Tropical MBA: Entrepreneurship & Founder Lifestyle #723 4 types of business coaches for 7+ figure founders and reflecting on our 15-year partnership
Oct 12, 2023
Ian and Dan discuss the highs and lows of business partnerships, exploring whether they are a net positive or negative for successful businesses. They also highlight the importance of business coaches in every partnership and share a free business idea.
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Mark Zhang Learned By Getting In The Room
- Anecdote: Mark Zhang got his start by offering to help run a Singapore event and learning from Amazon multi-million dollar listings.
- Dan recounts Mark emailing in 2014, meeting a multi-million seller, emulating their listings and later building Manta Sleep.
Ban External Side Projects For Founders
- Do limit partners' side projects unless they run through the company so the company's best energy is focused on the business.
- Dan says their rule: no side projects outside the company; side work must be in-company to ensure top hours go to the business.
51 49 Tiebreakers Rarely Exist In Practice
- Insight: Pure 51/49 tiebreaker structures are rarely used in real-life equal-start partnerships.
- Dan explains most splits reflect assets brought (90/10, 70/30) but when founders start with nothing, it's usually 50-50 and depends on communication.