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This week on The Big Idea with Elizabeth Gore, T.D. Jakes Group Chairman & CEO T.D. Jakes joins Elizabeth Gore to discuss entrepreneurship. In their conversation, the pair discuss business partnerships and how critical it is to work with the right people. Jakes goes in depth about the importance of not confusing “charisma over character,” and making sure business partnerships are full of trust and are aligned with the same core values.
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This post was written by Lauren Pokedoff
So we try to be very transparent on the show that we all make mistakes. So we call our mistakes dirty unicorns. So, so, so get throw me a mistake. I can't imagine you.
Oh, I have a lot of dirty unicorns. Oh, it's hard to pick one. I think the biggest most important recent one is being careful who you partner with.
Yeah. When you get that wrong, you spend so much money trying to get out once you get in. But it's better to spend the money on the front end vetting. Not only what what they have done but are they compatible? And do they have your rhythm and your pace and your objective? And sometimes I haven't gotten that right. I have confused charisma with character.
Oh, confused charisma with character. And and uh, my husband just said um,
Yes.
He's he works with a lot of tribes and there's this saying that is I go at the speed of trust.
Yeah.
I was really moved by that when he he said that to me and so does does break breaking through one layer to see the next layer down. Is that take time? Is that diligence? I mean, what is your advice to business owners when they're choosing that partner?
I think you ought to get into partnerships like like uh, like my wife gets into the pool.
Oh, okay.
and step at a time. You know, let's do this and see how that goes. And then let's do this.
Yeah. Yes. She's not doing cannonballs in this. No. No.
She's not trust me. She is not doing cannonballs. Okay.
In this case, is not doing cannonballs. Okay. That's great advice.
Yeah, it gives you an opportunity to see. It doesn't mean that the partner is bad, but do we have chemistry? It's almost like a marriage. You know, it's you're you have a covenant, you have an agreement. You have principles, you have ideas, but you don't know till you move in. How well that's going to work out? You get married in 20 minutes, but you don't really get married for 10 years.
That's right. Then you're married to a different person I think every 10 years. Yes, they change. Can we grow together or do we grow apart? That happens in partnerships too. That's why you have to have the equivalent of a prenup is how do I get out? Lawyer up. Yeah, yeah, yeah, lawyer up. And make sure that you have the principles set up so that when the times get hard, you've already agreed how to respect each other as you separate or separate one from another.
Yes, they change. Can we grow together or do we grow apart? That happens in partnerships too. That's why you have to have
This content was not intended to be financial advice and should not be used as a substitute for professional financial services.
