ASK ANDY: Choosing Partners, Slaying Giants - MFQA2
Ask Andy: How to Choose a Business Partner, How to Compete with Industry Giants
How do you choose the right partner to go into business? How can you compete in an industry that is dominated by one or two giant companies? In his trademark no b.s. style, The MFCEO Andy Frisella answers these questions. Joining him in the studio is his co-host, Vaughn Kohler.
Question #1: How to Choose a Business Partner
Here are Andy's basic principles for how to choose a business partner:
- Find someone who wants to get shit done, not get the spotlight
- Find someone who is good at things you are not good at, and likes to do the things you don't like to do
- Find someone you respect and enjoy hangout out with
- Find a good, moral person who does the right things
- Realize that every partnership is risky. You are going to have disagreements. In order to succeed, find a way to resolve your conflicts constructively
Question #2: How to Compete with Giants in Your Industry
Here are Andy's basic ideas for competing in an industry that is dominated by one or two giant companies
- Look for areas (offline and online) where that company is not active - and sell your service/product there
- Look into alternative ways to promote your brand. Find other people have a good voice and occupy a good space and get them talking about you.
- If you can disrupt the status quo and carve out a good space in the industry, the giants might want to try to buy you out. That's a legit option!
- Above all, find a way to be "the people's brand" - win customers one-at-a-time be providing an exceptional experience!
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Books Mentioned In This Episode
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