If you have not noticed by now: even writing for Doubleyoursuccess.com is actually joint venturing. Since it gives you practice to reflect on your business on a regular basis, practice writing and talking about whats happening in your own business, Dee Kumar gets OM MBA related content. But lets look at some other thoughts now:
Creating win-win situations with cooperation
In the most excellent book “The Seven Habits of Highly Effective People” Steven Covey points out that one of the main factors to succeed in your relationships with others is to create win-win situations. If you think about it: your goal with your joint venture partner should be cooperation and not competition. Most people might not realize that this requires a mentality of abundance and mutual respect. If you seek joint ventures because you do not have success on your own otherwise, there will be a loser in this relationship. Guess who this might be… You must not be dependent on your JV, you might require some of his skills or resources for a better benefit for both of you, but you could do well without it. The motivation for working together has to be based on mutual respect and understanding why and how this relationship is beneficial for the both of you.
Joint Venturing without selling – does this make sense?
As a marketing consultant, I have my knowledge to sell and my ability to develop marketing strategies for my clients situation. But I do not have a physical or digital product for sale (yet). Consulting for me is more about working from the background and have someone else shine in the spot light. This does not sound like win-win at first but this is an excellent example why mutual recognition off each others part on the joint project is so vital.
Early in my career I asked three successful business man after they declined to work with a very well-paying prospect why they did this. All three said the same: “We only work with people we like.”
I think often about this lesson and it is a cornerstone of my business ethos. While have not grasped every aspect of this small line yet, it has helped me out tremendously so far. Please try it for yourself.
Find a mentor before you find a business partner
As an side-point, if you are looking for a joint venture with someone because he has some skill or asset you might acquire for yourself, you should consider looking for a mentor. A lot of people are willing to share their experiences and take you under their wing. It will be helpful to find suitable joint venture partners as well if you can ask someone for advice.
I wish you good luck with your JVs, finding people in business that you can grow strong relationships with and people with who you just can work on a short project. It is the variety that makes life so interesting.