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Tuesday, 8 August 2017

How to Have a Successful Joint Venture - JV Etiquette

Sometimes we can see a person or a company that others love to joint venture with regularly. They never seem to run out of JV opportunities because they are fun to work with, have abundance mentality and JV etiquette.

Having poor JV etiquette can damage your business and put you out of the joint venture circle overnight. It is as if you go to a dinner party, and have really poor table manners, get drunk, insult your host and then demand dessert just because you are there. Chances are you will never get invited back and several people will find out about your poor manners and you will not be invited to a dinner party nor will anyone accept an invitation from you to go to your dinner party.

If it seems you can't get anyone to do a joint venture with you, no matter how many times you ask, then you may need to learn some JV etiquette. It is not always comfortable to look at manners or behavior however, if you would like your business to thrive, you must become the kind of entrepreneur other businesses want to work with.

When forming a joint venture relationship, you must look out for the interest of both parties. When you present your JV idea, you must be able to show your potential JV partner what the benefits for them are going to be. You must be clear in being able to depart how and what benefits will be gained by working together in a joint venture alliance. These must be real benefits. If you only want them to sell your product to their data base of customers because you know it is a big data base or because they are already popular, this can be perceived as dishonest. Make sure you can show your potential partner how the product is relevant to their data base of customers.

Deliver what you say you are going to deliver on time. Your word in a JV agreement is your credibility. If you lose that, you have damaged your joint venture possibilities for the future. If you say you are going to create a product with your JV partner and there is a deadline, make sure you honor it. It can be very tough on the JV partner if you are late and you deliver at the last minute.

Become an abundance thinker. When you approach a company with a feeling of desperation or wanting to use them to help you "breakout or launch" your product without concern for whether the product fits them or their customers you have presented yourself as a limited or lack thinker. No true entrepreneur wants to do a joint venture with a limited or lack thinking entrepreneur. Desperation does not make a good joint venture partner.
Make sure you listen. Sometimes you can be so excited about landing a joint venture with someone that you can talk to the point of verbal diarrhea. Make sure that you have a dialog that is two way. Listen and ask questions to find out the needs of your potential JV partner. When an entrepreneur is skilled at asking questions in regards to their potential partners JV needs, it creates trust and faith. It shows the potential partner that you have interest in his company and his business.
Make profits equitable for both parties. If you are a joint venture partner it is important that both parties gain remuneration from the venture. If your offer is too small you will, most likely, not develop interest from any joint venture partner because it will not worth the time or effort involved in creating the venture in the first place.

If you implement joint venture etiquette, you will find that other entrepreneurs will love to joint venture with you. This gives you opportunities to create many joint ventures, grow your business, provide products that are relevant to your customers and help other entrepreneurs develop JV etiquette too. Remember being and abundance thinking entrepreneur means helping push up as many people as you can. Think of as many ways as you can to create beneficial joint ventures and watch your business flourish.

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