Networking Partnerships
In Liverpool in the 1960’s the Chinese were just starting to arrive in the City.
I have every respect for the hard working Chinese and you cannot fail to admire their work ethic.
They arrived with nothing. However two things they were very good at were doing laundry and cooking.
Chinese restaurants starting springing up one at a time very slowly all over the city. They did a splendid and very cheap 3 course lunch which was very popular. This was a princely sum of 5 Bob in old money. (A Bob was a shilling and in today´s money 5p. So 25p equivalent for this 3 course meal.)
However what fascinated me was how did these Chinese who arrived penniless and with nothing become such successful business owners. How was the Chinese community able to thrive and open more restaurants.
One day I asked a Chinese friend of mine and it was very simple.
They networked amongst themselves.
Networking Partnerships
He told me that what they did to start was to gather 24 of their relatives of their large extended family. In some cases it included friends. Each chipped in £25. A lot of money in those days.
25 times £25 gave them enough to start and to own their very own Chinese restaurant.
From the profits they paid their 24 relatives and friends back.
The same 25 people then chipped in another £25 each and number two on the list opened their own Chinese Restaurant. Then the same thing again and number 3 opened their own restaurant.
Eventually they would do this so that all 25 would have their own restaurant.
It started slowly but as more profit was generated from the newly opened restaurants they were able to repay and open new restaurants more quickly.
You may think this digresses from the focus of the business opportunity you want to know about but it tells two things for which I make no apology. It is about teamwork.