What is a Joint Venture?
Ok so I am not going to get too into the Legal aspects of a Joint Venture here. But put very simply. A Joint Venture is when two or more businesses or even two individuals come to together, pooling resources, expertise and a common purpose to achieve a particular goal.
On a grander scale business men and women might consider joint ventures for the development of new products, moving in to new markets, business expansion etc.
Obviously entering into many Joint Ventures has financial implications, however today I am simply using Joint Venture to describe a coming together of likeminded people to achieve a common goal.
However, regardless of financial gain, JV's such as The Beth Tribe Buzz are a great ‘warm-up', experience, for entrepreneurs who are likely to partner up in the future. After all they are a great dry run, to work out how you work together, to learn your strengths and weaknesses, to develop relationship and networking skills and find out whether you are cut out to work with others.
How to find a great business partner?
Before you jump in to bed with any old Tom, Dick or Harry you might want to consider the following
1.) An ideal partner is someone that has the resources and skills that complement your own. Think of a joint ventures being made up of the different jigsaw pieces, whose aim is to create the final picture.
2.) Having common values and beliefs goes a long way for a healthy business. Whilst you don't have to be totally akin, like-mindedness certainly goes a long way to creating long lasting partnerships.
3.) Have you got similar customers? Understanding each other's target market makes it easier when creating objectives for your new venture.
4.) How well do they perform? Personally I work hard and I wouldn't want to partner up with someone who only gives a half hearted approach to business.
5.) Do they have the same level as commitment as you and are they as passionate about collaboration as you?
6.) What is there reputation and can you trust them? Remember any misguided and ill-judged decision to partner with someone with a bad reputation could damage your credibility for the rest of time.
Questions and Answers
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