Joint Ventures and Strategic Alliances
Think of a joint venture as you and your friend collaborating on a project together as opposed to you working on the venture alone. Together you are a team and can help and encourage one another. Alone ... well, you're on your own!
Two or more businesses pooling their resources and expertise to achieve a specific goal would be referred to as a Joint Venture. The J.V. partners also share the risks and rewards of the jointventure.
A Joint Venture is likely to be a formal agreement, and may even involve the creation and incorporation of a separate company — Why Incorporate?
A Strategic Alliance would be a less formal, and perhaps, temporary arrangement. Whether you call it a joint venture,
jointventure, joint-venture, J.V., or a strategic alliance, it boils down to the same thing — cooperating with another person or company for mutual gain. You need to trust your partner and, therefore, experienced management is essential, You may want to consider hiring a business coach or mentor, to liaise between the jv partners. May I introduce myself? Coaching Testimonials
Joint ventures may be formed for a number of reasons — development of new products, to facilitate business expansion, moving into new markets, especially overseas, or for other purposes.
Entering into a joint venture is a major decision. The following pages provide some of the things you need to know for a successful joint venture or strategic alliance. If I can help you in any way, please let me know — Mentoring Options
Recommended book - Strategic Partnerships: An Entrepreneur's Guide to Joint Ventures and Alliances . A successful joint venture can open the door to a world of future partnership opportunities, says renowned entrepreneur Robert Wallace. In Strategic Partnerships, he outlines a framework business owners can use to conceive, develop, and execute such relationships between themselves and other organizations. Based on the author's 20 years of field research.