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When you form a joint venture partnership with another entrepreneur, you are not just simply agreeing to paddle together in the same boat; you are essentially developing better paddles, and perhaps even a better boat. Innovation in your JV can result in great success through your shared expertise, resources, and contacts. Your job is to discover the innovative ways to harness your individual strengths to come up with a strategy for success.

Observe the Environment Around You

If you want to develop innovative ideas and solutions, you need to know what strengths you have, and what problem you need to solve. A good innovator is one who observes his or her surroundings. That means taking inventory of what strengths and resources you have, as well as being sensitive to listening and responding to market needs.

Find out what the market needs and what is in demand. Do customers need better delivery systems? Looking at the current economy, do they need lower prices? Take stock of what the market needs, and you and your joint venture partner can start to develop innovative solutions.

Analyze Opportunities

Once you have a good idea of what niche you need to fill or market needs that must be met, you and your joint venture partner can begin analyzing the opportunities and develop solutions. You may find that some opportunities are just too big in scope for your joint venture to tackle. Look for the ones that present opportunity to the strengths and resources of your JV partnership.

You may discover an opportunity that seems small, but is a veritable iceberg underneath the surface. But without careful observation and analysis, you would never have known the opportunity existed for innovation.

Keep Solutions Focused and Simple

Your innovative JV solutions should not be so complicated that it requires too much of your resources and time. For instance, though there is demand for fuel-efficient cars, there is no need to start from scratch and develop another gas-saving automobile. Let the experts and leaders in that industry continue working on that solution. Your innovative solution could be focused on an environmental “green” paint that could be used on environmentally friendly cars.

Innovation can also be just a simple change in a procedure or addition to a business practice. Keep your innovation solutions simple and focused in meeting the need that you have discovered.

Think Big – Start Small

Your innovative joint venture partnership may look at the big picture and look forward to big solutions for succeeding in a market niche. However, keep your innovative steps along the way small. Start with just one step at a time, and continue moving forward with your JV partnership only after you reach smaller goals. One step at a time gets you to the end of your journey, and finds you at the doorstep to your bigger, encompassing goal. Good luck with your innovative strategies!

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Wealth Report.

Who’s in charge here? When you form a joint venture with another entrepreneur or business owner, you agree to share resources and expertise in attaining a business goal. Usually the goal involves monetary profit, and thus, there is much at stake in how the goal is reached.

When forming a joint venture, your agreement should outline how you and your JV partner plan to divide the leadership duties. There should be no one leader in charge of everything. The benefits should be shared between the two of you, and so should the duties required to get there.

Many times it can be difficult for entrepreneurs with big egos to let go of control of some aspect of their business. However, when they look at the big picture and how the joint venture can provide leadership synergy, or bigger success with combined effort, it should be easy to see that the proverbial “two heads are better than one” can work to their benefit.

What are some of the leadership qualities that can be shared and synergized?

VISION

- Strategy: Both you and your JV partner have had success in creating business strategy in your respective companies. Working together to develop strategies that will fulfill your joint venture goals can be enlightening as well as fruitful.

- Opportunities: You and your JV partner can also find additional opportunities when you work together. When you combine resources for a joint venture project, you may find that another opportunity may exist in areas such as customer service, product improvement, etc. Use your vision to discover these potential opportunities.

INSPIRATION

- Employee and partner empowerment: Inspiration from you can empower your JV partner, as well as your employees, to execute their duties to the fullest. Give them the trust they deserve to inspire them to be creative and take ownership of their duties.

- Teamwork: Teamwork is important when trying to achieve a goal. A quarterback on a football team may get the recognition and credit of winning a game, but it couldn’t have happened without the teamwork of the guards, running backs, receivers, etc. Give credit to your team and help it run at full throttle.

EXECUTION

- Reduce risks: When it comes time to execute your vision and strategy, good leadership synergy can help reduce the risks involved. Use past experience, foresight, and conservative approaches to reduce the risks that be barriers to your JV success.

- Coordinate resources: You and your JV partner can create great business synergy by directing and coordinating the use of resources. Do you both have access to customer contacts? Combine them and share marketing power to reach your contacts. Perhaps your JV partner has a great distribution system? Coordinate with your JV partner to get the most out of the delivery of your product.

The most successful joint ventures are those who do more than just combine resources. Utilize both your and your JV partner’s leadership and strengths to help create an effective and synergetic joint venture.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Wealth Report.

Becoming a successful entrepreneur requires many skills: creativity, tenacity, diplomacy, and an arsenal of patience to make it all come together and work. However, you, as an entrepreneur, do not have to go it alone. That doesn’t mean you need to acquire a full partner in your business. But you can achieve even more success through joint ventures.

A joint venture requires all the skills of an entrepreneur and more. In particular, the psychology of your behavior toward your JV partner plays a big part in the success of the venture. What characteristics do you need that contribute to a successful joint venture?

Beliefs and Values

Your beliefs and values in how you run and operate your business can make or break a potential joint venture deal. Are you extremely competitive, one who tries to win at all costs? And do you rant when you fail? This could be a sign to a potential JV partner that you are not easy to deal with when times get tough and could jeopardize your potential venture.

Though competitiveness is just an example, there are many beliefs and values that can contribute to a successful joint venture partnership:

- Creativity: Your ability to generate ideas and innovative ways to market and sell your product or service can be a great asset.

- Quality: A value of achieving the highest quality in your business output can attract many joint venture partners who also want to produce quality.

- Fairness: No cheating allowed. Do you hold fair business practices sacred? Those who like to “skim the books” or perform underhanded tactics to be successful do not usually succeed in the long term. Take a position of following business laws and avoiding the urge to steal secrets of other organizations to continue long-term success with a joint venture partner.

Positive Attitude

Do you always have a positive attitude, even in the darkest of times? It may be difficult, but having a positive attitude can help you and your joint venture partner solve problems that you face in your road to success. Besides, a positive attitude is what inspired you to become an entrepreneur and a business owner in the first place, right?

Be open to ideas from your joint venture partner as well. Having a positive attitude can help you both be creative in solving problems and developing innovative business ideas. Though you and your joint venture partner may not use every idea, the more ideas you generate together give you more opportunity to discover the most feasible one.

Think Win-Win

Using the 4th of Stephen R. Covey’s “7 Habits” can be the most sought after characteristic when it comes to joint venture partnerships. Who wants to partner with someone who is only looking out for himself? You must have the attitude of creating win-win business ideas that benefit both parties of a joint venture. With a win-win attitude, you can surely solicit and convince a potential JV partner to join you in a business deal.

Joint ventures are a great avenue for business success. However, you must remember that your personality, character, ethics, and attitude play a big part in determining a successful joint venture.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Though it may be common sense to most, some entrepreneurs and small business owners tend to forget that their time is valuable. Why do so many waste time performing administrative activities or mundane tasks that do not fully utilize their talents and skills as a salesperson or business producer?

So often we complain about having too little time to do everything we need to do in order to make our business grow, or that we don’t have enough money to do the proper advertising. However, in actuality, we may be inefficiently allocating time and money resources that are available to us.

Joint Venture Saves the Day and Your Time

A joint venture approach to time and money efficiency can be a business lifesaver, if not a Midas touch to great wealth. A joint venture with the right partner can help you both combine resources and utilize time, money, distribution, technology, customer access, special skills, and other resources, more efficiently. In essence, you and your joint venture partner share the risk involved with a business venture, but leverage the strengths of the other for mutual financial benefit.

When you have a reliable joint venture partner working in alliance on a business project, you have more time to make your own business grow. You have more time to hire reliable employees, more time to train current employees, more time to sell, more time to negotiate deals and more time to create additional joint ventures. You get the picture.

Your expertise as an entrepreneur is the capital that keeps your business afloat. If you want your business to continue its success, you need to find ways to leverage your time in the most efficient moneymaking way. Why are you spending hours doing $10 an hour bookkeeping work when you could hire that out or leverage the accounting system of your joint venture partner? If your time could be better spent creating development ideas and revenue streams that are worth $500 an hour, isnt spending your time most profitably a better idea?

How to Brainstorm a Joint Venture Endeavor

Approach a joint venture with the following thoughts:

- How can I form a joint venture that saves me time and money?

- How can I leverage the resources of a potential joint venture partner?

- How can I add value to a joint venture partner so we both profit financially?

If you find that you are spending more time in the back room than in front of customers or clients, it may be the perfect opportunity for you to form a joint venture to free up resources. Use your entrepreneurial skills and creativity and approach a potential partner with a moneymaking proposal. A successful joint venture can unload a burden from your business operations that will lead to bigger sales and more time for you to manage your business.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free JV Wealth e-zine.

A joint venture can open up new lines of business and additional streams of income for you by accessing larger markets, producing more and better products through shared technology, and ultimately increasing revenue. The benefits can be great, but in order to make a joint venture successful, you must have trust in your JV partner.

Trust: Give it and Earn it

When joint venture partners have complete trust in the other, then the partnership has wings in which to spread and soar. However, trust requires vulnerability. You must allow yourself and your business to become vulnerable to the actions of your joint venture partner. The success of a joint venture partnership may require you to share important information about your business. In doing so, you trust your partner in the venture to do the right thing and make the right choices.

You must also earn the trust of your JV partner. Of course, earning trust means not taking advantage of your JV partner, but in a proactive sense, it means that you keep your promises, are willing to help and put effort in the partnership, treat your JV partner as an equal and not an independent hire, and inspire confidence with your actions.

Expectation and Credibility

Along with trust comes expectation and credibility. If you allow yourself and your business to be vulnerable, you expect your JV partner to do the same. And in order to allow your JV partner inside your closed circle, you need to know that your potential JV partner is credible. Have there been any documented incidents or evidence that would stain credibility? Beware of hearsay. Gossip can ruin a business reputation. Always be on the side of giving the benefit of the doubt if your dealings with your potential JV partner have been positive.

Listen

During the time your joint venture is in existence, it is important to listen in order to maintain the trust between you and your JV partner. Listening well earns the trust of others. And remember that listening is the other half of communication. When you communicate with your JV partner, you have a relationship that involves trust. Be ready to be a good listener.

Empathy and Understanding

While listening gains the trust of others, and particularly your potential JV partner, empathy and understanding helps fulfill the need in others. Work toward building a solid relationship with your JV partner where you can both help fulfill each other’s business needs. Ask questions. Show that you understand the issues communicated to you. Offer compliments. When you listen and understand your JV partner, you have also earned their respect.

The joint venture partnership is a two way street. You must communicate effectively to help make it a success, but your ultimate test is the trust you put into each other. If you do not trust people, people will not trust you. Be willing to share and be vulnerable and you may be surprised at the positive response from your joint venture partner.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free JV Wealth e-zine.

The hard part about joint ventures is the actual work in convincing a potential JV partner about the merits of the venture. Once you have a JV partner in hand, the next step is communicating together and working toward forming a solid business plan that will guide you to success with the venture.

A joint venture marketing business plan does not need to be a fully composed booklet like the type mainly used for acquiring loans or other funding. Of course, the more detail you and your JV partner can put into your strategic plan, the better guide you will have. However, your business plan could be as simple as a one-page point-by-point strategic outline.

Goal of Joint Venture Marketing Partnership

Your number one assignment in forming a JV business plan is to spell out the goal for each party. The goal doesn’t necessarily have to be the same. Your specific goal in the partnership may be to get access to wider marketing base, while your JV partner’s goal may be to increase revenue through the sharing of technology and expertise.

Be sure to spell out the goal so that neither you nor your JV partner has any miscommunication about why you are in the partnership.

Assignment of Duties

What specific duties will you perform? What will your JV partner do? Again, to avoid any misunderstanding in the division of duties to reach your JV partnership goals, write out the duties that each will perform along the way.

Funding Sources

How will you and your JV partner split expenses? Is your JV partnership large enough that it may need a bank loan? In your JV business plan, know how you and your partner will fund the venture. It may be as simple as contributing $1000 each into a JV “kitty” to get the venture rolling. Wherever the funding comes from, clarify who will pay for what expenses and how much each is willing to contribute.

Resource Allotment

Will you and your joint venture marketing partner need additional resources in addition to money? Perhaps you will contribute some of your employee expertise, or your JV partner will utilize his distributing network to make the JV a success. Be specific in how you will allot the resources needed.

Division of Profits or Benefits

If there is a profit to be made and split from the joint venture marketing endeavor, how will the funds be allocated? Perhaps it will be a 50/50 profit split, or depending on one partner’s additional resource allotment, the profits may be split 70/30. Be sure you each know what you will be receiving from the partnership.

Exit Strategy

Finally, make an exit strategy in your business plan, which will allow you and your JV partner to know when it is time to fold the cards. Perhaps your goal is a short-term partnership that will terminate after a specific event. Or, it could be an ongoing joint venture marketing project until one or both of the partners says they are ready to terminate the agreement. Spell it out clearly so that you both know how to wrap up the JV cleanly and without ill will towards the other.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free JV Wealth e-zine.

Have you found a comfortable niche in your industry and region? Are you looking for a way to expand your operations without the necessary capital buildup and potential debt structure required for most business expansion projects?

Why not look for a business with a similar industry to yours that is doing well in another regional niche? By combining forces, including technology, customers, subscribers, name branding, and other strengths, you could form a joint venture to capitalize on new markets.

Microsoft’s Desire to Enter into Latin America

Microsoft is the undisputed king of PC and Internet software. What would happen if the software king partnered with the leading telecommunications company in Mexico to bring popular Internet and MSN technology to Central America? The result was T1MSN, a joint venture created by Microsoft and TelMex.

As we crossed into the 21st century, Microsoft was looking for a way to expand their online software and Internet presence, known as MSN, into further reaches beyond the United States. Though Microsoft was already known worldwide, they looked at a potential partnership with Telmex, the leading telecommunications company in Mexico.

TelMex controlled 10.8 million phone lines and over 5 million wireless customers through the largest fiber optics digital network in three countries. Their services included wireless communication, video broadcasting, data transfer, and Internet access. With such a tremendous communications presence already in Central America, Microsoft had a perfect partner in which to launch a joint venture into Spanish-speaking countries.

Microsoft’s JV Marketing Proposal

Microsoft knew that TelMex had a leading Internet stake already planted in Central America. Rather than trying to build their own Central American presence and delivery system from scratch, Microsoft approached TelMex with a joint venture proposal. The proposal would combine existing TelMex customers and internet delivery systems with quality and popular MSN programming and services in a new company, T1MSN.

T1MSN began delivering services in Mexico, offering rich, popular MSN content in Spanish, such as the MSN Internet portal, MSN Messenger, MSN web communities, Hotmail, and other web-based email services. The new company also began creating new web programming and bundled software for its Spanish-speaking subscribers.

Part of Microsoft’s strategy in forming the joint venture with TelMex is to continue forming partnerships with other Internet providers to over 29 countries in the America’s and Europe. Microsoft faced stiff competition in North America from Internet provider rival AOL. In order to continue to compete in the Internet arena, Microsoft needed a strategy to build and provide popular Internet content. They decided the best route to growing their Internet brand was through joint venture partnerships with established communications and Internet companies in other countries.

Even Microsoft can’t take over the world without a little help. By joining forces with strong companies in other regions Microsoft grew their Internet market presence. If you’re ready to begin your business expansion, consider joint ventures. It could be the best strategy for your company to become a national, or even a worldwide, presence in your industry.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free JV Wealth e-zine.

A joint venture can sometimes seem like more work than it’s worth. However, business owners who think in this manner probably have the wrong mindset to be in business in the first place. A savvy business owner will be constantly looking for ways to improve business placement and revenue, as well as find advantages that set his or her business apart.

If a business owner is on the lookout for new advantages, a joint venture may be in the cards and just the thing to create those advantages. Joint ventures are business partnerships and require cooperation and trust. However, they do not have to be permanent nor does a business owner need to share all his or her secrets to take advantage of a joint venture partnership.

What are some of the advantages? Here’s a partial list:

Access Larger Markets

A strategic joint venture partnership can provide access to larger customer bases and geographical markets. Say you have a printing business that specializes in creating shirts, coffee mugs, pens, and other merchandise with company logos. By teaming up with a business consultant with a wide-range business contact network, you can provide them with clever promotional items and gain access to a large catalogue mailing list.

Look at the marketing possibilities that a joint venture can offer your business. Since marketing and promotion are always something you need to focus on for your business, getting otherwise inaccessible market taps can help your business grow.

Longer Marketing Reach

Not only can you gain access to larger and new markets, but also you can extend your marketing reach. You may not have the budget for advertisements in national magazines, but a strategic joint venture can provide you with new marketing channels and geographic scopes. Additionally, a joint venture strategy may give you more direct access to decision makers.

Access to Technology & Resources

You may have big dreams to expand your business with technology. But rather than trying to obtain venture capital for technology expansion, consider whether a joint venture would be more profitable in the end. When you borrow money, you have the obligation to pay it back before you recognize any considerable profit. By using the technology and resources already utilized by a joint venture partner, you could build business and raise revenues faster by sharing the profits.

Build Credibility

Your small business may not have the reputation it needs yet to become a big business. Find the right joint venture partner with national recognition and reputation, and you can instantly raise the credibility of your own business. If you have a strategic idea that can be used by a national company, that joint venture could thrust your business into the limelight and open doors for you. Don’t just think about joint ventures on a small scale with the store across the street, think big!

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free JV Wealth e-zine.

The old business strategy, “If you can’t beat ‘em, join ‘em”, can be so true for a joint venture. Business owners want to succeed in keeping their business sustainable and growing. And usually the biggest obstacle for a business is competition. But do you view your competition as that which must be conquered, or have you really taken a look at your competition and analyzed how you can work to increase profits together?

The psychology of competition has always been that of beating the other companies. There must be a clear winner and a loser. However, this does not have to be the case in business. It is quite possible that you and your competition can put differences aside and work towards mutually beneficial goals. But in order to make that work, you need to remove the face of “the other guy” and become an informed and strategic-thinking entrepreneur.

Analyze the Competition

Before you can figure out how to work together, you need to know the similarities and differences between you and your competition. First, take a good, long look at your competition. Gather and write down information about their business process. Where do their customers come from? How is their product packaged? Where do you see their advertisements?

Learn everything you can about how your competition works. Become a “secret shopper” and make a purchase. You can hire someone or get an associate to do this work if your competition knows whom you are. First-hand knowledge of business practices can be some of the best data. How do they treat customers? How fast was their service? What is their decor if they operate in a retail shop or office? Casually ask other customers about their experiences with your competition.

Formulate a Strategy

Once you have gathered as much information as you can about your competition, analyze their strengths and weaknesses. Is their packaging inferior? Do they provide much better customer service than you? Find the points where your competition could help your business, as well as the strengths you possess that can help them.

After you have pinpointed potential areas in which you can combine efforts, formulate a point-by-point presentation that you can use to convince your competition that by working together you can both enjoy increased revenues.

Approach the Competition

This could be the hardest part, especially if you have had an adverse relationship with your competition in the past. But remember the past is history, and you want to look toward the future with high expectations of success. Agree to bury the proverbial hatchet.

Take them out to lunch or invite them over for a formal meeting. Outline for them your strategic plan that shows specifically how you can combine strengths to generate higher revenues. Can you create more attractive packaging? Can you use your cost-cutting method of production with their stellar customer service? Remember to focus on showing them how they can benefit from your strengths.

If your competition has an open mind, then a joint venture can easily be agreed upon if the benefits are there. Remember to maintain a professional and business-like attitude and your competition can see that you’ll be easy to work with. If your competition agrees with your plan, then congratulations! Move forward to setting your plan in action and enjoy the benefits of your joint effort.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free JV Wealth e-zine.

Is your small business making just enough to stay afloat and provide you with a livable salary? Perhaps you haven’t analyzed your product potential well enough. There may be a joint venture that can take your small company from a neighborhood business to national exposure with exponential profits.

Joint Ventures Turned Stickers into a Multi-Million Enterprise

How can you take a small business and turn it into a multi-million dollar enterprise? Consider a strategic joint venture with a big name company. Take a look at Mello Smello. Jon and Leah Miner, husband and wife, had a small sticker store they operated in Minnesota. They approached another Minnesota firm, 3M about combining their technologies to create a new line of stickers. The result was a process called micro-encapsulation, where odors and smells could be captured and coated onto paper stickers.

Scratch n Sniff stickers were born, and Mello Smello suddenly went from a small, unknown business to a multi-million dollar a year company. Since then, Jon and Leah have partnered up with the likes of Disney, Nascar, and DC Comics to create Mello Smello stickers of popular characters. They have also developed other products such as glow-in-the-dark stickers, temporary tattoos, and children’s greeting cards.

The Benefits of Thinking Big

Jon and Leah have enjoyed over 20 years of tremendous success due to their original idea of forming a joint venture with a big partner. What can you do with your business by thinking big?

Reduce the Learning Curve – Strategic joint ventures with big partners reduce your learning curve for technology significantly. By agreeing to share revenues with 3M, Mello Smello gained access to new technology bases that otherwise may have taken years, even decades, to develop and market on their own. 3M’s revolutionary technology for sticky paper helped Mello Smello to manufacture their creative product.

Build Credibility – By linking your business with nationally branded companies, you can increase your credibility as one who produces quality merchandise, products, or services. Would Mello Smello have been able to partner with Disney without the technological help and exposure from 3M? Probably not. But by teaming with a national player, the little business from Minnesota was able to start growing in exponential waves with new partnerships with other big businesses.

Create New and Bigger Revenue Streams – With a joint venture, new markets open up for your business that may not have been available before. With the licensing partnership with Disney, Mello Smello gained international markets for their products.

Additionally, Mello Smello began additional product development that helped create new revenue streams. This can be another exponential revenue generator. With a successful product already in hand, new products can double, or even triple, revenue cycles.

Joint ventures can be the key for a small business to make a quantum leap from local business to national producer. Take the time to take a look at possible strategic alliances that could position your business for the future.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free JV Wealth e-zine.