Using Positive Psychology for a Successful JV

The use of psychology in business has taken a stronger position than ever before. Where once workers were expected to produce and be happy simply because it was their job, business leaders are now employing positive psychological factors that help make jobs more fulfilling, more productive, and with a better sense of self-identity.

You can use the same techniques when forming a joint venture. Since you and your JV partner are willing to work together in hopes of financial success, why not make it fun and exciting along the way as well?

So what can you do with positive psychology to make a more successful JV? Anything that makes you and your JV partner’s job easier and more fulfilling is the key. Here are a few ways you can design your JV with positive psychology in mind:

Job Design – What will your job be within the JV structure? You and your JV partner will need to determine who will perform what tasks and how you will get them done.  Rather than simply deciding, “you do this, and I’ll do that,” include certain factors that will make the jobs more interesting and thus more productive.

For instance, rather than simply agreeing to perform the bookkeeping duties, agree that your tasks be challenging and have a certain amount of control. Your joint accounting functions may be to create dazzling reports, graphs, and analysis of the JV income, expenses, and outlook. Give yourself a challenging job with a high level of control, as well as high expectations, will provide more motivation to do the job well.

Get Creative – Nothing sparks higher productivity than allowing yourself to explore your creativity. Creativity may be simply designing your work hours to match your highest and best productivity levels, or designing a workspace that is engaging, friendly, and fun. Creativity can also be unleashed in designing products and services for your JV.  Let your creativity run and watch the success follow.

Teamwork – There is a synergy to teamwork where the final result is greater than the sum of all parts. Flying solo can be fraught with unexpected challenges, counter-productive, and the results can be less than desired. Working with one or more people has added advantages such as healthy competition, motivation, and can better equip to meet the goals set out in the JV.

Rewards – Don’t forget to reward you and your partner for a job well done. One of the best psychological techniques in business is positive reinforcement. When you and your JV accomplish a goal reward yourselves with a nice celebratory dinner, or an extended weekend, or perhaps even a big celebration in the form of a vacation or retreat.

There are several qualities and techniques that can set apart a JV with a psychological promotion. Explore the possibilities of how positive psychology can give your JV an advantage for 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.

Be Prepared To Expand With a Successful JV

Be careful of what you wish for, as you just might get it – with a joint venture! While working on your small business, you may find you want to grow, but are limited by the resources, money, contacts, or whatever business element that holds you at bay. Expanding small business takes strategy, time, and most importantly, money. But what if you had help with your expansion? What if you paired up with a joint venture partner who has the resources your business needs to get revved up and going at full speed?

Many business owners view JVs as a way to make a little income with little work. The truth is that JV partners get out what they put into it. With the right partner, your JV could take off like a turbo jet. But if you and your JV partner really want to expand into big business with your venture, here are a few ways you can do it:

Find the Niche

A successful, long-running business fills a needed niche. A niche, in architectural terms, is a receded empty space in a wall or corner. A good designer can “fill” the niche with the right art or other complementary object. Your job in business is to identify the “empty” space in an industry that you can fill with your product or service and is in demand by consumers. By specializing in a defined niche, you can take the lion’s share of the market.

Open New Locations

Your JV may be so popular and successful that you must expand by opening new locations. This may be simply opening chain stores within your local community or finding new retail stores across a region or country. This type of expansion usually requires a great deal of capital and additional HR staff to manage the locations and handle additional staffing.  Be sure your JV agreement is set up with a combined strategy for capital and JV staff management.

Acquire Additional Businesses

Rather than expanding one-by-one with new stores, you and your JV partner may choose the strategy of acquisition. By buying out an existing business, you can already have in place the locations, equipment, staff, etc., you need to hit the ground running. Again, acquisitions must be handled with a great deal of available capital or financing capability, and plenty of analysis with the use of ROI and feasibility reports.

Go Global

If you have discovered the right niche that is in big demand, you may want to take your JV and focus on global expansion. Prepare your JV widget for mass production and exporting, or tailor your service for international sales. With a successful global expansion strategy, you can really see your business expand and profits jump.

There is no harm in thinking big. When you form a JV, don’t just consider the short-term gain from a small venture. Look ahead at the possibilities of big expansion for both you and your JV partner by combining your efforts and resources on a national or international level.

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.

3 Psychological Factors That Affect Your Joint Venture Success

Have you ever been afraid of success? Why is it that when presented with opportunities that can make your business grow or earn you more profit, most small business owners will reject it because it is too hard or takes too much effort? Your attitude toward making your business grow and become more successful plays a big part in how and if you succeed. That is why when presented with the option for a joint venture you should consider these three things that could make or break your success.

Carry a Positive Attitude

An attitude that says, “I hate that I have to go to work today!” will be your demise. Why are you in business if you dislike it so much? Only those entrepreneurs and small business owners that absolutely love their job will make it a success. Attitude carries over onto employees as well. If the owner is unhappy, the employees will be unhappy as well and produce less.

That is why your attitude needs to be in the right place. A positive attitude is what will make your business and any potential JV a success. Not your skill. Not luck. Not your extensive Rolodex. Give it ATTITUDE!

Deserve It

So many people carry around guilt or other psychological issues that weigh down their ability to create success.  Perhaps they had a rough childhood.  Or did not go to or finish college.  Perhaps a few failed marriages can get a business owner in a mindset that he’s not worthy.  With this kind of mindset, it is easy to see how someone may feel afraid of accomplishment or actually succeeding.

The fact is that everyone is worthy. And though none of us deserve success by default, as though the world owes us a living, it is up to us individually to accept our worthiness. Accept that were you to succeed in a joint venture – you deserve it! There is nothing morally, ethically, or even legally wrong with creating JV success. Go get it!

Release the Anchors

Sometimes we just need to let go. The issues we carry around with us can feel as heavy as the weight of the world. You may owe the IRS thousands of dollars in back taxes. Or perhaps your marriage is failing and the failure is creeping into your business. Or worse yet, you’re constantly get nagged by your spouse, parents, or friends about this ridiculous notion of running a business. Whatever anchors you carry with you must be left at the door when you go to work.

Anchors, like those on a ship, will keep you stagnate and planted in one place without forward momentum. You must learn to let go of the issues that prevent your momentum and ignore those who do not believe. Only you have the power to believe in yourself.
Success is never easy.  But a positive attitude is always free. With your freedom from anchors that drag you down and a deserving attitude, you are unobstructed to move forward and enjoy a successful JV partnership.

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.

Letting Go Of JV Myths

It’s time to dispel some of the myths that surround the issue of joint ventures. JVs are in fact a highly sought after form of business that can create great success and even wealth for those involved. However, as with any unfamiliar business venture, JVs sometimes get an undeserving bad rap. Let’s look at the most common myths of JVs.

Myth 1: JVs Are Complicated

If you were a top market share technology company trying to form a JV in another continent with another top communication company to develop a new cell phone and wireless technology, then yes, a JV could get complicated. But that type of JV is very rare.  Let’s face it – you’re a small business owner or entrepreneur who’s just trying to expand your business or business idea.

JVs do not have to be complicated. You could form a JV where you simply perform cross marketing of each other’s products.  Or perhaps you share office or production facilities.  The fact is that JVs can be simple and take little effort.

Myth 2: JVs Require All My Time and Effort

Actually, a JV may take less time and effort than you put into your own business. A simple JV agreement may require a once-a-month sales letter mailing, or simply displaying your JV’s products in your store. The point of sharing customer contacts and mailing lists is to get more sales than doing it alone, right?

Also, your JV partner may have complementary strengths that make the entire process easier.  You may focus on the marketing and accounting functions while your JV partner does the production, packaging and distribution. How much more time would it take if you did all that yourself?

Myth 3: JVs Are High Risk and a Money Losing Prospect

A simple JV agreement where you earn a small portion of a sale of your JV partner’s product is virtually no risk.  In an affiliate type JV, you only make money at the time of sale and do not put any of your own money on the line. This is a simple example of a low risk JV, but the fact is when you form a JV, you agree to share the financial risk with your JV partner. You take a financial risk every day when you open your business doors, right?  The key is to control the risk.  JVs are a good way to control the risk and share the expenses.

Myth 4: You Will Lose Customers

If you are recommending products and services that are beneficial to your customers, doesn’t that create customer loyalty?  Your customers are not going to buy from you every time they go shopping or need your service. But by forming a JV that presents additional and quality services and products to your current customers, you have given them added value. Customers appreciate that and will reward you with return business.

JVs are one of the easiest and most successful forms of business partnership. When two businesses enter a JV agreement and agree to prudently control the financial risks and share resources, there is a high risk of success. Go get yours today!

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.

3 Key JV Partner Identifiers

In our quest to develop the perfect small business, we as entrepreneurs often ask ourselves what we can do to make running a business easier.  We find we like to play our strengths, be it in sales or managing employees, and we spend less time on the tasks we despise, perhaps accounting or marketing.  By asking the question, we may discover that a joint venture is a perfect way to rid ourselves of the struggling tasks.

By performing a detailed search for the perfect JV partner, you may be able to make your business thrive by focusing on the business duties in which you excel.  But how do you find the perfect JV partner?  You may find one, a few, or even many potential JV partners, but before you start on the path to joint venture land stop to consider these important keys to identify the ideal partner.

1. Complementary Strengths

Remember, you may want to find an ideal JV partner who has strengths complimentary to yours.  You may want to focus on the sales portion of your JV while your partner focuses on marketing.  What good does it do you if you both want to perform the same tasks?  Look for a JV partner who can compliment your working style so you both get more done.

2. Similar Goals and Values

What are your goals and what do you value in business?  Profit?  Making a difference?  Producing jobs for local workers?  Be mindful of the goals and values of your potential JV partner because if yours and his do not align, you could end up with friction in the future.  A JV requires that both partners be on the same page as far as your goals and how you want to achieve them.

And in regards to sharing duties and profits on a joint venture, what do you value?  Do you both want a short-term JV for a specific project?  Or are you both looking for a long-term lasting and successful partnership?  Get those values and goals in line or a rocky JV you will have.

3. Compatibility

Similar to a marriage, you will need to be sure that you and your potential JV partner are compatible.  You may find that your potential JV partner is an independent soul who likes to work alone and do things their way.  How would that help your business?  Or perhaps you have a family and you want a JV partner who understands your commitment to spend time with your family as often as you can.  If you team up with a JV partner who expects you to burn the proverbial midnight oil to make the JV work, you may be incompatible as partners.

Take these three key aspects of a successful joint venture and consider them carefully when evaluating a potential JV partner.  By identifying an ideal partner at the onset, you will have a much easier time making your JV 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.

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