Valentine’s Day had me thinking about relationships of all kinds. Not just significant other, but friends, family, and business relationships. Which brings me to this question “Are you romancing your joint venture partners?” A joint venture is one of the best things you can do to increase your business. It’s a synergy between two or more entities where you share costs, risks, and rewards. It’s a way to acquire skills, new customers, and new markets quickly.
But, just like your relationships with significant others, you need to romance your joint venture partners. Always think about what you have to offer and how you can help the other person. A joint venture arrangement has to be a win-win for all parties involved for it to work. Partner with people who have as much to offer as you do and then make it worthwhile for them to want to work with you.
A good place to start is with people you already know. And if you don’t know them, follow them and get to know them. You don’t want to get into a partnership with someone who expects you to do all of the work and doesn’t offer anything in return. Just like in your personal life, that gets old quick. Do your homework and learn how the other person operates. I watch people to see how quickly they expand their business and whether they are going to stick with it or not. I like to know that the other person is going to work just as hard as I do. [Read more…]