Episode 179: Growth Accelerator Lessons For Your Business with Mike Reid
Mike Reid is a skilled entrepreneur and the ideal person to help entrepreneurs stuck in their business growth. He is the co-founder and CEO of Dent Global, a business accelerator best known for helping six to seven-figure founders establish themselves as the go-to person in their industry. He is also the host of the Dichotomy Podcast, which addresses dichotomies leaders face in business.
In his career, he has specialized in business growth accelerators and implementation techniques for entrepreneurs. In this episode, he shares the framework to put together joint venture deals and partnerships to help a business grow.
Being A Good Professional Does Not Mean Knowing How To Do Business
Anyone in a company’s leadership role has possibly studied and specialized in the field in which they operate. The business service is delivered based on the intellectual property the business owner owns. But most of those entrepreneurs never really get taught how to build a business, or how to build a brand. Not even how to do specialized marketing for your field.
Mike explains that this is a problem. At some point, these entrepreneurs realize the market is getting noisy and more competitive than it’s ever been before. Although they have knowledge of the field, they don’t have the skills to stay in this very competitive market. Mike’s tip is: these founders need to understand what are the key skills they need to develop as a go-to person, or a go-to brand within their industry.
Partnerships As A Way To Grow Your Business
Mike explains that as human beings, we were trained to think we need to do it on our own and we shouldn’t ask for help. This gets in the way of the business mentality, as it is often a partnership that will save you from bad timing in the market. A brilliant entrepreneur is more of a packager than a creator. What we do as entrepreneurs is take bits and pieces of other businesses.
When we talk about partnership, we’re really talking about putting together joint venture deals - be it strategic partnerships or distribution partnerships. Mike explains this by triangle, as many entrepreneurs probably lack one of these three things:
- Not enough trust with their audience, or in the marketplace. Maybe the company is excellent at what it does, but it doesn’t stand out and differentiate itself, missing the wow factor.
- The business does not have enough value within your product ecosystem, or the service ecosystem. Potentially, the business lacks a little punch in terms of value.
- The business does not reach enough, mainly in terms of distribution.
Whether your business has any of these issues, the solution is to look for partners. Mike mentions an example: making partnerships for products. Usually, most of those product partners appreciate getting their product in front of a new audience. It is valuable for them and it’s valuable for you, because you get to add more value into the ecosystem for your client.
How to do efficient partnerships
As a final lesson, Mike breaks through one paradigm: the illusion of limited resources in business. If your company is missing something - if you don’t have the money, or trust or a great killer product - it’s just asking ‘who has it’, and how can I partner with them?
You’ve got to go out and pitch for partners to get involved. Remember to only ask partnerships for one element of the three corners of the triangle. Because if you ask for over one third, it feels like a request rather than an opportunity to your partner.
If you struggle on how to take the next step to grow your business, partnerships may be the solution. Keep in mind which people you could approach and what element of the triangle they can contribute effectively.
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