Why You Can’t Afford to Wait to Form a Joint Venture

People who become entrepreneurs and small business owners must take a large step into the realm of the unknown. It is often a scary venture, full of unknown risks, and many do not have enough experience to deal with the risks. However the reward is what we seek – to become a successful business owner and developer of ideas that make money.

Why is it that successful entrepreneurs who have taken that giant step into small business ownership have an even tougher time moving forward with a JV idea? Fear has a tendency to cause paralysis in making decisions. A JV may be contemplated and dwelled upon, but actually deciding to make that move requires action. And if you’re too swept up in the “analysis paralysis” mode, then you may decide to never decide.

The Dangers of “What Ifs”

So what happens if we wait and wait? What happens if we think about all the great things that could come from a JV, but dwell on the “what if” scenarios? Maybe it’s the time commitment. Perhaps it’s the fear of giving up control to a JV partner. Or it could be the fear of losing money in an unknown and untested JV partnership.

But you’ll never know unless you try. You’ll never experience the benefits and rewards unless you accept the risks and make the commitment to control them with sound business strategy.

Profits are Ticking Away

In fact, you could be losing money right now by not deciding. By wasting time, you are wasting money that could be earned. A JV with profit potential will never see the profit until it steps into the metaphorical foray. The sooner you decide to make a successful JV, the sooner you and your JV partner will enjoy the spoils of your efforts.

You could be doing more damage by waiting. You could be losing your self-confidence as well. Those who hesitate are not fully confident, and waiting only spreads the disease of lack-of-confidence.

Don’t be Paralyzed by Decisions

What would happen if you got to the point where you made no decisions at all? Your lack of confidence in your decision-making ability would end up costing you your business and the very ability to function in society. You must make decisions every day. Whether it is to get up in the morning, which car to buy, or what to have for lunch, your daily decisions keep your life functioning.

The same goes for your business and your JV business. You must keep your business functioning and growing. Why wait when you can decide today? What is causing the hesitation? Do you need more information? Then decide to go find it. Haven’t found the right JV partner? Decide to keep looking. The longer you wait the more excuses you will find.

Hesitation and lack of confidence is a big subject in business psychology. It plays a big part in JV psychology as well. You’ve already proven your ability to create a small business. Keep the momentum going by making the decision to form a JV today and start taking the steps necessary.

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.

Why You Should Form a Joint Venture for Profit

Some men and women play the entrepreneur game with their ego cards. That is, they view their business as an extension of their ego. They get too emotionally involved and end up losing profit because they want credit acknowledgement for achievement.

And it’s no different when they form a joint venture. A JV partnership can be viewed as just another feather in the cap, or perhaps a stepping-stone to another business strategy. Unfortunately for the egoist, they lose profit and credibility from used up JV partners.

Another brand of ego that fails at producing a JV profit is the “I’m right, you’re wrong” character. Everything is either black or white to these high egos, and they spend their time arguing over miniscule points to get their way. The question that should be asked of these people is, “do you want to be right, or do you want to make a profit?”

A good entrepreneur or small business owner should know there is a difference in being right and being a pushover. You don’t have to compromise standards. You don’t have to be passive. Maturity and wisdom always supersede passivity. The reward for good choices is the bottom line, and that is your profit.

How does business wisdom come into play when making JV choices? Here are some important tips to consider:

Think before you talk - Many people have a tendency to speak the first thing that comes to mind. That may mean insulting or belittling a JV partner. That is a high cost to speaking from the hip. Instead, you should always think first about what you want to say compared to what you mean to say. A few moments of reflection can be the difference in saying, “I believe in what you’re saying, but I think we can explore other choices”, and “that’s a stupid idea!”

Debate, don’t argue - There’s nothing wrong with healthy debate. Arguing at full voice and with heated emotions will never be productive. Remember, opinions will often differ. The key to making joint decisions is to debate your points about your position, while listening to your JV partner make his or her points. Do it calmly and leave emotion and ego at the door.

Be open to suggestion – Those with oversized egos will rarely be persuaded from an opinion – even if it means changing a stance and taking a “devil’s advocate” just to be right. Always be open to suggestion and willing to listen to new ideas. They may be the ones that take your JV into larger profit fields.

Keep your JV relationship a healthy one. Don’t join up as a resume builder and to look impressive at your Chamber of Commerce speech. Joint ventures are a way to improve your business, not your ego. Remember to keep profit as the goal and work your JV relationship with that goal in mind.

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.