Business Relationships.

DISCUSSION TOPIC: In Your Opinion, What Is The #1 Essential Ingredient for Joint Venture Success? Tell us about any recent joint ventures you have participated in - what did you like, what didn't you like - what would you do differently the next joint venture you do?

Joint Ventures are based on trust. That would be my pre-defining ingredient. I have to believe that I can trust the people I'm dealing with.
The next quality would be flexibility. It is essential for all partners to be flexible while the venture is being defined and developed.
It's no use saying 'I'm doing this', if during your investigations, you find that the concept has to morph and that what you want to do doesn't match anymore.
Finally -- whilst you should always focus on success, you should be prepared for the venture not to work. It happens and being cranky or upset with other team members isn't productive. Learn and move on.
PMFor myself, I consider just about any work I do for a customer a JV. My work can, and does, help them to success -- in that respect, it's a JV.

Excellent choice of words , that working with a customer is a jv , as it the conbinded efforts of you both, his needs and what you do to satisfy and make that memorable so that he comes back again for your help

That is the way I am developing my way of thinking..as far as work and other areas of my life...my marriage is a joint venture.. one of what can we both do..not one take and gving but each sharing with our strengths and being there when there is a weakness
Any friendship worth having is a joint venture.So, what do others think about the important factors for a JV?

trust number one,there also have to be boundaries in a JV
That's a good one How do you define the boundaries? and manage the team if the boundaries are breached?

right, honesty is also important, don't be afraid to say you can't do something

life does happen, but when it comes to your work do it in stages. not the whole thing.. like posting on sites ad sharing on forums, take each by bit ..that way the work gets done as much is tedious'
ah.... the chunk it down strategy Absolutely.
yup dont bite off more than you can chew
its so easy sometimes to agree and say yes. ..dont always be a yes person

its sharing what we know, and with our weakness we gain strength

What experience have I learned one is simple, take a list , break it down. find what you do..and do well, what you dont, and what you can learn..how long is the venture. what do you both walk away with..is it short term or longer..

what is the outcome you expect ..and your partner are you on the same page

So - how do handle the situation where your business partner(s) aren't living up to their obligations / commitments?

would be to talk it out first and see if you can find common ground. If not then the partnership will not survive and it's best to go your seperate ways before you end up resenting each other

in some partnerships you will find one dominant and one "peace-maker" which could also read as "door-mat" to a certain extent
yes but one lets themself be a door mat...it just does not happen
so in business we need to share and speak up assertively but not aggressively and not to take the front seat at tall times

that's true, the dominant partner COULD work on bolstering up the ego of the non dominant, but that's not something anyone would want to do for very long

Depends on the role and the needs , sometimes we need to nurture the other to make the other blossom
but I think it would be important in a JV to make sure that your personalities are compatible or support each other

yes that is part of the ground work of the networking so that you see things on the same wave length



A joint venture can't be one-sided
You also bring to the table what you are able to do in all honesty. if it is the work or the skills..or money
well in a marriage or a business partnership?
what strengths you bring , what you set out what needs to be done on daily or weekly basis

once a year or when boundaries get blurred you have another honest discussion and if necessary revise the contract
n fact, from experience the worst JV I was involved in was where some team members wouldn't admit what they couldn't do... so we didn't have the right skills to deliver.

n fact, from experience the worst JV I was involved in was where some team members wouldn't admit what they couldn't do... so we didn't have the right skills to deliver.
some have worked and some have failed, the ones that failed were because of a stop in contact
keep in touch so that each has the set plan of the day with also what the persons other needs are

think of the best most rewarding relationship you have and apply that to your business relationship.and.... there has to be a realisation that everyone's situation changes from week to week, day to day

... not only do we need to be respectful of that, but we also need to open with the team about what our timing is like on an ongoing basis.
its like stepping up to the scale , when you expect packages to be mailed out then they are done. or reminders or invoices...done when needed . also that you both take responsibilty for maintaing what you set upl
even if the other person is a guru you dont just take it for granted

and... on the other side of that coin is - if you say you're going to do something, do it or get back and say you can't.