People often ask Jay whether it’s a good idea going into a business partnership, or whether to do it alone. Jay explains the pros and cons and gives top tips on how to prevent your partnership from failing.
- Business can be really difficult if you pick the wrong partner. It’s a bit like a marriage. If you go into partnership you have to work on the friendship with them.
- If you’re already friends and go into a business partnership, the friendship is likely to dilute because of the different challenges you will come across with them. So if you really value your friendship with someone a lot, think really hard before going into a business partnership with them.
- Have a clear vision and strategy for your business before entering any partnerships. Have someone externally such as a mentor go over your plan.
- Have clearly defines roles because this is one of the most common reasons for a partnership ending. A lot of the time you will be overlapping which will make things messy.
- Make clear roles for you and your partner based on what your strengths are and what their strengths are. For anything that’s not yours or your partners’ strengths bring someone in externally.
- If you’re looking to go into partnership because you don’t want to do it on your own, then it’s not a good idea to go into partnership.
‘A movie isn’t real life’.
‘Are the pros a lot more favourable than the cons? Then make a decision’.
‘Play to your strengths’.
‘Make sure you have defined roles.’
ABOUT THE HOST
Jay Dhillon is a serial entrepreneur, investor and philanthropist based in the UK with a proven track record of growing businesses from start-up to success- and helping others do the same. From humble beginnings, Jay grew his first business from 0 to 500 employees and three locations, racking up sales of over £30 million – all without any investment other than a small amount of savings. The business went on to acquire major clients such as Landrover, Jaguar, Toyota and New Look, to name a few.
Its huge success inevitably brought about outside interest, and at the age of 33, Jay eventually sold the company to a London investment firm in Doyen Resources. Today, Jay owns several businesses in different sectors and helps entrepreneurs achieve success.
A calling to give back and help others led to Jay being chosen for the highly coveted role as a Prince’s Trust mentor, where his achievements were marked by a personal invitation to Buckingham Palace to meet Prince Charles.
After helping several young entrepreneurs to success as a mentor for the Trust, Jay’s burning desire to bring his wisdom and knowledge to a wider audience ultimately triggered the concept of The Business Mentor Podcast.
Jay feels that anyone can achieve success in business with the right advice and mentoring and is now sharing his knowledge with his growing audience via his podcast.
In the UK alone, 95% of business fail within the first five years, and Jay’s aim is to reduce that number.
Backed with the hard-earned knowledge and experience from his time in business, The Business Mentor Podcast will share Jay’s personal business lessons as well those of other successful entrepreneur guests who share their wisdom and secrets on the show.