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Creating a Better World Through Joint Ventures with David Riklan
Explore the dynamic world of joint ventures with host Barry Shore and special guest David Riklan, CEO of SelfGrowth.com. Join the conversation as they delve into the art of successful partnerships, sharing invaluable tips and insights. Discover how joint ventures can elevate your business, enhance personal growth, and contribute to making the world a better place. Gain firsthand knowledge from David Riklan’s extensive experience and learn how strategic collaborations can be a catalyst for positive change. Take advantage of this engaging episode that combines business acumen with the pursuit of self-growth.
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[08:12] The Evolution of SelfGrowth.com
- Setting the stage for an exciting discussion on joint ventures (JVs).
- Emphasizing the importance of experiencing joy and enthusiasm in the journey
- Teasing the concept of joint ventures, beyond the traditional “Junior Varsity.”
- Overview of selfgrowth.com, established in 1995 as a platform for personal development.
- Mission: Helping people find tools, experts, and motivation for self-improvement.
- SelfGrowth.com’s growth journey reached 2 million unique visitors monthly and 100 million unique visitors overall.
- Recognizing the role as a matchmaker between those seeking improvement and those providing guidance.
[10:45] David’s Realization and Mission
- Unveiling the realization of being a matchmaker in the self-improvement space.
- Bridging the gap between individuals wanting to enhance their lives and those offering assistance.
- Focusing on helping business owners spread their message and get the word out.
- The revelation that partnerships and relationships are key to success in personal development and business growth.
- Introducing the concept of “Grow” as an acronym for generating rays of wisdom.
- The crucial role of inner peace (IP) and aligning oneself for personal and professional growth.
- Berry’s childhood anecdote about putting others first for business success.
- Emphasizing the idea that when you take care of others, your own needs will be met.
[17:58] Diving into Joint Ventures (JVs)
- Building on the foundation of relationships, transitioning into joint ventures.
- Defining joint ventures as a collaborative approach for business growth.
- Exploring the symbiotic relationship between partners and the exponential benefits of collaboration.
- Recapitulation of the importance of relationships and joint ventures.
- Teasing further insights and discussions on JVs in the upcoming episodes.
[21.35] Recap on Joint Ventures (JVs)
- Reiterating the concept of Joint Ventures (JVs) as partnerships, emphasizing the support between individuals or companies.
- Illustrating a mini joint venture scenario with Barry and David.
- Explaining the value exchange where Barry allows David to speak to his audience, and in return, David offers quality information to Barry’s audience.
- Outlining the primary goals of businesses: generating income through sales and gaining exposure.
- Connecting joint ventures to achieving these goals by forming partnerships that support each other in selling products or services and increasing business exposure.
[26.01] Introduction to the Law of Reciprocity
- Introducing the Law of Reciprocity as a fundamental principle in business and psychology.
- Sharing the term’s origin from the book “Influence” by Robert Cialdini.
- Describing how the law states that when you do things for others, there’s an innate desire for reciprocation.
- Sharing personal experiences and stories related to the Law of Reciprocity.
- Emphasizing the power of doing good for others and how it tends to come back in the form of reciprocal value.
- Stating that providing value to others results in interest and willingness to reciprocate.
- Offering examples of joint ventures where businesses mutually recommend each other’s products or services to expand their audiences.
[ 28:12] Personal Story and Impact of Reciprocity
- David’s personal story about reaching out to Jim Rohn for book promotion.
- Describing how years of supporting Jim Rohn without expectations led to a significant joint venture opportunity.
- Sharing the success of selling $100,000 worth of ebooks in 24 hours through the joint venture with Jim Rohn.
- Reflecting on the unexpected success of the joint venture with Jim Rohn.
- Emphasizing the importance of genuine support and reciprocity in building successful partnerships.
[ 35:21] Introduction to Potential Challenges in Joint Ventures
- Transitioning into a discussion about the challenges and potential pitfalls in joint ventures.
- I am very much acknowledging common concerns raised by individuals regarding joint ventures.
- Stating the importance of ensuring that the partner’s product or service aligns with the interests of one’s audience.
- Using the example of recommending a plumber and an electrician mutually, cautioning against irrelevant partnerships.
- Discussing the challenge of assessing a partner’s reliability and suggesting the importance of references and small-scale commitments.
- Barry’s anecdote about scheduling calls and assessing reliability in small actions.
[ 40:05] Additional Insights on Partner Assessment
- I’d like to give you more insights on assessing potential partners, emphasizing the importance of communication and responsiveness.
- Recommending the observation of how quickly and effectively a potential partner can communicate.
- I am very much acknowledging common concerns raised by individuals about joint ventures.
- I’d like to express the importance of addressing these concerns and being aware of potential challenges.
- Encouraging a proactive approach to partnership assessment and joint venture management.
- Discussing the delicate balance between trusting potential partners and maintaining a level of vigilance.
- Advocating for a cautious yet open-minded approach to joint ventures.
- Barry emphasizes discernment and the importance of being realistic in joint venture engagements.
- Mentioning the availability of an ebook on 21 ways to approach joint ventures and partnerships.
- Encouraging listeners to explore joint venture strategies and insights through available resources.
[51.01] Joint Venture Pitfalls
- Introduction to the common issue of imbalance in joint ventures.
- Discussing the challenge of providing equal value in partnerships.
- Emphasizing the importance of clarifying expectations and values upfront to minimize miscommunication.
- Highlighting the distinction between equitable and equal value in partnerships.
- Sharing insights on the significance of “No” and its role in joint ventures.
- Encouraging the powerful two-letter word “No” when a partnership is not a good fit.
- Introducing the even more powerful three-letter word “Ask” and its impact on life.
Oday joined IBM Consulting as the Global Sustainability leader in August 2023, bringing extensive experience in scaling businesses and a background in management consulting. Before joining IBM, Oday was the Founder & CEO of Better All Round (BAR), a B-Corp certified, innovative, ESG-focused diversified fiber-based business.
Under his leadership, BAR launched Ora Household Towel, a revolutionary product developed from initial concept to market within a year. Prior to launching BAR, Oday worked for over 20 years as a management consultant, starting his career at KPMG before moving to Accenture, where he held various leadership roles. At Accenture, Oday served as Global Head of Media & Entertainment, Global Head of Business Consulting for Communications, Media & High Tech, and Global Go-to-Market Lead of Accenture’s Analytics business.
Throughout his career, Oday has built strong teams and alliances while serving clients worldwide. In addition to his professional achievements, Oday has served as an advisor to several innovative start-ups and as a founding mentor for Henkel X.
- What is generative AI and how can it help scale sustainability?
- What will it take to bridge the gap between sustainability aspirations and action?
- What are three things every business leader should know about generative AI?
- How does generative AI help organizations collaborate better?
- Where can our listeners go for more information?
For more information please visit: ibm.com/ibv
About David Riklan
David Riklan is the founder of SelfGrowth.com, one of the top Self Improvement websites on the Internet, receiving over 100 Million unique visitors since it was created. He is also the cofounder of the Joint Venture Directory, a top resource for finding Joint Ventures, affiliates and partnerships in the Self Improvement Industry.
He is an author, coach and speaker, publishing over 10 books on Self Improvement, Health, Marketing and Sales. Two of his books, Mastering the World of Selling and Mastering the World of Marketing were published through one of the top publishing companies in the world, John Wiley & Sons.