Ever experienced that awkward moment when being open about your connections backfires spectacularly? Let’s dive into the wild world of Joint Ventures (JV), where sharing contacts can either be the key to success or a recipe for disaster!
[00:00] Barack Obama Introduces The Show!
- Leave your feedback at igor.top/voice.
[00:20] In this episode, Igor recounts an experience where he received a warning about an individual, sharing how the person misrepresented themselves in a joint venture, leading to a canceled deal and subsequent public exposure, prompting Igor to caution his network without causing unnecessary drama.
[02:30] Preserving Reputation via Open Networks:
- Building a JV network means interacting with numerous people who connect with both me and my network. I’ve always been generous with my connections. If you’re in my circle, access to my contacts is almost a given.
- I’m all about openness. No protective barriers or charges; I freely share. My belief is that sharing fosters stronger relationships, leading to collective success and prosperity.
[06:20] Learnings in Partner Selection:
- I gave him (my JV partner) some criteria for the deals that I was looking for. And he actually brokered a deal that did not meet those criteria, in spite of having clear instructions. And I’ve repeated the instructions several times. I’ve ensured that he follows them.
- The deal’s size is too small to justify engaging my team. I had them dedicated to this for two weeks before ultimately canceling the joint venture. When I communicated the cancellation, I explained that the deal failed to meet the specified criteria.
- However, the response from the other party was unexpected; they took a private screenshot I had shared and made it public in a group chat with the joint venture partner, portraying me in a disrespectful light.
- Although I admit my dissatisfaction, it was a private conversation. Their action crossed professional boundaries by making it public without consent, which eroded my trust in them. I made it clear that I can’t continue working with someone who displays such unprofessional behavior.
[07:05] Cautionary Tales:
- It revolves around a friend of mine, although I’ll refrain from disclosing names. They got involved with an individual known for generating substantial traffic and engaging in significant ventures. They quickly formed a partnership and organized a physical seminar. Initially, they achieved $100,000 in sales and potentially $300,000 more during the seminar itself. However, the joint venture partner displayed highly erratic behavior. Things escalated to a point where he threatened my friend and their JV manager physically in an elevator. This incident had a lasting impact on the industry for about three to five years.
- Later on, when I launched my E-farming program and sought out JV partners, I was introduced to this same individual. Unaware of his instability, I engaged in a conversation with him, impressed by his reputation for achieving substantial results.
- In another group discussion about JV deals, I mentioned his name. Surprisingly, one of the group members happened to be one of the individuals threatened by this same person in the past. In a private conversation, he shared the entire ordeal – the lucrative partnership that turned sour. It took me two weeks of contemplation, but I ultimately decided to terminate the joint venture with this individual.
- Reliability or instability isn’t a one-time occurrence but a consistent pattern. It seemed to invite unnecessary trouble to engage with someone exhibiting unstable behavior repeatedly.
[10:31] Igor’s Book On Email Marketing:
- Visit www.igorsbook.com to learn more.
