b71a0b22-3022-4279-85c4-b5238a9773a8 by Anthony Iaquinto

Author:Anthony Iaquinto
Language: eng
Format: epub
Published: 2006-08-22T03:54:58+00:00

Chapter Summary

• A partner can benefit you because

A partner can share the risks.

A partner can provide encouragement and support.

Nobody can do all the work single-handedly.

Two heads are better than one.

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B U D DY U P

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There is a multiplier effect on networking (see Principle #12).

Partnerships may give legitimacy to the venture.

• A good partner is one who

Complements you in terms of the skills, experiences, knowledge, and personality useful for your venture (see Principle #10)

Shares your vision for your venture (see Principle #6) Shares your willingness to play the gray (see Principle #14)

• Three areas that consistently cause partnership problems in a business venture are

Definition of roles

Decision-making authority

Allocation of resources

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Principle #14

LEARN TO PLAY THE GRAY

We believe that the vast majority of entrepreneurs are ethical, but the most successful entrepreneurs have learned how to play the gray; that is, they don’t blatantly break rules, but they know how to maneuver inside that expansive gray area that separates the clearly established rules from the clearly unethical.

Opportunities to bend the rules usually occur in these four areas:

1. Dealing with the system

2. Building an image

3. Closing the deal

4. Being opportunistic

Dealing with the System

It is often unavoidable—and even preferable—to bend the rules when dealing with rigid bureaucracies, be they local government agencies, property management companies, or even suppliers. You shouldn’t do anything illegal, but sometimes you have to get creative and display a little audacity to get what you want.

Takao Yasuda, founder of the quirky but very successful Don Quixote discount store chain in Tokyo, turned his company’s maverick tendencies to bend or flaunt government regulations into a reputation with near-cult status. Responding to a 2003 shortage of 109

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N E V E R B E T T H E FA R M

pharmacists, Yasuda sold over-the-counter drugs to shoppers connected to a pharmacist via videophone. Japanese authorities ruled that this violated the pharmaceutical law requiring the physical presence of a certified pharmacist in any store that sold prescription or over-the-counter drugs. Yasuda eventually backed down, but he tried another tactic to get around the law; again, the Ministry of Health stepped in. But the public outcry over the ministry’s continued intransigence forced regulators to reconsider the merits of their edicts.

As stated earlier, my first restaurant started slowly, at least in part because I was renting space in the basement of a warehouse, which made my place difficult to see from the street. My solution was simple enough: put up a sign on the outside of the building. Although the owner of the building didn’t seem to have any objections, he deferred the final decision to his management company. Having dealt with the management company in the past, I felt sure they would turn me down, so I surreptitiously obtained the proper permits and on a quiet Sunday morning rented a crane to erect the sign on the side of the building. The next time the owner stopped by for lunch, I casually pointed out my new sign.

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