10 Secrets To A Rewarding Joint Venture.
By Richard Driver
1. The first secret is something that many overlook and it usually comes back to haunt the whole process before you are able to complete the JV.
The secret is to make sure that all those that are participating in the JV are dedicated to the same agenda and motives.
Too many times projects fall apart because these topics were not explored and dealt with in a way that would memorialize the spirit of the deal in writing.
2. Who will be the leader and who will be the team. Two or Three Team Leaders will spell doom for any project. If your defence is we are doing it now, and have done it in the pass, then my response would be that, you have a situation where one or two are less dominant than the other. Someone has to be responsible for bottom line critical decisions that have to be made whether or not all agree.
3.Stay with in your comfort zone and experience. If your partner's strength is in programming do not for a second expect him to pull his or her weight in marketing this awesome JV and vice versa.
Following this religiously will create more successful JV projects for you in the future.
4. Know your short comings and make your JV partner aware of them too. This way you will not end up creating unnecessary conflicts down the road.
For example many try to volunteer for tasks they know they can't complete just to feel like they are contributing 400% to the JV. What they end up doing is jeopardizing the completion when they can't deliver.
5. Make sure you have a clear written schedule of tasks to be competed by all and a balanced work load for all. By piling on more work to others can also create a sense of unfair contribution.
"I am doing more then him so why should I split 50/50?"
Balance and transparency are the words of the day.
6. Be prepared for bumps in the road and handle them with a mindset of how can WE best grow from this and leverage the solution to improve our JV.
7. Agree on a mutual independent Third Party in advance to assist in defusing any issues that may and will pop up along the way. This way you have a built in safety valve that if used correctly will make sure that no issues will blow up out of control.
8. Brain storm in tandem without hesitation......
This is probably one of the most important parts of a GREAT JV. If you don't believe me, just ask any person you have respect for their proven abilities, and I guarantee you that they will tell you that being able to brain storm without hesitation is the single most important clog in the JV machine.
9. Sing the JV anthem to everyone and anyone you come in contact with!
Get behind the JV and get EXCITED this will be so contagious that others will want to be part of it too.
They know that success is about excitement and high energy delivery. Whether it's by Kick Butt multimedia presentation or by the use of POWERFUL sales copy.
10. Repeat steps 1-10 over and over again.
About The Author
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