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.