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I was speaking to someone earlier today and I thought I would share a part of our discussion, as it relates to a few things that are going on in different threads in the forums.
people asking questions about mentors and partners and if giving up equity is worth it etc...
in my head these are very silly questions, there is no doubt a benefit to bringing other people in to help you.
for example I will use my project.
I am fully capable of doing all of it own my own. I know this. yet I WANT HELP. that sounds stupid and most people would disagree (those who ask those questions mentioned above) if you can do it on your own why would you want to give up equity for something you can do alone and why not just do it yourself and keep all the rewards for yourself?
for me there are multiple answers. it boils down to a few key factors.
1. being alone sucks. I am very smart, as are most of the people on this forum. that said, I do not care how smart you are someone is going to think of something you have not. they are going to pose questions and ask things that haven't occurred you to even think about. there is always strength in numbers. 2 heads are always better than one etc....
2. just because you can do something is it really done the best it could be? again I can do everything I need to on my own... but am I the best person for the job? sometimes yes, sometimes its a HUGE NO. just because I could do it doesn't mean I should. if someone else can do that job better then THEY SHOULD. ego has no real place in business.
3. if you pick the right people, the amount of money they get will be well spent. if you don't think that you will be 3.5% better or even 20% better*whatever they are asking or) for them joining than maybe it isn't worth it. but if you have found the right person they will bring more to the table than they are asking BY A LOT.
4. you say they don't have direct experience in the field? even if they haven't done exactly what you are doing that doesn't mean that they cant help you! there are many general things that apply to all businesses. KNOWING HOW TO GET THINGS DONE is a skill. they may not know exactly the contacts you need but they KNOW HOW TO GET THEM AND WILL.
5. remember your the unknown factor in the equation not them. they are taking an even bigger risk on you than you are on them. they have proven themselves. they do not need you. you have most likely never done anything, you have no experience. you/your company/idea are a lump of clay. its up to them to put in the real work. they are giving up time that could likely be wasted on you and better spent somewhere else. (family sleep other deals etc) 3.5% or 20% or whatever it is of your pie is small potatoes to them. they do not need it. so remember this when you are trying to figure out if 20% of nothing is worth making it into something... chances are you wont do it without help of some kind. and no one works for free. and I promise you will pay for it one way or the other. could be in stupid mistakes or not utilizing the correct procedures, not having things the way the want the industry needs to see them. it could all cost you a lot of money in the long run...
I know by bringing in this person to help me and guide me that I ultimately will end up having more keeping just my portion and giving equity to him than I would keeping and doing everything 100% on my own.
so bottom line is if you want to do something take risks.(risk trusting other people. be willing to give up equity to the right people) so the question is even if you can do everything alone should you? in my head its a huge NO. and if you cant and you know it and you have someone who can you should be slapped for even asking lol because to me someone who is helping me, guiding me, and just basically listening to me is worth his weight in gold. and any amount of equity it takes to get it done. even half of something is better then nothing...
they should not question is the partner or the mentor worth it. if you know they can deliver it really is a no brainer.
the real question is am I worthy?
I hope I am 😀
ps. I am not talking about oh my best friend wants to help, were going to do it together or he made my logo and now were partners. I am talking about PROVEN BUSINESS PEOPLE. someone who knows what they are doing and are not a second version of neediness.
people asking questions about mentors and partners and if giving up equity is worth it etc...
in my head these are very silly questions, there is no doubt a benefit to bringing other people in to help you.
for example I will use my project.
I am fully capable of doing all of it own my own. I know this. yet I WANT HELP. that sounds stupid and most people would disagree (those who ask those questions mentioned above) if you can do it on your own why would you want to give up equity for something you can do alone and why not just do it yourself and keep all the rewards for yourself?
for me there are multiple answers. it boils down to a few key factors.
1. being alone sucks. I am very smart, as are most of the people on this forum. that said, I do not care how smart you are someone is going to think of something you have not. they are going to pose questions and ask things that haven't occurred you to even think about. there is always strength in numbers. 2 heads are always better than one etc....
2. just because you can do something is it really done the best it could be? again I can do everything I need to on my own... but am I the best person for the job? sometimes yes, sometimes its a HUGE NO. just because I could do it doesn't mean I should. if someone else can do that job better then THEY SHOULD. ego has no real place in business.
3. if you pick the right people, the amount of money they get will be well spent. if you don't think that you will be 3.5% better or even 20% better*whatever they are asking or) for them joining than maybe it isn't worth it. but if you have found the right person they will bring more to the table than they are asking BY A LOT.
4. you say they don't have direct experience in the field? even if they haven't done exactly what you are doing that doesn't mean that they cant help you! there are many general things that apply to all businesses. KNOWING HOW TO GET THINGS DONE is a skill. they may not know exactly the contacts you need but they KNOW HOW TO GET THEM AND WILL.
5. remember your the unknown factor in the equation not them. they are taking an even bigger risk on you than you are on them. they have proven themselves. they do not need you. you have most likely never done anything, you have no experience. you/your company/idea are a lump of clay. its up to them to put in the real work. they are giving up time that could likely be wasted on you and better spent somewhere else. (family sleep other deals etc) 3.5% or 20% or whatever it is of your pie is small potatoes to them. they do not need it. so remember this when you are trying to figure out if 20% of nothing is worth making it into something... chances are you wont do it without help of some kind. and no one works for free. and I promise you will pay for it one way or the other. could be in stupid mistakes or not utilizing the correct procedures, not having things the way the want the industry needs to see them. it could all cost you a lot of money in the long run...
I know by bringing in this person to help me and guide me that I ultimately will end up having more keeping just my portion and giving equity to him than I would keeping and doing everything 100% on my own.
so bottom line is if you want to do something take risks.(risk trusting other people. be willing to give up equity to the right people) so the question is even if you can do everything alone should you? in my head its a huge NO. and if you cant and you know it and you have someone who can you should be slapped for even asking lol because to me someone who is helping me, guiding me, and just basically listening to me is worth his weight in gold. and any amount of equity it takes to get it done. even half of something is better then nothing...
they should not question is the partner or the mentor worth it. if you know they can deliver it really is a no brainer.
the real question is am I worthy?
I hope I am 😀
ps. I am not talking about oh my best friend wants to help, were going to do it together or he made my logo and now were partners. I am talking about PROVEN BUSINESS PEOPLE. someone who knows what they are doing and are not a second version of neediness.
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