.In episode 31, Dan Hein and I discussed why it’s crucial for partners to have difficult conversations when starting a new venture.
Conflict is at times inevitable. When conflict arises, we as humans have two basic instincts, fight or flight. We either fight for what we want or we run and hide from the conflict. But what if we could reduce the amount of friction we have in our personal and business lives? What if we didn’t always have to default to either fight or flight, but instead developed a mindset of understanding others perspectives. When you are looking to start a business with a partner, it’s important to have those difficult conversations with each other to develop a mutual understanding of the partnership. If we do this, we can reduce the amount of conflict and resistance we may face when building a partnership.
Dan Hein and I first met when enrolled in the Bachelors of Business Administration Management at Northern Alberta Institute of Technology. I knew from the moment I met Dan he was a hustler and somebody who had an incredible drive to get ahead.
Dan Hein’s first job was working at McDonald’s and is where he learned his passion for working with people. He enjoyed the conversations with customers and working in a team environment. This helped to build strong customer relationship and interpersonal skills that he would use later on in his career. He would go on to work in multiple industries after McDonald’s working in kitchens, construction, carpentry and in his early 20’s started to manage properties. Today Dan Hein is a Property Administrator for Core Real Estate Group.
To discover Dan Hein’s full story, make sure you listen to the full podcast.
In the podcast, Dan and I discuss the importance of setting expectations between partners when building a business. We also talk about how failure shapes our future.
The lesson we learned in the podcast with Dan Hein was the importance of having difficult conversations when building partnership agreements. I think this is a fascinating topic because I feel as though many partners just go into business without setting expectations. The reason why we might not have these conversations is because it’s uncomfortable and we feel as though it’s not necessary. However, Dan and I believe it’s arguably one of the most important conversations to have when starting a business.
Setting expectations before the venture starts assures everybody is on the same page. It’s important for each partner to understand their role and impact on the company. It’s important for each partner to understand what kind of commitment is expected from them. You want to let others know what your expectations you hold for yourself are. The reason this is so important is because when the venture isn’t going according to plan, you can have conversations about the expectations everybody has set. You can discuss any problems and where the fixes can be made. It’s not necessarily about pointing the finger but rather about having an understanding of the issue and creating a solution. You build trust in one another and that the issue is going to be fixed.
Listen to the full podcast to discover Dan’s thoughts on how failure can shape our future.
Three Tips When Starting A Business
With every new guest that comes onto the Bee Influenced Podcast, we always like to ask the same question. That question being, “If you had to give someone three tips when starting a business, what would they be?” Dan reflected upon his most recent venture and said:
- Know your market, how big your market is, how much of the market you plan on capturing, and know who is your target market.
- Spend some time planning. It’s not about building a 50 point plan that you are going to follow for the next 18 months. It’s about developing a budget, tailor a presentation for clients, customers, employees and understand what your company goals are.
- Take some time to establish an infrastructure that will allow you to grow slowly and sustainably over time.
These are some fantastic tips from Dan Hein! Very similar advice from Keith Pudwill from Junior Achievement.
If you’re looking to get involved in property management and real estate, you can contact Dan through two methods. You can either contact him via Email or Facebook.He is always glad to chat with any NAIT students and help anybody in any way.