? Beware of Back-stabbing Partners! ?
In today’s video I want to talk to you about the perils of evil back-stabbing partners!
Why?
Because I’ve seen with my own two eyes some amazing projects go under for just this reason.
✅ Some partners have different expectations
✅ Some partners don’t get good governance
✅ Some partners get greedy
As a cryptopreneur, I want to see projects succeed because they make the world a better place.
Over the years, I’ve learned from personal experience how dangerous the partner-choosing process can be.
What do you think?
Transcription
Hey, welcome cryptopreneurs. Have you ever been stabbed in the back?
You know, you can see there’s a few gray hairs up here, that’s why I cut it short, so they can’t be, they’re not that visible as they used to be. But I can tell you I’ve been around the block a few times, and I know how terrible and how depressing it is when you have a partner in a business and they just don’t live up to what they promised, or that they turn around and stick the dagger right into your back, and you feel that steel sliding through your flesh, and you feel the blood flowing out your back.
I’ve been there, and I’ve seen this happen, and I know it hurts. And as a cryptopreneur, and as an entrepreneur, I also know how dangerous it is to not be in a venture with the right partners.
But before I go any further, and before we turn this in to a, a crying festival of oh how terrible it is, and you know, you can’t trust people, I’m gonna turn it around and say if you’ve had bad partners, if you’ve got bad partners right now or you’ve got a problem, the blame is on you. It’s your fault, okay? And I’m gonna say that because it’s happened to me, and I, you know, hey, there’s some partners I’m still kinda pissed with in the past. And if they see this video, they know who I’m talking about, and they know what they did. And I’m not saying it was my fault what they did, but it was my fault for letting them do what they did to me. And the reason I say this is because with experience and when you start learning about partnerships, you realize that who’s on the bus is always so much more important than where the bus is going. Okay? And you have to learn to craft expectations in a way that prevents that bad thing happening to you.
So, that means you need to vet your partners better in the beginning. Of course that’s important. That means you need to put into place very clear partnership agreements so that things are clear. You know, I’ve been in a lot of block chain projects, I’ve worked with a lot of block chain projects, and I’ve seen this problem come up time and time again. And you know what’s worse, is when it comes up after you’ve done the raise.
Man, there is nothing worse than having raised a significant amount of money for a project and see it all go to waste because the founders pull out their, the knives, and they start slashing themselves, between themselves, until things just fall apart. And this doesn’t happen just in big projects, and you’re probably thinking of a few that you’ve seen in the newspapers, you’ve seen in the news sites, it happens in all sorts of projects, big ones, small ones, medium ones. And often it happens because the homework wasn’t done ahead of time, okay? Don’t do, and I say you don’t do a raise until you have things clear with your partners, okay?
Make sure that there’s no doubt about who’s going to be running the project after the money is raised, how it’s going to be used, what are the processes that are gonna be in place to make decisions about how that money is managed, and who decides. You know, all of these things need to be carefully thought through before the problem becomes a, really, a catastrophe, okay? Because in the worst case, you know, you’ll have a problem when there’s no money, and you can stand up, leave the table, and the only thing you’ll be losing is some time, some effort, and maybe, you know, maybe you’ll feel bad for a few days.
That’s not great, but it’s, you know, you get over it.
But after you’ve been through the process of building a project, of building a pitch deck, of talking to investors about building a community, about getting people behind, you know, and you’ve put your credibility on the line. You’ve got, you know, you have, you’re under the spotlights, people are waiting for you to deliver, and now you’ve got a big problem with your partners, and it’s maybe, you know, maybe money is not going where it should be or, you know, you’ve got, now you’ve gotta get lawyers involved, now you’ve gotta get uh, all of these things that are problems that are so much bigger later, and they kill projects. And I’ve seen projects crash and burn because of this, so that’s why I’m talking to you about partners, about good partners, about making sure that you, that you take care of things before hand. And that’s why there’s a whole chapter in here in Behold the Crypopreneurs, that goes into detail because this is an important problem.
So, definitely grab a book, copy of the book on Amazon if you wanna get more detail about how to avoid these problems, how to set things up in the beginning so that you won’t end up in this painful situation. You know, have you lived through something like this? Leave me some comments about that. Tell me some great partners you’ve had, or some really bad ones. You know, let’s share some battle stories after this video. I’d really like to hear what you have to think. Hit the like button on this video. Please, give me some comments. I appreciate it a whole lot, and thanks again for listening in. See ya next week.
