Your joint venture probably has a plan and a purpose, but does it have hope and spirit? Throughout our everyday drudgery of conducting business, we sometimes forget and overlook the intangible and psychological aspects of running a JV. Incorporated at the core of every joint venture is hope and spirit – elements that motivate success.
What is Hope?
We all have a hope, which drove us into forming a business, and even a joint venture partnership. What was it that made you decide to form a JV in the first place? Was it money or possibly an association with another reputable business? Your hope probably included one or more of the following:
Goals – With your JV, you probably hoped to accomplish goals. Perhaps it was to increase profits. Or maybe to open a larger customer base and form a larger marketing contact database. A JV without goals is a ship drifting in the ocean. It has no purpose and is likely to crash upon land at some point. Make sure your joint venture has goals so you have a purpose.
Overcoming Challenges – Perhaps you are the type of entrepreneur or business owner who thrives on challenges. Overcoming challenges is a great way to feel successful. Your hope for a JV may be to discover new challenges that you can tackle. Though overcoming challenges is a great underlying hope, be sure to consider your JV partner when you choose which challenges to attack.
Learning – Are you a learner? Many business owners love to learn as they run their business. There are many aspects of business to learn about – marketing, production, sales, promotion, administration, accounting, etc. And it is true that a business owner who feels he knows everything should probably retire.
What is Spirit?
Do you remember your high school “pep” rallies? They were designed to encourage sports team members, as well as fill them with “spirit” and the desire to win their upcoming competition. Spirit in business is much the same. In order to be successful and accomplish business goals, an entrepreneur must have the spirit and drive to succeed.
Enthusiasm – Are you enthusiastic about your JV? Each morning do you wake up with a strong desire to see it succeed? Enthusiasm plays a big part in how your joint venture succeeds. Bring enthusiasm to your work and you will feel good, whether you succeed or not.
Attitude – If an individual is repulsed by the thought of working on an existing JV, do you think he will ultimately succeed? Be mindful of your attitude toward the work you contribute. A joint venture with a strong spirit will have partners who have the right attitude for success.
Positive Outlook – Sometimes it’s hard to be positive in the face of doom. But even with the threat of failure, a positive outlook can give you and your JV partner insight as to how to improve and change tactics in order to be successful.
Keep hope and spirit alive in your JV. With the right attitudes and goals in mind, you can make it a success.
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.