Ep38: Patrick Woock – Building Trust in Business Partnerships
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Guest profile
Dr. Patrick Woock is a Passionate Strategic Entrepreneur, Idea Creator and Thought Leader who is driven to build next-generation tools for Transnational Entrepreneurs. Skilled in International Negotiations, Global Business Planning, Startup Coaching, and Sales. Dr. Woock was awarded a Doctor of Philosophy from the University of Science and Technology of China. He has received numerous recognitions for his teaching at USTC and Tec de Monterrey. He is also a responsible, open-minded and confident individual, gives a great deal of care for nature and society, family and education.
In this episode, Patrick shares the story of his worst investment ever that wasn’t just about dealing with monetary loss, rather than the idea of investing in and believing in people. He shares his insight that trust is the most essential elements of any long-term and satisfying partnerships and strategic alliances relationship.
“One thing you shouldn’t do is break people’s trust. If you trust and care for people, you got to keep doing it.”
Patrick Woock
Topics Covered:
02:29 – Patrick shares his worst investment ever: loss of investment opportunity
03:23 – How they started their career in China with his friend in 2002
04:45 – Structuring their business during the SARS outbreak
07:30 – The price he had to pay by making the early judgment to what his partner was doing
09:26 – Why it is essential to believe in your partner’s intention of your business and holding to their character
10:43 – Andrew narrates his personal story about his partnership with his friend
13:12 – Wise parting words from Patrick Woock– “Believe in yourself.”
Main Takeaways:
Lesson 1: “The biggest challenge we have as an entrepreneur is not about, ‘Do we trust our partner?’ The real question is do we trust ourselves in our judgment.” – Patrick Woock
Lesson 2: “Take time to build something. When you build something, do not give up on it. If you have colleagues in it that you are committed to, sit down with them and fight for them too. .”– Patrick Woock
Lesson 3: “People contribute in different ways in business. They do not necessarily contribute in the way that myself or anybody else contributes. Does not always mean they do not contribute.”– Andrew Stotz
Connect with Patrick Woock:
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- Women Building Wealth
- The Build Your Wealth Membership Group
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
Connect with Andrew Stotz:
About the show & host, Andrew Stotz
Welcome to My Worst Investment Ever podcast hosted by Your Worst Podcast Host, Andrew Stotz, where you will hear stories of loss to keep you winning. In our community, we know that to win in investing you must take the risk, but to win big, you’ve got to reduce it.
Your Worst Podcast Host, Andrew Stotz, Ph.D., CFA, is also the CEO of A. Stotz Investment Research and A. Stotz Academy, which helps people create, grow, measure, and protect their wealth.