- Hatching Your Million Dollar Business Idea: The Journey Begins – Stage Two: Exploration - January 12, 2015
- Hatching Your Million Dollar Business Idea: The Journey Begins - January 9, 2015
- Hatching Your Million Dollar Business Idea: Power of Two - January 8, 2015
The Power of Two
Once you have gained the necessary insights into how you function as an individual, we then can explore the “power of two.” In the first post, Hatching Your Million Dollar Business Idea, you were asked to reflect on questions about the skills you have and the ones you need. As a general rule, it takes two people with complementary skills and abilities to accomplish a truly successful effort. Countless examples of this rule in action exist.
You have undoubtedly heard about billionaire investor Warren Buffett. A large portion of the financial world views his annual letter to stockholders as a source of knowledge and inspiration. In Buffett’s letter that reviews the 2009 Berkshire Hathaway performance, Buffet writes a little about some of Berkshire Hathaway’s holdings as well as about the leadership of a number of companies. Buffett himself is the one who gets the most media attention; however, few realize that Buffet has a partner, Charlie Munger. Munger has worked with Buffet for years. Is it
possible that Munger provided the company with a skill set that complements Buffet’s? You may want to do an Internet search for a talk given by Charles Munger at the USC Business School in 1994, called “A Lesson On Elementary, Worldly Wisdom as it Relates to Investment Management and Business,” to see if you can pick up some clues. If you read through Buffett’s 2009 annual letter, Buffet also tends to identify two key people at each of his firms. Is it possible that each of these individuals brings complementary skill sets to their individual firms?
Intel is another example of a company where two individuals with complementary skills share one role. This organizational structure is known as “two-in-the-box.” The two-in-the box format is used to stabilize a transition- or a start-up company by adding skills and knowledge that broaden the job capacity. For example, an operations-oriented person is best paired with a marketing-focused one.
Consider who would make the best business partner for you. Whose skill sets complement yours? To assess this, first consider what role you plan to play in the business. Remember: play from your strengths. If your strength is in marketing, lead from the marketing perspective, but find individuals to fill in for your weaknesses in other areas. In the beginning, this may be a trusted friend. However, as cash flow improves, the role may be outsourced and later converted to a full-time position within the company. If your skills are in organization and process, lead from that point of view and find others to handle the marketing. You get the picture. Now go and find the second part of your “power of two.”
Join us in our next post Hatching Your Million Dollar Business Idea: The Journey Begins. If you cannot wait for the posts and articles check out my book on YouTube, Amazon or visit us at Satori Inc. and “awaken your possibilities”.