There are two videos from you (this one and another I listened to before) that have taught me much more about partnerships and self-understanding on this topic, than any other masterclasses I've attended and some books I've read on the subject. I'm just surprised there are so few comments here 🤷🏻♀️. Many, many thanks to you, and I wish you great success in all your current and future endeavors!🤩
Hell yeah! Thank you Sir! I was planning on doing the writing down the operational tasks and dividing them up amongst parters. Going to do this next week with partners and see if we’re still partners after 😂 tired of pulling the whole sled
The Only Reason to have a partner: They have money or skills that you don't have. A Business has 3 main roles (Pillars) Customer Acquisition (Marketing and Sales) Delivery (Fulfillment of the product/service) Operations (Everything else, Legal, paying taxes, paying employees, recruiting, IT, finance, contracts, accounting, HR...) Don't have a partner if they don't have skills you don't have. Specialization is necessary. Write down all the activities that happen on the business. Divide them and assign roles to people.
Ha! Everyone tells me not to involve my husband in my business and that it's a marriage killer. My parents worked together in the family biz and it wasn't awful, but wasn't ideal
I crush at sales and marketing. Got my fulfillment and product set. I am not organized and despise operations type work. This epiphany of needing an operations manager just hit me the other night. I will take a 50% pay cut to hire an ops manager so I can grow and scale the sales and marketing. I have to get rid of the operations stress that's on me that I'm not the most qualified to handle. I believe I'll make much more with much less stress in the long run. Thanks for the 3 pillar example Alex. Exactly the affirmation I wad looking for right now.
@@vishthemarketer6691 I think he means he’s willing to sacrifice 50% of his pay/draw from the company in order to allow for enough budget to pay a wage/salary for hiring on an operations manager…… and NOT offering any equity- (or at least that’s what he SHOULD be thinking ;) Makes sense to delegate that off…. there’s plenty of competent ops mangers out there….. ripe for the hiring 🙌🏽
What would you suggest if you started a business with another person, then one year in, they start another business with someone else and start focusing the majority of their time on the other business vs the one you started together first?
Hey Alex, I've seen that you are quite big on achieving that long game mindset. Seeing how life is finite, I just can't imagine myself making a plan for anything longer than 2 years, do you have any books or study material that could help me see this long-term planning from a different perspective?
Or...you live in a country where the laws require a foreigner to partner with a national. There is no option, and a foreigner cannot buy land our a house...but your company can.
How do you tell if your in the wrong business or industry and maybe just the fact that I am asking this maybe I answered my own question 🤔but id love some insight from you Alex or anyone else who may be able too answer 🤔
I can tell this is an older video because it only got 18k as of now! 😅 His new vids get a lot more!!! This video is so worth reposting for your avatar @AlexHormozi
Alex: "... you don't liquidate the most valuable thing in the whole world..."
My brain: _Friendship_
Alex: *"Your equity."*
😂
Everyone tells me don't have partners. Just have employee's to keep it organized and a great work environment.
That’s exactly where I’m at NO MORE PARTNERS
This reaffirmed how I have a great partnership in my partnership
There are two videos from you (this one and another I listened to before) that have taught me much more about partnerships and self-understanding on this topic, than any other masterclasses I've attended and some books I've read on the subject.
I'm just surprised there are so few comments here 🤷🏻♀️.
Many, many thanks to you, and I wish you great success in all your current and future endeavors!🤩
Hell yeah! Thank you Sir! I was planning on doing the writing down the operational tasks and dividing them up amongst parters. Going to do this next week with partners and see if we’re still partners after 😂 tired of pulling the whole sled
This is gold!!! I wish I had this lesson sooner! Separations with parents are painful.
Thank you Alex for delivering so much value. A time study is a game changer. Yes, one of the worst things ever; we're buddies, lets go into business!
The Only Reason to have a partner: They have money or skills that you don't have.
A Business has 3 main roles (Pillars)
Customer Acquisition (Marketing and Sales)
Delivery (Fulfillment of the product/service)
Operations (Everything else, Legal, paying taxes, paying employees, recruiting, IT, finance, contracts, accounting, HR...)
Don't have a partner if they don't have skills you don't have.
Specialization is necessary. Write down all the activities that happen on the business.
Divide them and assign roles to people.
Strongly agree with you Alex. Two words for unacquainted “Org. Chart.”
Money or Skills, that’s it!
What books are on your shelf behind you? Great vid!!!
How does this video not have more likes or views? This is critical information that I needed to hear!
Ha! Everyone tells me not to involve my husband in my business and that it's a marriage killer. My parents worked together in the family biz and it wasn't awful, but wasn't ideal
loved the self check at the beginning lol
I crush at sales and marketing. Got my fulfillment and product set. I am not organized and despise operations type work. This epiphany of needing an operations manager just hit me the other night. I will take a 50% pay cut to hire an ops manager so I can grow and scale the sales and marketing. I have to get rid of the operations stress that's on me that I'm not the most qualified to handle. I believe I'll make much more with much less stress in the long run. Thanks for the 3 pillar example Alex. Exactly the affirmation I wad looking for right now.
You mean 50% equity?
@@vishthemarketer6691 I think he means he’s willing to sacrifice 50% of his pay/draw from the company in order to allow for enough budget to pay a wage/salary for hiring on an operations manager…… and NOT offering any equity- (or at least that’s what he SHOULD be thinking ;)
Makes sense to delegate that off…. there’s plenty of competent ops mangers out there….. ripe for the hiring 🙌🏽
You need a real LLC to be in business and even more Federal regulations and money for print ......(money transfers)
Great video about partnerships and starting a business
What would you suggest if you started a business with another person, then one year in, they start another business with someone else and start focusing the majority of their time on the other business vs the one you started together first?
Buy them out.
Hey Alex, I've seen that you are quite big on achieving that long game mindset. Seeing how life is finite, I just can't imagine myself making a plan for anything longer than 2 years, do you have any books or study material that could help me see this long-term planning from a different perspective?
@Alexandru Totolici sa traiesti
You are a beast Alex. Great vid
Doing a 6 month 80/20 with no equity trading. 2 separate businesses. Let's go
Or...you live in a country where the laws require a foreigner to partner with a national. There is no option, and a foreigner cannot buy land our a house...but your company can.
I have the wrong business partner. It’s me. Hi. I’m the problem it’s me.
How do you tell if your in the wrong business or industry and maybe just the fact that I am asking this maybe I answered my own question 🤔but id love some insight from you Alex or anyone else who may be able too answer 🤔
Thank you Alex!
Please help how to write it down explain please??
Write down every task needed to operate the business. So it throughout a week
Thank you bro
I'm like 999! Awesome
Damn.. I litterly talked about this yesterday. Great to hear you speak about this, it confirms my thoughts.
Thank you Alex for allowing me to learn from your mistakes and now I have a game plan going forward
9. Ha.
Dam this is a good video. I need to fire my whole team they are all slackers lol.
I can tell this is an older video because it only got 18k as of now! 😅
His new vids get a lot more!!!
This video is so worth reposting for your avatar @AlexHormozi
Thank you Alex!
Thank you bro