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Navigating Tension in a Business Partnership

29m · Adventures in Businessing: Entrepreneurship, Small Business, and a Healthy Dose of Humor · 19 Nov 12:00

Show Notes:

  • [0:00:38] Intro | Timely Topics
    • Last time on Adventures in Businessing
    • Quoting Nacho Libre
  • [0:02:34] All Relationships Have Tension
    • How does one get around inevitable tension?
    • Tensions are typically a good sign that you care.
    • Have well-defined roles to alleviate the pressure and stress.
    • You need to be a little thick skinned.
    • Misalignment is the genesis of many tensions.
    • Navigating tension lies in transparency and communication.
    • Fundamental disagreements can happen.
  • [0:10:05] If You Want to Navigate Tension Well, You Have to Navigate it Often
    • You have to talk about the business and eachother, the overall feeling, on a recurring basis.
    • If left unchecked, tension becomes passive aggressive tendencies, a lack of empathy for eachother, or outright hostility.
    • Embrace differences.
    • Be open about misunderstandings.
      • It's okay to be vulnerable and honest above being prideful and full of false confidence.
    • Trust above all else.
  • [0:22:47] The Decision Matrix & Preemptively Stopping Tensions
    • Motivation
    • Goals
    • Vision
    • Values
    • Objectives
    • All should be heard and considered.
    • Bringing in a third voice/partner can help.
  • [0:27:32] Conclusion & Takeaways
    • Communicating is key.
    • Assume the best.
    • Be willing to give and receive constructive critique.

The episode Navigating Tension in a Business Partnership from the podcast Adventures in Businessing: Entrepreneurship, Small Business, and a Healthy Dose of Humor has a duration of 29:41. It was first published 19 Nov 12:00. The cover art and the content belong to their respective owners.

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Parting on Good Terms

Show Notes:

  • [0:00:38] Intro | Timely Topics
    • Final Episode of Adventures in Businessing!
    • Brief Recap
  • [0:04:00] How Do We Walk Away From Partnerships?
    • How do we walk away without resentment?
    • How do you end on good terms?
    • Storytime with Jeremy!
  • [0:12:16] The Best Ways to End Well
    • Start well. 
    • Try to keep emotion out of the equation as best you can. 
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  • [0:25:30] Parting Words
    • The finality of life ends al partnerships...
    • Last man standing?
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    • Walk through all the what-ifs...including your will.

Navigating Tension in a Business Partnership

Show Notes:

  • [0:00:38] Intro | Timely Topics
    • Last time on Adventures in Businessing
    • Quoting Nacho Libre
  • [0:02:34] All Relationships Have Tension
    • How does one get around inevitable tension?
    • Tensions are typically a good sign that you care.
    • Have well-defined roles to alleviate the pressure and stress.
    • You need to be a little thick skinned.
    • Misalignment is the genesis of many tensions.
    • Navigating tension lies in transparency and communication.
    • Fundamental disagreements can happen.
  • [0:10:05] If You Want to Navigate Tension Well, You Have to Navigate it Often
    • You have to talk about the business and eachother, the overall feeling, on a recurring basis.
    • If left unchecked, tension becomes passive aggressive tendencies, a lack of empathy for eachother, or outright hostility.
    • Embrace differences.
    • Be open about misunderstandings.
      • It's okay to be vulnerable and honest above being prideful and full of false confidence.
    • Trust above all else.
  • [0:22:47] The Decision Matrix & Preemptively Stopping Tensions
    • Motivation
    • Goals
    • Vision
    • Values
    • Objectives
    • All should be heard and considered.
    • Bringing in a third voice/partner can help.
  • [0:27:32] Conclusion & Takeaways
    • Communicating is key.
    • Assume the best.
    • Be willing to give and receive constructive critique.

Why Form a Business Partnership

Show Notes:

  • [0:00:39] Intro | Timely Topics
    • Last time on AIB...
  • [0:04:09] Benefits of Starting a Partnership Before You've Started a Business
    • You don't have to be good at everything.
      • You can lean on your partner to fill in the gaps.
    • Look for someone who brings skills to the table you don't have.
    • Feel out the relationship with the potential partner before overcommiting.
      • You ideally want a partner with similar enthusiasms and energy levels.
    • Even if you get along, if you can't agree on the vision...that's a huge red flag.
  • [0:20:36] Trust is Essential
    • If you have one thing, let it be trust.
    • Stress equity and sharing the load.
    • Spend time in your strengths.
    • Sustainability is just as essential as trust.
    • Ideally, the people you partner should be of the same calibur of people you'd trust your own child with.
    • Conflict has a greater cost in partnerships and friendships.
  • [0:28:21] Parting Thoughts
    • What's the right partner percentage?
    • What's the right number of partners?
    • Evaluate, discuss, be transparent.
    • "A friendship founded on business is a good deal better than a business founded on friendship."

How to Get the Most out of Business Events

Show Notes:

  • [0:00:58] Intro | Timely Topics
    • Jeremy is REALLY excited about this one.
  • [0:02:30] How to Choose a Business Event
    • The Nitty Gritty: Hotel selection, what to eat? 
    • Is there a way to predetermine things about the event you wish to attend?
      • You must determine what you’re looking for out of a conference.
        • What are your outcomes?
    • “We live in a magical world…because internet”
      • There’s a workshop, virtual and in-person, for everything you can imagine-- technical and rudimentary.
  • [0:09:45] You’ve Picked out Your Event..What Now?
    • How to prepare to get the most out of our event.
      • What are the talks or discussions you must hear?
      • Search the hashtag and note the attendees, then energize conversations with those people.
        • Knowing who is going to be there can work in your favor.
      • Look at the schedule.
        • Have a plan.
      • Consider arriving early.
        • ...and leaving a little early?
      • Treat your business events and travel like full-on PTO.
        • Ensure your team knows you won't be available.
        • The event is the work.
      • The "all-in-one" event can prevent headaches and uncertainty.
        • Preventing choice paralysis.
      • Take the time to unpack and process AT the event.
        • Talk to your team or write about it, thus making it less likely to forget the important details you want or need to remember.
        • Compare notes with those who attended the same or similar presentations.
        • If you go alone, that's a great excuse to make a friend...if you're extroverted. 😉
  • [0:21:45] Prepare to be Presented with More than You can Rationally Absorb
    • You'll have to exercise your "keep, process, discard" muscle.
    • No one will know or tell if you don't attend EVERY lecture or discussion.
      • You don't have to waste your time if you know something isn't for you, or if you're simply overloaded.
    • Two hours of good content can justify an entire trip.
  • [0:27:05] Closing Comments | Last Round of Advice
    • Seat selection is important.
      • If you're unsure about the talk, sit back and/or to the side, to politely excuse yourself.
    • Business events are worth the effort, and if you pick a bad one, try again.