Strategic Partnerships for Entrepreneurs: How to Choose the Right Business Collaborations (and Avoid Costly Mistakes) With Julie Lokun and Dominick Domasky

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The Power & Pitfalls of Creative Collaborations: When to Say Yes and When to Walk Away

Host: Julie Lokun & Dominick Domasky

Topic: Business Collaborations, Strategic Partnerships, Entrepreneurial Growth

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Episode Summary

In the world of business, a collaboration is the ultimate "situationship." It can lead to viral success, massive visibility, and a healthy bank account—or it can leave you ghosted, underpaid, and overexposed. In this high-energy episode, Julie Lokun and Dominick Domasky peel back the curtain on what makes a partnership thrive and what sends it crashing into a "ball of flames."

The duo introduces a brand-new segment: The Billion Dollar Boardroom, where Dom has to choose between a "frictionless" partner with capped potential and a high-friction partner with an unlimited ceiling. From there, they dive into iconic collaborations like Michael Jordan & Nike and Snoop Dogg & Martha Stewart, sharing hard-earned lessons on how to stop confusing "chemistry" with "strategy."

Key Highlights & Takeaways

• Chemistry vs. Strategy: Why "liking" someone isn't enough to go into business with them.

• The Billion Dollar Boardroom: Dom explores why the most difficult conversations often lead to the most exponential growth.

• Red Flags in Partnerships: How to spot a "leech" who takes 90% and gives 10%, and why a firm contract is your best friend.

• The Power of Complementary Strengths: Julie and Dom unpack their own 4-year partnership and how "Yes-Man" energy balances with "No-Man" pragmatism.

• Iconic Collab Deep Dive: Insights into why Dreamworks, Oprah’s Book Club, and Jordan/Nike became gold standards of brand alignment.

Jules’ Rules for Collaborations

Julie breaks down her top tips for vetting a potential partner:

1. Know Your Value: Never enter a partnership from a place of desperation.

2. Articulation is Everything: If you can’t clearly state what you offer and what you need, you aren’t ready to collab.

3. The "Mentee" Mindset: Look for collaborators who are 5–10 steps ahead of you to bridge the gap between where you are and where you want to be.

Dom’s Directives for Entrepreneurs

Dom shares the wisdom that keeps his projects moving forward:

1. The Incompetency Ceiling: "Man will rise to his highest level of incompetency on his own." Watch how people behave when the pressure is on.

2. Move the Needle: If a partner isn't moving the project forward, they are holding it back.

3. Smooth the Grooves: Use collaborators to fill your "blind spots." If someone is better at a task than you, get out of their way and let them lead.

Memorable Quotes

"In business, alignment is sexy, but desperation? That’s expensive." — Julie Lokun

"If somebody can do it and wants to do it, get the hell out of their way." — Dominick Domasky

Resources Mentioned

• Creative Con / Creative Con Amped: The ultimate community for movers, shakers, and entrepreneurs.

• Clubhouse: The platform where Julie and Dom first connected.

• Michael Losier: The "Law of Attraction" expert who saw massive success via the Oprah collaboration.

Are you ready to level up your collaborative game? If you enjoyed this episode, please Rate, Review, and Subscribe on Apple Podcasts or Spotify! Your support helps us reach more creatives looking to turn their passion into a paycheck.

Connect with us! Share your favorite (or weirdest) collaboration stories with us on social media. Keep creating!  REACH OUT-- chris@cre8tivecon.com

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