. He is 110 percent correct by the way.
that's his opinion and yours.
Best advice on partnerships under 7 minutes ever!
literally the worst advice ever, nothing he said makes sense or is correct!
@@johnholland2825 why?
Why didn't I find all your content before I f****d up my money. But all the same it's in my power to change my story . I downloaded most of your videos and now am sharing it will my family . So we can all to better than last time
Really true. Great advise.
good points, thanks for your honesty
So interesting. I often wonder about finding someone who is a really strong operations person who could help me to deliver on my 'crazy visions'.
But I also know that I also don't want anyone trying to slow me down and if I'm honest I probably want ultimate control.
😀🕺🏽🎥🏖🇦🇺
I added the Aussie flag as still want to partially flog the "I'm in Australia" horse
Loved the talk 🙏🙏 I relate so much
This is on point. I'm thinking of walking away. It's other people idea and project. But it seems to be I'm the one who really wants to make it happen. Based on experience, collaboration is better than partnership. But different people different experience, different business different needs.