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.
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 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 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.
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.
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.
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.
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.
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
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.
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.
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.
@@WowHughJanus 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.
duuuude you just freee me with your words gosh that's so true, I don't have to justify myself JUST MOVE. I LOVE the energy you spread Chris ♥ Thank you for everything
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!
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
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!
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.
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.
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.
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!
When I asked my friend to be my realtor and sell my house, it was difficult for me to confront him about his mistakes. He listed my house in the wrong county, took photos from the same angle just two feet apart, and told me I was asking too much money. The emotional attachment I had to our friendship made it hard to separate my feelings from the logical decision to fire him and hire another realtor. In the end, I hired a new realtor who sold my house within two weeks for asking price. Though my friend never spoke to me again, I have no ill will towards him and wish him all the best because I learned a valuable life lesson about hiring a business partner. Thank you Chris love your story.
Thanks for this. I just realised that the people I would not consider as business partners seem untrustworthy and a burden to me. And as for people that I would definitely consider as business partners probably think of me as untrustworthy and a burden. So no, I should not go into business partnership. Only boss-employee relationships with non-friends.
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.
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.
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.
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. 👍
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!
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.
I understand what he means. He adapts and evolves quickly. This is really good advice he is giving on this topic. Anyone reading this! Pay attention to why he says!
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
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
I started a app development company with three friends, now I communicate with only one of them so I don't need to say this but boy oh boy Chris is right and I can hear the disappointment and sadness in his tone of voice we all thought it's cool to be in business with your friends until you actually find out how different and lack of productivity they will be in said business.
same here, started a biz wit ha couple of friends, but i'm outputting more than them and carrying the financial burden. at this point, i'd much rather hire them for some work instead of having them as partners.
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.
Partnership is like marriage. Sometimes it doesn't work because you did it with the wrong partner. It doesn't mean it's ultimately bad. Been in multiple business partnerships the past 3 years they're working fine so far.
I will never agree to partner up again. I worked with my former business partner for nine years as associates working together at an ad agency and eight years as business partners with our successful creative agency. Not only did it ruin a friendship, but the built-up resentment over numerous things ultimately force me to do some serious soul searching, which led to the dissolution of my business. My only regret is not seeking the advice of a mentor at the moment when things got rough. Not to save the company necessarily but to keep my sanity and to bring some clarity to the situation. So much of what Chis says in this video played out verbatim.
My advice is to build with somebody that clearly has passion and does have the ability to work on their own. If they don't have this quality do not start a business with them.
NEVER AGAIN!!! I had a business partnership that started off great, we were both doing well. Our companies merged together very well - then the other companies silent partners got involved and everything went to shit. It's the reason I took a couple of years away from the design world - I lost everything due to my poor decision to partner with another company. I have yet to hear of a great partnership.
This couldn't be more true on everything you said. I just split with my partner and a lot of the stuff you were saying did happen. Now we don't speak at all. He was supposed to help me bring in work and never did that. Yet he wanted to be paid out on projects he didn't even get involved in or even ask about. I couldn't even get him to work with me for an hour a day, so it came time for us to go our separate ways. He is already partnered with someone else, so now they can deal with him.
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.
All of these are great points, but the reality of the situation is that it depends on if you're looking to save time or money? Drafting up specific contracts to facilitate partnerships can be necessary to draw the lines between what capacities particular partners may serve and for specific durations of time. This advice puts the responsibilities squarely on your shoulders, often leaving little time to dream, to imagine, or to come up with your next great idea. So it's either you want to be bogged down, with EVERY responsibility, every micro decision, or you outsource and partner to relieve some time and stress, leaving you the ability to better handle the macro views of what you are building. What he is speaking on is CO OWNERSHIP, and that's entirely different from strategic partnerships that can be amended according to the initial contractual agreements.
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.
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
#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.
Won't do it (again) either. Had a business with my ex-girlfriend, which I wanted because she possessed qualities I did not have, and also because of some insecurities of my own. How it went is that I made most of the hours and she was really stuck with the hours of her investment. This caused quite a bit of friction. But also when we ended our relationship, we had to quit our business together. Now I am learning the skill she had and I am over my insecurities. I never want to work together again, but I am open to small collaborations because you can learn a lot here. But always make good agreements so that both parties know where they stand.
I see the point. Im also on a partnership that went south cause of greed and politics. But still hanging on cause i felt like ive prepared 2 years before launch the brand and now going 3, so total 5 years. My partners only take credits of others work and made the company a piggybank for personal reasons although came from high financial status. Now we hire someone to do the business. This i think is best. No more unnecessary clashes. I can pivot and work on other things while the business is running by it self. Lesson learned: 1.Defining expectations, agree, sign on it. 2.See characteristics of the person, go out, travel few days, before make partnerhip, dont do it if the person is negative in nature, even if the project is gold.
Interesting conversation. My two cents is that one cannot do everything especially at the speed you're going at. The human body is not a machine. I'd say high risk of burning out with adrenal fatigue at some point. Maybe the point of the failed partnerships is to learn to compromise?
I'm always against it, other people seem to always not meet your expectations as most likely you to them as well. Recently as I see my own flaws, I had a creeping desire to partner with someone, but the more I learn about the person, I can see that they may not be in the same page as me. I'm glad that I stumbled upon this clip. The best way to fill your holes, if it's not the core/integral part of the business that you should be doing in the first place, is to hire a contractor.
Damn, this confused me. I've been going it alone for 10 years. Recently I've started working with two others, starting to build a partnership. Now I finally feel things are moving in the right direction because I can focus more on what I am good at, and I feel it gives me more energy, drive and better financials. Is it doomed to fail, though..
No absolutely not. Like chris said, its his personality that makes it hard for his partnership to succeed. They dont all end up that way, whats important, is setting up ground rules so everyone has a clear understanding going in.
@@Youknow6969able that makes sense! I feel working with others helps keep me grounded. I often have ideas that I know have a lot of merit, but the scope is too big, but then I try anyway and end up wasting time on it.
Having been through a failed business partnership before, I can definitely attest to the fact that the relationship has never been the same since the breakup. Oh and that comment about the spouse/romantic partner impacting the business partnership - that's real talk. With where I'm at now in my life, my marriage always comes first.
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.
Thank you very much Chris for that response. Just what I needed. I actually had a meeting with two guys today who were asking for a partnership agreement as a means of paying them for a website they intend to build for my business. I actually thought it was a good idea until I had this meeting with them. I have a strong feeling that these guys will slow my speed. I don't really feel ok with them. I guess I will just have to let them go. thanks again
Just walked away from a partnership this year. Same thing, I'm ambitious and I work like an animal but my partner, as incredibly smart and skilled as he is, just doesn't have the desire to reach places that I wanna reach. I wish he was honest with me about his intentions though. It would've been easier for both of us.
I think it would be great to get started so you can work with someone and bounce ideas and be collaborative.. but maybe later when you're established and feel constrained you would want to separate...
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.
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
