| Who's in charge here? When you form a joint venture | | | | Use your vision to discover these potential |
| with another entrepreneur or business owner, you | | | | opportunities. |
| agree to share resources and expertise in attaining a | | | | INSPIRATION |
| business goal. Usually the goal involves monetary profit, | | | | Employee and partner empowerment - Inspiration from |
| and thus, there is much at stake in how the goal is | | | | you can empower your JV partner, as well as your |
| reached. | | | | employees, to execute their duties to the fullest. Give |
| When forming a joint venture, your agreement should | | | | them the trust they deserve to inspire them to be |
| outline how you and your JV partner plan to divide the | | | | creative and take ownership of their duties. |
| leadership duties. There should be no one leader in | | | | Teamwork - Teamwork is important when trying to |
| charge of everything. The benefits should be shared | | | | achieve a goal. A quarterback on a football team may |
| between the two of you, and so should the duties | | | | get the recognition and credit of winning a game, but it |
| required to get there. | | | | couldn't have happened without the teamwork of the |
| Many times it can be difficult for entrepreneurs with big | | | | guards, running backs, receivers, etc. Give credit to |
| egos to let go of control of some aspect of their | | | | your team and help it run at full throttle. |
| business. However, when they look at the big picture | | | | EXECUTION |
| and how the joint venture can provide leadership | | | | Reduce risks - When it comes time to execute your |
| synergy, or bigger success with combined effort, it | | | | vision and strategy, good leadership synergy can help |
| should be easy to see that the proverbial "two heads | | | | reduce the risks involved. Use past experience, |
| are better than one" can work to their benefit. | | | | foresight, and conservative approaches to reduce the |
| What are some of the leadership qualities that can be | | | | risks that be barriers to your JV success. |
| shared and synergized? | | | | Coordinate resources - You and your JV partner can |
| VISION | | | | create great business synergy by directing and |
| Strategy - Both you and your JV partner have had | | | | coordinating the use of resources. Do you both have |
| success in creating business strategy in your | | | | access to customer contacts? Combine them and |
| respective companies. Working together to develop | | | | share marketing power to reach your contacts. |
| strategies that will fulfill your joint venture goals can be | | | | Perhaps your JV partner has a great distribution |
| enlightening as well as fruitful. | | | | system? Coordinate with your JV partner to get the |
| Opportunities - You and your JV partner can also find | | | | most out of the delivery of your product. |
| additional opportunities when you work together. When | | | | The most successful joint ventures are those who do |
| you combine resources for a joint venture project, you | | | | more than just combine resources. Utilize both your |
| may find that another opportunity may exist in areas | | | | and your JV partner's leadership and strengths to help |
| such as customer service, product improvement, etc. | | | | create an effective and synergetic joint venture. |