Recognising the downsides of joint venturing is not about focussing on negatives, but being realistic about why this route might not always work for some.
Taking on a joint venture partner will require that some autonomy is lost. We cannot continue to act and respond upon our own will at all times as their input and considerations will need to be acknowledged. For some, this will be a deal-breaker, as they may feel as though they are being held back.
But if this is the case, we must ask ourselves why we feel this way? Is it because we are simply not used to making joint decisions when it comes to our business? If so, we must allow that this feeling will become diluted in time, until the act of facing decisions together becomes the norm. We must also consider the fact that our partners may cause us to approach challenges with a different perspective.
Always bear in mind that in a partnership we get what we give, and so the more we give the more we get. A partnership must work for both parties. You will receive as much as you choose to give to the other person.
If worries arise that we are somehow being taken advantage of by our partners, or that their work is lacking in comparison to ours, then remember that leading by example is the best way to raise their game. Spending time focussing upon their negatives, is time spent away from working on your positives.
Some see the fact that all proceeds will now be shared, as a negative factor in joint venturing. In reality, the addition of a partner allows us to achieve far more, and therefore the proceeds will be exponentially increased. Is it not better to share half of a lot, than 100% of not much?
Finding the right partner is a difficult process. It’s not a case of approaching people in a room and asking a list of questions until the right combination of answers is found. Finding the right partner should be an ongoing mission based upon the proposition of continually building relationships with people, until we finally recognise in someone, the same values and vision. Even then, time should be taken to make sure. Remember that’s it’s better to date for a while before you propose marriage.
When taking on a partner, there may be a sense that greed will consume one or the other. Greed is a natural human trait, but we must never let it take over completely. There is a fine balance between hunger and desire to grow and push our business forward, and greed. This is where trust and honesty play a large part. If we recognise the right course of action, then our loyalty and inner code of ethics should be enough regulate any feelings of greed.
The breakup of a partnership can be as messy as a divorce, and the prospect of perhaps one day facing such fallout puts many off from forming joint ventures. It is true that the dissolving of a partnership is tough and difficult, but the rewards far outweigh the supposed negatives. We cannot suppose that any partnership is doomed to fail. We must simply work hard at making it run smoothly, and take the obstacles when they appear.
Saying that we will never enter a joint venture because we do no want to deal with a potential breakup one day, is like saying that we never wish to be married for fear that we will one day get divorced. It is akin to saying that we prefer not to form friendships because it can be painful when we drift apart.
We must accept that nothing is forever. Life changes and so do people. If we take this to heart from the outset, then it allows us to take the step of trusting others, and of forming bonds that prove mutually beneficial to all of us.