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Marketing School - Digital Marketing and Online Marketing Tips

Big Entrepreneur Lessons From Partnerships, It's Time To Double Down, Fascinating Data From Meta's Lawsuit, When You Feel Like You Are Getting Beat

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Careers, Business, Marketing

4.61.3K Ratings

🗓️ 21 April 2025

⏱️ 25 minutes

🧾️ Download transcript

Summary

In episode #2957, Eric Siu and Neil Patel discuss the critical lessons learned from partnerships in entrepreneurship, the importance of choosing the right partners, establishing checks and balances, and aligning core values. They also shared how to navigate challenges in business and the necessity of resilience during tough times. TIME-STAMPED SHOW NOTES (00:00) The Importance of Choosing the Right Partners (03:36) Lessons from Successful Partnerships (08:38) Core Values in Partnerships (13:14) Navigating Challenges in Business (16:57) Resilience in Tough Times Prefer single topic episodes? Head over to our YouTube channel. To suggest a topic, go to https://www.marketingschool.io. For more content from Eric and Neil, check out Eric’s Leveling Up with Eric Siu YouTube channel and Neil’s Neil Patel YouTube channel. Connect with Us: Single Grain << Eric's ad agency NP Digital << Neil’s ad agency X @neilpatel, @ericosiu Instagram @neilpatel, @ericosiu Drop Us a Review If You Enjoyed the Episode!

Transcript

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0:00.0

All right. So let's talk about big entrepreneur lessons from partnership. So who you end up

0:09.8

choosing not only for marriage, but also in business is ultra important. And Neil and I have had our

0:14.3

handful of partnerships. And we're just talking about, you know, some situations that we're dealing

0:19.3

with that we're have dealt with. And so I think we'd share some stories here because you guys like the stories.

0:24.0

Yeah.

0:24.2

Eric and I have been partners together on a few different ventures over the years.

0:29.4

I remember one venture we were in someone stole even money from a corporate account of ours.

0:35.4

And the reason I bring up this one is in partnerships, no matter who your partner is,

0:41.1

how close they are, you should always have checks and balances within your bank accounts.

0:45.2

And the easiest thing to do is require multiple signatures for money to be spent.

0:52.0

Even then you can still have fraud.

0:57.9

You like a great example of this is in one of my entities. We have multiple signatures. Someone pulled out 900 grandish, I believe. And when you look at like

1:05.8

the 900 grand, that's a lot of money. It's not going to break or, you or you know hurt us we can pop in more money from

1:12.3

one of our other entities and just this was the international entity and just fund it with more cash

1:18.0

and then you just go through the normal legal routes and go after assets and freeze people's

1:24.0

assets you know follow criminal charges etc typically you recuperate, but just checks and balances.

1:30.8

And then what we've learned over the years is we try to get people,

1:35.0

at least on the money end, onto our banking system.

1:39.5

And then when you have multiple transactions, anything over a certain dollar

1:44.0

amount gets triggered to another person and you start having more things in place where it makes it harder for people to just ever take money from you.

1:52.7

You also, I mean, you need multiple signers, but also you need checks and balances in terms of approvers.

1:58.2

So you might need two approvers to let it go through.

...

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