Three Keys to Joint Venture Success
There are three vital characteristics to look for in your Joint Venture Partners. If any one of these is missing or suspect, walk away but walk FAST. If all three are in place, however, look forward to a lucrative, long-term, and satisfying Joint Venture partnership that will outlast any challenges and forge a strong and enduring friendship, which exceeds any monetary rewards.
The first Key is Congruency. That simply means that people walk their talk. That they live according to their professed values and beliefs, and that they are true to their word, honest and reliable. Congruency means you know whom youre dealing with. There is no place in Joint Venture relationships, or any relationships, for that matter, for dishonesty, hypocrisy, and double talk. What you see should be what you get. Seek straight shooters, not politicians, and shysters. Not excuse makers. In addition, if people are congruent, that means they are driven by their philosophy, so make sure they are Capitalists and not collectivists. Remember to watch out for the Bible thumpers they are usually the least honest of all. People who have to tell you how honest they are, are usually not.
The second Key is Constancy, or consistency. The same, yesterday, today, and tomorrow. Not one day your friend and the next day a stranger, no Jekyll and Hyde, schizoid behavior. Youre looking for people who are there when you need them, who return their calls and e mails promptly, who deliver on time, who do what they say they will do and who always show up for you. People who have your back. Long term. Not in for the quick buck. No desperados. Look at peoples track records for clues as to whether you have picked up another loser who is pretending to be a winner. Youre looking for solid, grounded, stable JV partners.
And the third Key is Creativity. Joint Ventures should be based on strong relationships of trust and commitment, but they WORK because of creativity. People who are too analytical will suffer from Paralysis of Analysis and forget all about the bottom line. You have to be able to deal with imperfection and see the opportunities. Its essential that Joint Venture Brokers are open-minded and that they are open to the ideas of others that enhances the creative possibilities in JVs. Without creativity, you have an employee mentality that insists on selling time for money, thinks in terms of scarcity, and has a feeling of entitlement. Capitalism is founded on creatively delivering value and being paid for it.
By carefully selecting your JV partners you save time and frustration, money and tears, and you achieve amazing results. Be prepared to say, No and be ready to walk away at any time when you see that one of the three Keys is missing. "Birds of the feather flock together" - who are you flocking with? Do you want to go where that flock is headed? A good team accomplishes magnificent things. Find the right partners in the DollarMakers Joint Venture Forum.