Q1 Letter to Shareholders
In 2024, find a partner with whom you can partake in each other's entrepreneurial journey.
Dear 24Hour Journal Shareholders —
As we soar through the first 30 days of 2024, I'm thrilled to share our vision for the year ahead in this shareholder letter. A key focus for the first half of the year is partnerships.
An African proverb wisely states, "If you want to go fast, go alone. If you want to go far, go together." In our pursuit of entrepreneurial success, finding compatible partners is crucial. These partners extend beyond intimate relationships to encompass business associates, mentors, coaches, friends, and investors who share a mutual professional respect.
Discovering a partner can be challenging, but the process begins by meeting people and gradually sharing our vision, purpose, and passion. Not everyone may fully grasp it, and that's okay. However, when you find that ideal partner, investing time and resources becomes imperative for mutual progress.
What defines a good, productive partnership? Here are five crucial elements that form the foundation of how each partner operates within the collaboration:
Deliverables by the each party:Â Parties should clearly state what they will contribute and what is being asked of each other. Ensure that the deliverables are precise, but not too specific because adaptability is paramount to growing the partnership.
Cost of partnership: Costs are inevitable in a partnership. If there are no clear cost objectives, then establishing some cost framework — agreeing to split the costs 50/50 or each paying their own way — will make for calmer waters in moving forward.
Timelines or milestones:Â Establish clear timelines and milestones for the partnership's progress.
Protections of each party:Â Formal partnerships are riddled with legalese. However, the benefit of all the legal language is it grants protections to each party. In an informal partnership, wisdom says to understand the risks of your involvement and ensure you are protected from major downside risk.
Key definitions and terminology:Â Clarify terms to avoid misunderstandings.
Summer Olympics in Paris, France
As we venture into the first half of 2024, the 24Hour Journal team will focus on the upcoming Summer Olympics in Paris, France. We'll analyze and share insights about the partners involved, offering entrepreneurial ideas for our Shareholders to draw inspiration from.
Additionally, we're excited to announce our own set of partners who will bring added value to our Shareholders.
To connect with you on a personal level, I invite you to a one-on-one consultation. Whether it's a formal strategic plan walkthrough or an informal discussion where I serve as a sounding board, I'm here for you. With more Shareholders joining, I aim to be a conduit, introducing you to potential partners. Send an email here and write in the subject line: Consult.
Onward and upward!
Dennis Wisco