How to Identify a Running Mate as an Entrepreneur
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Summary
In this episode, I explain how I rank people I do business with and who I don't, and why it's so important to know who you should be doing business with, and who you shouldn't. I also give you a formula to rank your business with your friends, family, co-workers, strangers, acquaintances, etc.
Transcript
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So imagine you're in business with somebody who's very talented, but they don't have the
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They have the right skills, but they haven't bought into you.
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How do you prioritize what's the right ranking for you to say, I'm going to be in business
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I had a friend of mine today, yesterday, came up to me, and he's about to finish up a business
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They had an investor relationship together, but he had a fallen out.
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And he says, I can't do business with this person.
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After a series of questions, I said, let me tell you how I process who I do business with
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and who I don't long-term, and this is my formula.
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I said, I'm going to have to make this into a how-to, so here you are watching it now.
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I've got different categories here when it comes down to people I do business with.
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So now you kind of have an idea of what we're looking at.
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Now on this side to the left, I've ranked them from zero to ten, right?
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So you can rank on different categories, and I'll explain to you trust in a way that will
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They lie, they cheat, they steal, at all costs.
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Listen, I don't mind doing business with selfish people who are honest.
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Meaning, hey, I want to do this, and I want to make money, and no, no, no.
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I'm okay with that, because there's still an element of honesty, but they're selfish.
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Meaning, character's solid, I can do business with this guy because he or she is fair.
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They're reasonable, we can have dialogue together.
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You could put a score to yourself and say, like, if you're thinking about a guy, let's
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You know what, John to me is a seven and a half when it comes down to what, character.
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John to me in trust, he's probably more of a five.
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They may have a great character, phenomenal human being, but has no desire to work that
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They're very much about, I just want to do enough and I'm out.
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Then there could be the next one, sprints of hard work.
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So imagine if you have somebody today, strong character, fair, reasonable, honest team player,
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We have something very special going on here, right?
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So you'll sit down, you're talking to John, let's just say, you'll say, you know what?
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Anything I say, but you don't realize this is not going to work, right?
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I don't know if it's going to work, but maybe, I don't know.
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It's like, true believer, dude, let's go make it happen.
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So you've got bought in, hater, doubter, true believer.
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Or vision, small thinking, average thinker, big thinker.
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Now obviously if you've got somebody that's here at the top, all four, you've got a pretty
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And this is where sometimes you have a challenge, because at the competency level, they could be
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an amateur, they could be experienced, they could be expert.
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If you have all of these four things, but they're amateurs, they're just somebody that's good
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But they're not yet somebody that's going to increase the value of the company.
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But you don't have to go to sleep at not thinking about they're going to hurt you or harm you.
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Now if you've got somebody whose skill set is an expert, but all of this is low, you go
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to sleep every night worried about what this person is going to do to you to harm you.
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Because you can't trust them, and you know they're not in it with you, right?
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Okay, then last but not least is Rolodex, contacts.
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Is it people who have wealth, influence, massive contacts?
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So now, you look at this here, you've got a value for yourself, who is it that I want to
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You may say you're in business with somebody, he's your boss, okay?
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So when you think about here, skill set, he's a high.
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You've known him for a while, but you don't trust him at all, right?
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What are you going to do with this person long term?
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Now you may say, this person I'm working with has all these things, expertise is low, but
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So he is willing to take advantage of his contacts and open it up so we can go do big things,
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Remember how we talked about trust here on the yellow?
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What do you do if the problem with this, the trust, is someone you report to?
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Or someone that's your colleague and a direct report.
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If the person you don't trust is your superior, you can't do nothing about this.
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You cannot change the human being and you have no control over it if that's the above you.
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Now if the person you're doing business with, and you're like, man, this coworker of mine,
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But he doesn't have influence over you because you're a colleague, right?
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If he has a chance to backstab you to get a position, you know he's going to do it, right?
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And every company, there's these types of dynamics that you have to deal with.
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He may be an acquaintance at this point with you, and you don't trust him at all here.
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But because he reports to you, you still have some controls together.
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This way when you're doing business, and if you take this whole chart that I give you,
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If you take this whole chart that I just gave you, you put it together, and you put everybody
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that you're doing business with, run them through it, give them a score.
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So put next to it, John, and say, John is a 7, a 5, a 4, a 9, a 7, a 6, you get what
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The higher the score, the score ought to be a total of 60 points.
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The closer to 60, somebody good you're dealing with.
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So when you're doing this, also do it in superior.
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When you look at your supervisors, you may need to kind of be thinking about where you
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But if the score is a high score, look, this is phenomenal.
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If you go through your colleagues you're working with, then associate yourself with the people
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that are above 50 score, okay, people that want to do something big.
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If the people that are direct report to you, and you put the score, work with the people
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that have the biggest upside they can build a team with, right?
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If it is somebody that has a high score, if somebody can be in business.
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But I hope this makes sense to you and helps you out.
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It's not one of those videos that I think is going to get a lot of views.
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I just think the right person watching this is going to say, this is exactly what I have
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to watch because I've been struggling with the decision of somebody in business with.
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Once again, text the word TRUST to 310-340-1132.
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And if you're out of the US, go to the link in the description, click on the link, subscribe
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to our newsletter, and you will get the PDF sent to you.
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And if you enjoyed this video, the other video I want you to watch is 15 Qualities I Look
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for in becoming a potential Inner Circle team member.
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If you've never seen that these two go together, click over here to watch that video.