Four Things Smart Entrepreneurs Look for in Pursuit of a Joint Venture

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Entrepreneurship doesn’t have to be a lonely road; likewise, sometimes it pays to have a partner in crime when it comes to growing your business.

Although pursuing a joint venture may not seem like a top priority now, consider the benefits of bringing on a business partner in the future. Such benefits include…

Such benefits include…

  • Growing your bottom line: with more members on your team, you increase the number of customers you can reach
  • Covering more ground: when you have someone else who can help you spread the word, your business has the potential to grow like wildfire (think: this rings true both in-person and online)
  • The ability to stretch out your budget: the more capital you have on hand, the more risks you can potentially take with your business’ budget

That being said, you can’t just bring anyone onto your team and expect results. Instead, consider taking a mindful and practical approach to pursuing a joint venture, with a keen attention to detail regarding the following qualities.

Someone You Can Trust

Plain and simple, there’s little more valuable than trust when it comes to a business partnership. After all, you can’t afford to gamble with your business or livelihood by working with someone you can’t trust inside and out.

Ideally, you can initiate your joint venture via referrals and networking from friends and partners whose opinions you already value. Bear in mind that it takes

Bear in mind that it takes time to build a relationship with a business partner: don’t make the mistake of rushing into something and sacrificing the security of your company.

Someone Who Can Innovate

In a business world full of copycats, it pays to bring someone on deck who brings experience and innovation to the table.

The beauty of a joint venture is not only the ability to cover more ground as a business, but to also explore new ideas and gain fresh perspective as an entrepreneur. For example, someone who can follow a

For example, someone who can follow a three-pillar model of organization and innovation is a strong candidate for big ideas that produce results.

In short, someone who can actually follow through on their ideas and planning is invaluable to a budding business. Such a personality is definitely desirable versus someone with no new ideas to bring to the table.

Someone With a Track Record

When all else fails, it’s important to understand the previous experience of your potential partner and how their experience matches with yours. For example, perhaps you have more of a technical background and you need someone with savvy sales experience.

Ask yourself: what does their resume look like in terms of what they’ve done?

Do they have a track record of success? Sometimes the past of a potential JV speaks volumes for the ability versus anything they say themselves.

Someone You Can Communicate With

While first impressions aren’t everything, you can get a pretty good sense of whether or not someone will be a good fit for you based on your initial conversations. Strive to meet anyone you want to do business with in person to see their mannerisms face-to-face to ensure that your personalities don’t clash.

 Joint ventures can be tricky to initiate and manage; however, they can make all the difference for your business. Whether you’re looking to bring someone new to your team or simply want to keep your options open, start with these four qualities in mind before going any further.

Whether you’re looking to bring someone new to your team or simply want to keep your options open, start with these four qualities in mind before going any further.

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