While joint ventures (JVs) can be a good strategic move for all businesses, they are particularly beneficial for entrepreneurs. A business may enter a joint venture if they are entering a new market place or geographical region. A joint venture will help take it to a new plateau.
The relationship between joint ventures and entrepreneurs is much different. An entrepreneur typically starts out with an innovative idea, Continue reading →
Whether you are starting out as an entrepreneur or have a successful business already, you know the importance of you clientele and growing your customer base. Sometimes it can be difficult to design and market new products and ideas on your own, especially if you are just starting out. One solution to this dilemma is Joint Ventures (JV). A joint venture is a business agreement between two parties with the intent to achieve a common goal.
Launch a business from scratch with Joint Ventures (JV). Countless new business owners are launching new businesses using JV alone, proving to be the active element as to why they experienced success in their business. A partnership between two companies with similar assets is simply leveraged by a “joint venture.” When working through JV ventures, it is important to partner with them and not compete with them.
For instance, you may own a vitamin website and then contact the owner of a wellness website. See if you can leverage marketing your vitamins to the customers of their wellness site. They will say either “yes” or “no.” If the answer is “yes,” then it’s worth every effort when you start to build up your back office easily and experience rapid traffic and sales.
Most recently, Ford and GM have created a Joint Venture to develop new transmissions with 9 speeds for front week drive cars. They are jointly developing a new product for both companies and it won’t be in cars until 2016. Continue reading →
Most people are very familiar with the idea of “win-win” in the development of joint ventures. This way of thinking has helped push old world business owners into thinking about the benefits of helping their business partners as well as themselves.
To strengthen business relationships, you need to focus on what would benefit both parties. The result creates more of a unified force. Asking yourself how you can help your business partner will truly make a huge difference in the long-term stability of your venture. A good way to start a relationship is to ask both parties for their Conditions of Success (COS). Then everyone knows what is expected at the end for joint success.
You’re a talented and innovative thinker planning to launch a ground-floor venture. Should you go it alone or bring in a business partner?
As we mentioned in our earlier blog, “Is it Too Much to Ask for the Perfect Business Partner?” a number of business pairings throughout the years have turned into great successes. Primarily because of the skills and traits each partner brought to the pair. However, a lot had to do with the actual relationship between the individuals involved.
It’s hard to imagine peanut butter’s success without jelly and vice versa. Without the unique qualities of both these elements, the PB&J would have its anonymity. Like this staple sandwich, so many businesses are also making successful names for themselves through their wise joint ventures with other companies.
Choosing just the right partner, however, is just as important as selecting that special someone in your personal life. If you don’t find a genuine, natural fit, it could be disastrous to both your companies.