Page 218 - Social Media Marketing

206 Walk Like a Giant, Sell Like a Madman

Forming Partnerships to Fill the Gaps

Whenever you want to pursue a new business venture and do not
have the skills, talents, time, money, or resources required, you have
several options:

• Acquire them yourself. If you don't have the knowledge or
skills required to perform a certain task, for example, you can
take classes, read books, or do some online research to learn
what you need to know. Many businesspeople who never took
accounting, for example, teach themselves to manage the books
and even do payroll for their businesses. Likewise, if you need
money, you can borrow it. If you need special equipment, you
can buy it or rent it.

• Hire the knowledge, skills, talent, and personnel you need.
If you don't have the time, knowledge, skills, or talents re-
quired, hire someone with the requisite skills to plug the gaps.
Sure, you will need to pay your staff, but if you manage your
business well, the people you hire should generate more than
enough revenue for you to pay them.

• Partner with someOne who has what you need. I recently read
a story about the band Van Halen. According to the account I
read, David Lee Roth tried out to become the band's lead singer
and didn't make the cut. The band didn't have its own PA
system, so it rented one from Roth for $50 a night. Eventually,
Eddie Van Halen became frustrated trying to sing lead vocals
while playing guitar and was tired of paying the $50 per night
rental fee, so he let Roth join the band. This is just one example
of how a business partnership can help you add new talent
(and equipment) without busting your budget.

If you have a great idea for a new business venture and start
doubting yourself because you don't know enough or you don't
have all the skills required, think again. Partnerships can help you
clear that first major hurdle. In addition, just having someone take