To Be Successful in a Joint Venture, We Must Learn To Share
From a very young age, we have learned to treasure and be possessive of our things. Who among you didn't bicker and fight with siblings over, "that's mine?" As we mature, we begin to understand that it's acceptable to share our things, as long as it's at arm's length and supervised. We still hang on tightly to our treasures, especially as things gets more expensive (iPods, MacBook Pro, new corvette), and we may find we still have a leftover "that's mine!" attitude when decide to become an entrepreneur and go into business for ourselves.
Though it is a healthy business practice to be protective of your company secrets and valuable assets, when it comes time that you want to form a joint venture, you will need to be more generous. Even with a simple JV where you and your JV partner cross promote each other's business; you have to be able to share your customers without the fear of losing them.
Particularly in a detailed, product-oriented JV, there are many arenas of sharing that both you and your JV partner must agree to. Below are some of the big ones.
Intellectual Property
Have a great idea? You think it's going to take the world by storm and become the next "gotta have" item? But to make it work, you need the help and aid of a potential JV partner with the right marketing savvy and contact list. This may be a situation where your great idea will go nowhere and remain unexposed without the help and collaboration of others. Be willing to share the patented secrets so that your JV partner can help the best way he can. The result will be bigger sales and profit than you could accomplish on your own.
Manufacturing/Production Assets
Here's another area where your intellectual property secrets may need to be revealed so that your JV partner who has all the proper fabrication machinery can properly manufacture and produce the item. Or perhaps it's you who has the technology and need a JV with an idea and blueprints to get going on a big project. Manufacturing machinery can be expensive. A JV can help avoid the full expense and help both parties profit big.
Client/Promotional Contacts
In most JVs, there seems to be a pairing of two types: outgoing and introverted. The introvert is the one who likes to focus on strategy and processes, while the "people person" faces the public with sales pitches and promotional information. If you're either one of these, it will be likely you will need an extended contact list to help market and promote your JV product or service. Be willing to combine contacts and mailing lists, and also share new additions as well.
Forming a JV doesn't mean you have to lose your autonomy as an entrepreneur. But you must be willing to work together and share information, assets, and resources to get the most success out of your partnership.
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