Lesson #2: Build Strategic Partnerships
Lesson #2: Build Strategic Partnerships
If there was one thing that Franklin was good at it was understanding the importance and value of networking. He was cautious about those he let into his inner circle, both in his business life and in his life in public office, saying, “He that lieth down with dogs, shall rise up with fleas.” But, he knew that success was not a one-man job.
It was to this end that Franklin involved himself in such ventures as the founding of Junto in 1727, the Philadelphia-based discussion group that looked at and debated the current state of affairs. Everything from politics to morals to philosophy to business matters was discussed. And beyond the discussions, Franklin had created the group for the purpose of mutual improvement; sharing ideas, advice and business would not only help the participants themselves, but would be a collective effort for social improvement on a wider scale.
When Franklin was 30 years old and his newspaper, The Pennsylvania Gazette, was the most popular newspaper in the colonies, he launched a campaign to become clerk of the Pennsylvania Assembly. He wasn’t quite ready to become one of the public faces just yet, but he knew he would need the contacts to get there. The job proved to be so boring hat Franklin passed his time making up mathematical puzzles, but he succeeded in making the connections that he wanted. Not only did they help him in bidding for government printing work but he also used them to his advantage when he would later run for public office. Franklin’s uncanny ability to set people at ease and gain their trust was one of the key factors that allowed him to develop the wide networks that he did.
Franklin was also one of the first businessmen to set up the basic concept of a franchise. Once an apprentice working at his printing house reached the age of majority – typically 21 – they became ‘journeyman printers’, who were allowed to leave Franklin and start their own company if they could find sufficient capital. But, in realizing the risk of this arrangement, Franklin created one of his own, whereby he gave the journeymen the equipment they needed to get set up. But, instead of acting independently, they would become Franklin’s partners and would pay him back with one-third of their annual profits for their first six years. Once again, Franklin had realized the importance of business networking.
In order to establish such working relationships, Franklin felt he had to cultivate an image and a reputation for himself that would allow for them. This, he knew, was no easy task. “Glass, china and reputation are easily cracked, and never well mended,” he said. But, from his early days working on The Pennsylvania Gazette, he had already begun building himself up into a reputable intellectual and an industrious, contributing member of society.
Franklin compared the art of succeeding to a game of Chess, “in which we have often points to gain, and competitors or adversaries to contend with, and in which there is a vast variety of good and ill events, that are, in some degree, the effect of prudence, or the want of it.” By playing this game, Franklin believed one would learn foresight and caution, both in terms of the rules of the game and the other players. In order to win at this game and move forward with his goals Franklin had to be wary about the consequences of partnerships, being wary of whom he trusted and always taking into account the bigger picture. It was in doing so that he was able to achieve success.
Lesson 2 Build Strategic Partnerships
Like this article? Share it with your friends
“Be civil to all, sociable to many, familiar with few, friend to one, enemy to none,” said Franklin.
If there was one thing that Franklin was good at it was understanding the importance and value of networking. He was cautious about those he let into his inner circle, both in his business life and in his life in public office, saying, “He that lieth down with dogs, shall rise up with fleas.” But, he knew that success was not a one-man job.
It was to this end that Franklin involved himself in such ventures as the founding of Junto in 1727, the Philadelphia-based discussion group that looked at and debated the current state of affairs. Everything from politics to morals to philosophy to business matters was discussed. And beyond the discussions, Franklin had created the group for the purpose of mutual improvement; sharing ideas, advice and business would not only help the participants themselves, but would be a collective effort for social improvement on a wider scale.
When Franklin was 30 years old and his newspaper, The Pennsylvania Gazette, was the most popular newspaper in the colonies, he launched a campaign to become clerk of the Pennsylvania Assembly. He wasn’t quite ready to become one of the public faces just yet, but he knew he would need the contacts to get there. The job proved to be so boring hat Franklin passed his time making up mathematical puzzles, but he succeeded in making the connections that he wanted. Not only did they help him in bidding for government printing work but he also used them to his advantage when he would later run for public office. Franklin’s uncanny ability to set people at ease and gain their trust was one of the key factors that allowed him to develop the wide networks that he did.
Franklin was also one of the first businessmen to set up the basic concept of a franchise. Once an apprentice working at his printing house reached the age of majority – typically 21 – they became ‘journeyman printers’, who were allowed to leave Franklin and start their own company if they could find sufficient capital. But, in realizing the risk of this arrangement, Franklin created one of his own, whereby he gave the journeymen the equipment they needed to get set up. But, instead of acting independently, they would become Franklin’s partners and would pay him back with one-third of their annual profits for their first six years. Once again, Franklin had realized the importance of business networking.
In order to establish such working relationships, Franklin felt he had to cultivate an image and a reputation for himself that would allow for them. This, he knew, was no easy task. “Glass, china and reputation are easily cracked, and never well mended,” he said. But, from his early days working on The Pennsylvania Gazette, he had already begun building himself up into a reputable intellectual and an industrious, contributing member of society.
Franklin compared the art of succeeding to a game of Chess, “in which we have often points to gain, and competitors or adversaries to contend with, and in which there is a vast variety of good and ill events, that are, in some degree, the effect of prudence, or the want of it.” By playing this game, Franklin believed one would learn foresight and caution, both in terms of the rules of the game and the other players. In order to win at this game and move forward with his goals Franklin had to be wary about the consequences of partnerships, being wary of whom he trusted and always taking into account the bigger picture. It was in doing so that he was able to achieve success.
Lesson 2 Build Strategic Partnerships
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
|
I've created this section on my site to share some of the incredible tools that I've used to build my business. I hope you too can benefit from them and look forward to hearing your feedback on the reviews! - Visit Evan Carmichael's Website |
|||
Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
|||
Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
|||
David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
|
 | ||
|
||
|
||
|
||
 | ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
 |
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
 |
 Conversations of Leadership Make Money Online Woman business success Managing the Unimaginable English |
|
 | ||
 |
Top 50 Business Plans
Top Business Plan Blogs | |
 |
Fortune Hunters
CBC Entrepreneur TV | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||
|
| ||||||||||
|
|
||||||||||