joint venture marketing
To error is human. We all make mistakes. But the key to making mistakes is to learn from them and improve upon prior decisions or actions. Even Thomas Edison, inventor of the common incandescent light bulb, went through at least 3,000 theories before developing the correct combination of filament, glass, current, and efficiency. But through his trial-and error process to develop a long-lasting, low-cost light bulb for general household use, he also discovered a number of other practical electrical system elements that were required for private light bulb use, such as the parallel circuit, underground conductor network, as well as safety fuses and insulating materials.
Mistakes are the seeds for improvement. No matter how well founded our theories are, mistakes are the key to finding the perfect and best solution. The same goes with a joint venture. You may find a great JV partner and develop an exciting business idea, but no matter how sound your business plan is, you’re likely to encounter mistakes. However, should mistakes be considered failure and grounds for giving up? Absolutely not.
With that said, how do you improve upon mistakes and errors of judgment? Not every decision we make will work perfectly. You and your JV partner may have decided to promote your JV business idea through a local trade magazine but with disappointing results and at a high advertising cost. However, once the results are in, you can meet to discuss other options that may work better.
Here is a four-step process of improving from mistakes:
1. Recognize and Admit the Mistake – Take time to review results of an attempted strategy. Or if you’ve been going along at status quo, keep your eyes open for irregularities that may result from poor decisions. You’ve heard the idiom that there’s no use beating a dead horse. Don’t continue with a strategy that doesn’t work just because it was your best idea. Admit it was the wrong choice.
2. Glean Valuable Info from the Mistake – With any JV business strategy and action, you always want to find ways to improve. Mistakes can offer the best educational advice on how to improve. Analyze both the positive and negative reactions to your failed JV business strategy. You can discover things that were great about a choice, as well as learn what not to use again or what needs improvement.
3. Formulate New Ideas – Now it’s time to improve. What was it that made your JV strategy or action fail? What worked well? You may discover that your packaging needs improving or the choice of distributor was the mistake. Joint venture and business strategies are a process. Edison didn’t make 3,000 mistakes. He discovered 3,000 ways not to develop the incandescent light bulb.
4. Move On – When you have analyzed your mistakes and formulated new plans, move forward and try to get it right. Put your new JV business plan into action and wait for the next results.
Your JV, like any business, requires a method of constant improvement. Take time to review the mistakes you or your JV partner have made, and with the right attitude of learning and improving, you will make your JV a success.
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.
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