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Terry: So you end up having to continually find something new to smooth out the ups and downs of the business.
Marc: Absolutely. Or, you could never leave your day job because you can never say, “This is going to pay my rent next month and my car payment,” or reach your goals, whatever they might be. So, I knew that something had to change. In 1998, I had first studied joint ventures. I should back up a little bit… I had been reading about joint ventures since I got online. At that time, it was put on a lofty, mysterious platform, which I think it still is a little bit. Guys like Mike Enlow and Jay Abraham were the names talking about joint ventures. Ted Thomas as well. These three people seem to hold a mystical key that no one else could grab a hold of. I know that people have paid them $25,000 to come to their seminars, but I didn’t think that it was possible.
One day, I got an e-mail from Mike Enlow or someone who worked for him that said, “You can consult with Mike for one hour for $500.” At that time, I said, “That’s insane; who would do that?” But, Terri and I talked about it and we realized that this man might hold the key to unlock the power of joint ventures. So, let’s pay for it. We shelled out $500 and we scheduled a call with Mike. I tell you, Terry, that was the best $500 I spent at the time.
Terry: Fantastic. Before we go on, can you just explain what a joint venture is, for anybody who isn’t really sure of what it is?
Marc: Sure. A joint venture, in its simplest terms, is a partnership. It involved two or more parties, which could be individuals or businesses, partnering up, sharing resources, and leveraging off of each other’s strengths and weaknesses to bring more money in that didn’t exist before. I’ll simplify it: most people think that a joint venture is when, I have a product, I want to contact Terry, and I say to him, “Can you send this out to your list and I’ll pay you 50% or 60% or 70% of the profits that come in from your endorsement mailing of my product?” That’s been bastardized on the Internet; it’s been beaten to death.