In this clip, Jason Barnard explains the importance of choosing the right business partner for your business. He also shares the biggest mistake most people make in business and how money reveals a person’s true character. Listen to Jason as he shares his life-learned lesson.
00:00 The wrong business partner
00:23 Check the true character of your partner
01:18 Interest for money is a big mistake
Transcript from: The Impact of Choosing the Right Business Partner
And then real estate issues in the United States and elsewhere. What caused you guys to close that business down? And then what was your next step? I would love to say it was the global problems with financial crises but it was actually, I chose the wrong business partner.
And I think that is another important lesson that one learns. When your business starts making good sums of money and big margins of profit. That’s when the true character comes out.
And what you just said is (very true). My aim was to say. If we can build a big enough audience, we’re just going to scale this, and we can scale it. And the additional cost for each additional user is very, very small. So even on an advertising model where we’re making very little money on each individual visitor. We don’t care, it doesn’t matter because it scales and the cost of scaling in terms of delivering the content is very low. And the cost of actually maintaining that content is incredibly low. So it’s an infinitely scalable model that had for me no end in sight and my business partner was saying. “No, I want to get as much money out of every single child as I possibly can.”
And that for me is a business mistake, but worst from a human point of view. Absolutely not. That is not what a blue dog and a Yellow Koala for six-year-old children is all about. Wow, this is huge guys.