Qiuyan and Michael talked about building and maintaining partnerships. When asked what the key was, Qiuyan answered without hesitation, ‘Trust’ and a shared mission.
At some level, one has to find partners that are looking long-term…not constantly measuring whether one or the other is getting the better side of the deal. Over time, mean reversion should fix any imbalances.
They discussed wanting to work with people that owned their failures as well as their successes. Building this attitude into your company’s culture is important. Your partners must be able to question why things get done a certain way. It is also noted that knowing clearly what your values are is almost as important as having those values at all.