The willingness to fail is important, because no matter how good you become at the nuances of dealmaking, your bottom-line results are tied to the law of averages. ~ Robert Ringer, essay on Dealmaking Empire Builders
I bet there is a way to leverage, scale or parlay the skills or assets you have in business now into something broader. If you read the article above from Ringer, you can see the backstories of commodity businesses or early software projects. Those assets, transformed through dealmaking, turned coffee into Starbucks, software into Microsoft and bricks and mortar into real estate empires.
However, you can’t simply be working hard without imagining. Creativity and vision help you see something beyond what you are doing, arguably at a lower level of return.
What if you could turn your team into a larger profit center?
What if partnering with your competitors could lead to a bigger stage?
What if selling your product in an entirely different manner or market changes the profit equation?
What if you took your years of specific industry knowledge and shared it in podcasts and books?
It takes dealmaking prowess to see and push the idea into a new venue. Instead of earning a paycheck, you can create a distribution system or revenue stream.
Can you think about what you have going and what you know in a completely different light? Who would you need to talk with to get a different kind of deal going?
I tend to be an optimist and I can see different types of deals. I find it’s less about some novelty and more about curiosity and creativity. I want to make use of assets in the most profitable ways. That often takes understanding upside opportunities and who to talk to in order to make the deal a reality.
Yes, the law of averages is at play. So you have to do a lot of deals and keep that mindset of pushing on your ideas with others. That’s why practicing with frequency is the key to building dealmaking empires.