Business is all about people, but it’s equally as important to avoid certain types, as it is to attract others. In this episode, Liam tells you all about the people you need to steer clear of if you want to get to the top.
KEY TAKEAWAYS
- One of the best ways of starting, scaling and growing is when you find great joint venture partners , but you need to find the right people.
- You should always avoid people who are similar to you. By harnessing different skill sets, you exponentially grow in strength.
- Working with friends and family members can prove very tricky, especially if challenges arise. When they do, it can create bad feelings and schisms in relationships.
BEST MOMENTS
‘I’ve got many different types of joint venture partners’
‘Working with you best mate may not be the best option’
FULL TRANSCRIPT
If you’re listening to the dealmaker podcast, hosted by multimillionaire property investor, entrepreneur, and Guinness World Record holder, Liam Ryan, discover how to start scale and grow your business, become a better negotiator, create more opportunity and make massive profit so you can live the life of your dreams.
That’s exactly what I’m going to share with you in this episode because I’ve been in property I’ve been in business, I’ve been in wealth creation for many, many years. Now, I know exactly what works and what doesn’t work. And I see so many people get this wrong. Now, when you start scaling grow any business, I do like to do this with partners, I’ve always enjoyed sharing the workload with business partners, joint venture partners. And in business, there’s many, many, many different types of relationships that you can have. So if we look at property, for example, you’ve got relationships with investors, you’ve got relationships with landlords, with agents, with people in your power team and one of the ways in which you can really start scaling grow something extraordinary is when you find great joint venture partners or business partners. There is actually a difference between the two, I would consider a business partner, somebody that has the shares in the company with you. So perhaps you’re a 50%, shareholder, they’re a 50% shareholder and you are both directors on the business and you are both responsible for the running of that organisation. You have got split roles within the company, you both bring equal value, you are spending typically around the same type of time working on the business and that is really what I would call a business partnership. On the other side, you have what’s called a joint venture partner. And this is where you can do a joint venture with somebody, you can launch a product or a service or an idea. And perhaps they’ve got their own limited company, you’ve got your own company, and then you do some type of profit share on that particular launch.
I’ve got many different types of joint venture partners within assets for life where the UK is leading property, business and wealth training organization. I like business partnerships, and I also like joint venture partnerships. Now, what type of people should you be avoiding? Well, number one, you should avoid people that are very, very similar to you. So in almost all cases, probably don’t go and have a business with your best mate. Now, of course, there’s caveats to this. I know people that are best mates, and they’ve got extraordinary businesses. But for most best mates, business typically does not work, working with your best mate may not be the best option. And I would tread very, very carefully. If you’re thinking of setting up a company with your best mate, another person to avoid, potentially is a family member. And again, there are caveats to this many people, family members, they got great business together. But I’ve seen business really get in the way of many relationships in family. And if it affects your relationship, then all of a sudden, everybody else is involved. Everybody else right.
Now, I actually do have my brother Austin, who works for me. And we’ve had a couple of things over the years. And you know, he’s not been happy with some of the decisions and then he might go and call my mom. And then I’ve got my mum telling me what I can and can’t do in my business. We’re all cool. But even just employing a family member, let alone actually having a business together. This can cause a lot of disruption. So be very, very careful of family members. Other people to avoid in business are people that do not share the same values that you share. So if you are wanting to get into business with someone, it is important that you spend time with that person, you discover what your values are. Make sure that you’ve seen them in a good light also, in times where they are stressful and really see what they stand for and what they stand against and I truly believe values are absolutely essential in any relationship.
Certainly when you are starting scaling any type or business. Another good thing to make sure is that you Your vision is aligned. Because when you go into a business, you’re typically going in for the long term for the next 510 1520 30 years. So what is the ultimate vision and, you know, you really want your vision to also be aligned, you definitely want to avoid lazy people. Yes, there are some people that are, they expect it all done for them, they’re not willing to go above and beyond Look, the bottom line is business can be difficult. You need to sack make sacrifices, you need to dig deep, you need to put in the hours, when that is needed. And you know what the reality is not everybody has what it takes, that is the reality. And some people just don’t have the drive, they procrastinate. And they are lazy, and they want the work done for them. And what you don’t want to be in, you’re doing 90% of the work, they’re only doing 10, they’re then getting paid 50% of the profit. And then that’s going to build up a lot of resentment within yourself. What’s also important, this is an absolute must, is avoid negative people. There’s a lot of people out there right now that have just got negative beliefs and negative mindset, glass is half full rather than glass half empty, they give up easily. They’re always moaning and groaning and, you know, trying to blame other people just avoid these people. 100% you want to be working with positive people, people that are upbeat people that are going to guide you support you and really bring great energy into the business partnership.
So really, what do you need to be looking for? Look, for me, you want to work with someone that you like, someone that you trust, someone that you care about? Working with someone, like I mentioned, has the same values and visions that you have, where you’re going to support each other, you’re going to help each other. And you are both bringing different value to that business or joint venture partnership. This is really important because when you’ll bring in different value, you both make a win win situation from the business that you aren’t doing. And always be there to support somebody, guide them through that process. allow that person to make mistakes, allow that person to share their ideas. And I just feel when you are open minded in a business partnership and you keep the lines of communication open. And also go and have fun together and enjoy each other’s companies and share your wins and talk about your difficult situations and brainstorm. And also make sure that you’ve got a business partner where they also open for continuingly wanting to what I call sharpen their axe, work on their skill sets. become a better person, a better leader, a better motivator. These are really important qualities that you want to be looking for.
So you now know what to avoid and what to look for. But really embrace joint venture partnerships, business partnerships, you can definitely do a lot more together, you can go further together. It’s a lot of fun. It’s real adventure. I love property. I love business. I love entrepreneurship, and I love to help people just like you. Hey, thanks for tuning in to Liam J. Ryan, the deal maker if you have found this podcast useful, please go and leave me a lovely five star review. And why don’t you head over to www.assetsforlife.co.uk and grab some free property and business resource training.
You’re listening to the dealmaker podcast, hosted by multimillionaire property investor, entrepreneur and Guinness World Record holder Liam Ryan, discover how to start scale and grow your business become a better negotiator create more opportunity and to make massive profit so you can live the life of your dreams.
GET IN TOUCH
Click here to register your interest for one of my upcoming FREE events.
