How To Deal With Red Flags In Business Partnership
How To Deal With Red Flags In Business Partnership
How can personality assessments improve hiring and team success in a business?
I have completed various personality assessments, including Myers-Briggs, and we use those insights when interviewing candidates. Our goal is to avoid placing people in situations where they won't succeed because we want everyone to thrive. It’s important to set realistic expectations; things won’t self-manage. The leader must identify the best people for each role, allow them to make mistakes, and address those mistakes without letting them happen twice. This process requires ongoing teaching, training, and observation.
How can personal beliefs, such as faith, influence decision-making in leadership?
This issue has been weighing on me. It’s widely understood that we often don’t fire people soon enough; we tend to hold on to them. As a Christian, I believe I can save situations and make them work. I experienced this with a CEO in 2000. He initiated a coup with a few people, and when I confronted the situation, he apologized. I should have fired him right then. That would have been a good decision. Instead, trying to hold on to him was a mistake.
When should business owners focus on long-term planning?
People often debate the merits of public versus private companies and the types of decision-making involved—long-term, short-term, and mid-term thinking. Each approach can be beneficial. Short-term thinking allows for nimbleness and speed. However, it’s crucial to ask, "What could go wrong?" or "What are the unintended consequences of this decision?" By considering these factors, you can anticipate potential issues and plan accordingly.
How can business owners prioritize work with family life?
Starting and running a business can be challenging, especially when you hold strong convictions, morals, and integrity. At 27, I realized I was surrounded by people working 100-hour weeks. I projected that lifestyle and thought, "If I continue down this path, I’ll be successful but alone, smoking a cigar while my kids hate me and I’m on my third trophy wife." I decided I didn't want that. I committed to working until 6:00 PM, avoiding weekends, and prioritizing time with my wife and kids. Now, I have one wife, four kids, and a dog named Skipper.
*This interview has been edited and condensed for clarity.*
