joint venture marketing
Becoming a successful entrepreneur requires many skills: creativity, tenacity, diplomacy, and an arsenal of patience to make it all come together and work. However, you, as an entrepreneur, do not have to go it alone. That doesn’t mean you need to acquire a full partner in your business. But you can achieve even more success through joint ventures.
A joint venture requires all the skills of an entrepreneur and more. In particular, the psychology of your behavior toward your JV partner plays a big part in the success of the venture. What characteristics do you need that contribute to a successful joint venture?
Beliefs and Values
Your beliefs and values in how you run and operate your business can make or break a potential joint venture deal. Are you extremely competitive, one who tries to win at all costs? And do you rant when you fail? This could be a sign to a potential JV partner that you are not easy to deal with when times get tough and could jeopardize your potential venture.
Though competitiveness is just an example, there are many beliefs and values that can contribute to a successful joint venture partnership:
- Creativity – Your ability to generate ideas and innovative ways to market and sell your product or service can be a great asset.
- Quality – A value of achieving the highest quality in your business output can attract many joint venture partners who also want to produce quality.
- Fairness – No cheating allowed. Do you hold fair business practices sacred? Those who like to “skim the books” or perform underhanded tactics to be successful do not usually succeed in the long term. Take a position of following business laws and avoiding the urge to steal secrets of other organizations to continue long-term success with a joint venture partner.
Do you always have a positive attitude, even in the darkest of times? It may be difficult, but having a positive attitude can help you and your joint venture partner solve problems that you face in your road to success. Besides, a positive attitude is what inspired you to become an entrepreneur and a business owner in the first place, right?
Be open to ideas from your joint venture partner as well. Having a positive attitude can help you both be creative in solving problems and developing innovative business ideas. Though you and your joint venture partner may not use every idea, the more ideas you generate together give you more opportunity to discover the most feasible one.
Using the 4th of Stephen R. Covey’s “7 Habits” can be the most sought after characteristic when it comes to joint venture partnerships. Who wants to partner with someone who is only looking out for himself? You must have the attitude of creating win-win business ideas that benefit both parties of a joint venture. With a win-win attitude, you can surely solicit and convince a potential JV partner to join you in a business deal.
Joint ventures are a great avenue for business success. However, you must remember that your personality, character, ethics, and attitude play a big part in determining a successful joint venture.
christian fea is CEO of Synertegic, Inc. A joint venture marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.
To discover more joint venture marketing Strategies join his free joint venture marketing Wealth Report.