Is Collaboration Good for Entrepreneur’s?

Collaboration is something that seems to be a major issue for Entrepreneur’s. We are often worried that “If I share my strategies with other Entrepreneur’s, won’t they steal my idea?”

The problem with that type of thinking is that you are coming from a mindset that is of a lack and you need to switch your mindset to one of excess. There is more than enough idea’s, clients and customers to go around and if you switch your mindset, you will notice that you have more than enough of all the resources that you need.

I used the collaboration of Jay-Z, Rihanna and Kanye West in the song “We Run This Town”. In the video I get into details of how collaboration allows for you to have more exposure to your future customers. By collaborating as Entrepreneur’s and doing guest blog posts, creating products as a team, or even having a Mastermind session, we are able to leverage each and everyone’s network who is doing the collaboration.

It’s crazy how we feel that we can’t always connect with other Entrepreneur’s because they are viewed as our “competition” instead of as our potential partners.

The power of partnerships

Partnerships allow for us to leverage the strengths of other people. For example, here’s a story 🙂

Joe is an average guy who started a business taking wedding photo’s. Joe was a great photographer who was exceptional at capturing the perfect light and taking the picture at the exact time when the couple looks it’s best. However, Joe absolutely has no idea how he is going to find people who want to hire him to take their photo’s. Joe tries his warm market and soon runs dry of customers.

Joe heads to a group of business marketing professionals and meets Sam. Sam has grown up with marketing in his veins. He practically bleeds out amazing marketing campaigns. Joe and Sam decide to try out a little deal in which Sam gets 50% of the sale for all referrals he gives to Joe. Joe starts having people request his services at a boost of 10% in the first month!How awesome, what a great concept! However, there is a problem…

Joe can’t keep up with the new flow of customer’s!

Yes, this can happen. If you take the time to collaborate with people who’s STRENGTHS are your WEAKNESSES, then you can see a significant boost in your business. There really is no point in focusing on your weaknesses, if you suck at something then you should just collaborate with someone who’s great at what you aren’t! Focus on your strengths!

The world is an amazing place and the Internet allows for us to connect instantly with experts in any field. Just hop onto Twitter and you’ll see how many people there are that you can meet and eventually develop these relationships into partnerships.

Now, do like Joe did and start to play your strengths and find others to take care of your weaknesses!

Look at the difference it makes in the size of reach that the collaboration of Jay-Z, Rihanna and Kanye West have…

All of these circles contain the individual reach of all these artists… Now look at what happens when they collaborate.

The dark area in the middle is where your followers will start to follow what the other artist’s are doing along with them still following you.

With Twitter, you will notice that you get more followers when you get Re-Tweeted by people who have large followings (10K or more followers)

Now how much more powerful will your influence be if you start to get followers and customer’s from your competitors.. You’ll gain more customer’s and more loyal fans!

Chris Hughes

Chris loves learning, going on adventures, surfing and having fun. Chris on Google+

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Mouyyad Abdulhadi - January 20, 2010 Reply

Great points Chris, I believe that collaboration is useful in all aspects of entrepreneurship, you have another persons point of view, teamwork allows you to have another person to bounce ideas off of, and in way you are more accountable when you collaborate because its not just you anymore but you and someone else.
Most importantly, you can build an everlasting friendship from collaborating with somone.

onlineprofitdevil - January 20, 2010 Reply

Excellent post. I would recommend as an add-on note the book 'Blue Ocean Strategy', which expands on the concept of an existing business moving into a shared, unexpected market. One of the examples would be Yellow Tail wines, which marketed wines to cocktail drinkers and became the number one wine company almost overnight (as in, a couple of years)

Chris Hughes - January 20, 2010 Reply

You are absolutely right bro! Getting a new point of view allows for our mind to expand and come up with solutions that we previously wouldn't have thought of. The mastermind concept really comes to mind with bouncing ideas off of each other…

You are right about the development of a friendship too, collaborating eliminates competition and often creates such great products that it's often SCARY how great the products are!

Do you have any other tips for collaborating or would you like to learn more about finding similar people in targeted niches to do collaboration with? I'm looking to create some more videos expanding on these concepts.

Thanks for the response bro!

Chris Hughes - January 20, 2010 Reply

well aren't all stories considered overnight successes? Even though behind the scenes it often takes 1-10 years to develop the success! Who wrote “Blue Ocean Strategy”?

I've been trying to help local Buffalo businesses expand onto the online marketplace to further their brand recognition and create more assets for their business and feel that the book might help me out 🙂

Thanks for the comment!

onlineprofitdevil - January 20, 2010 Reply

Blue Ocean Strategy was written by W. Chan Kim and Renée Mauborgne, and it is a great read about how businesses find new markets. And you are right…overnight successes are rarely actually 'overnight'.

onlineprofitdevil - January 20, 2010 Reply

Blue Ocean Strategy was written by W. Chan Kim and Renée Mauborgne, and it is a great read about how businesses find new markets. And you are right…overnight successes are rarely actually 'overnight'.

Chris Hughes - January 22, 2010 Reply

awesome! I'll need to buy it and read it! Thanks for the recommendation 🙂

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