Monday, October 31, 2011
5 Business Lessons We Can Learn from Kim Kardashian
Thinking about it, there are actually 5 really great lessons that Kim and Kris can teach partners in business.
In fact, I think business partnerships are even harder than romantic partnerships because at least romantic partnerships have love as the glue. In business partnerships, money is the glue and when it comes to people's money, Elmer's isn't going to cut it.
After unfortunately selling many companies due to partnership disputes, here are five things business partners can learn from our favorite tabloid friends:
1. Discuss critical issues before becoming business partners.
Kris wanted to build their nest in Minnesota, but Kim said Hollywood or the highway. Didn't they discuss this before he gave her a $2 million dollar engagement ring?
2. Get to know each other (well) before starting your company.
The love birds got engaged after 2 weeks or something ridiculous like that. Entrepreneurs spend more time with their businesses (and business partners) than they do with their life partners. You better know which side of the desk the other one wants to sit on before agreeing to invest your entire future together.
3. Make sure your have a rock solid partnership agreement.
Kim is worth an estimated $35 million, and while Kris is no slacker with $8 million, you can be confident that her pre-nup agreement will ensure how any assets will be dispersed and that Kris will not get one dime of her reality fortune.
4. Spend your resources strategically and slowly.
Kim and Kris blew $10 million on the wedding day alone. If your company has that level of discretionary cash, make sure you have a well-thought out strategic plan and input from experienced advisors before you go on a spending spree!
5. Cut bait quickly.
If the writing is on the wall, it's better to divide the marbles and go home now. Don't wait until the business and your lives become so intertwined that the mo hill becomes a mountain. Often it's the decisions that you don't make that do more harm than the decisions that you do make.
Who knew we could actually learn something from these two?!
What else can we learn from these unlikely business consultants?
Post your thoughts below and I promise not to sell them to People Magazine :)