There are many different types of entrepreneurs, but those who open their business and are highly motivated to grow their business will often look to joint venture partners to help them achieve their goals. Joint venture partners can help a business owner get the investment they need multiplied in a short period of time.
Entrepreneurs seek out joint venture partners that have the same goals and energy they do – partners who are willing to invest time and/or money to see the business grow. However, it’s important that this be done with caution and patience. Let’s look at the key things to consider when considering joint ventures and joint venture partners. You’ll be spending twice as much time with your business partner then you will with your life partner, so you’d better choose carefully. Let’s look at some of the dos and don’ts.
Joint Venture Partner Skills
You want a partner that has skills that compliment yours. To have a successful business you need many skills and one person can have them all. The two key areas of any business are marketing and sales so make sure between you and your partner you have those skills.
You Don’t Have to Like Your Partner
A common mistake is to choose a partner that you like. While you need to choose someone, you can get along with, and who doesn’t drive you nuts, you need to be choosing your partner on what he/she can bring to the table.
Partnership Splits That Allow for Resolutions
It would be wonderful if there were never any conflicts between partners but that’s just not the way it is. That means you need to have in place a way to decide who will have the final say. The best way to do this is to not split your business 50/50, instead split it 51/49 so that you remain with controlling interest and ultimately the final say in resolving a conflict.
Let Your Personality Show
A common mistake when looking for a joint venture partner is to put your best foot forward. You know what we mean – hide at least part of the real you. That’s a huge mistake because you are going to be working with this person for years to come. Be who you are – if it clicks and he/she is comfortable with your personality great, it’s a good match. If not, then you should be looking for a different partner.
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Joint venture partners are an excellent way to grow your business, but take the time to make the right choice in a business partner or you could quickly sink your business.
