I hear people saying from time to time: if you don’t have an old man, “buy” one as fastest you can! God knows they are right.
Today I have a special article about the most powerful guerilla marketing weapon: joint venturing (JV). I found this article beyond the average, yet it looks very simple. Don’t take it too easy!
These principles works for many years and will continue to work. If you want to settle down a joint venture in the next weeks or so, read every single word. And don’t forget to read my theme article called Joint Venture 101 – The Quickest Way To Build Your eBusiness.
At 94 years of age, Roy Neuberger had little to regret. He was internationally recognized as one of the world’s greatest investors, having started and run a multibillion-dollar investment management company.
Even during the crash (and most of the 20th century), the man never had a losing year. You might say he knows a thing or two about investing – and business in general.
This article is not about investing – it’s about joint ventures. But what I found is that Neubereger’s 10 Principles of Successful Investing, espoused in his book, “So Far, So Good – The First 94 Years,” also apply to joint ventures (with a little creative interpretation).
1. Know Thyself
You must know your strengths, weaknesses, and desires. What skills do you bring to the table? Where can you best add value? Where might you NOT be as strong?
I would add 1(a): Know Thy Partner. Find out first what your partner wants; in other words, give first, take second. When both people enter into a relationship with a giving mentality, both people get the better end of the deal.
2. Study the Great Investors
Not only is there no need to reinvent the wheel, but assuming that we have all the answers communicates an arrogance to your partners, and disrespects those who came before you.
The masters know what works and what doesn’t; in many cases, their observations and insights still work today. In other cases, you may take a technique of theirs and adapt it for your own business. But always make sure to study the master’s in your field of interest.
3. Beware of the Sheep Market
What is the “sheep market?” The sheep market emanates from the “herd mentality,” which is based on trends and fads. In the case of JVs, it means crafting your proposals like 99.9% of the proposals your prospect receives on a daily basis.
Go the extra mile. Do something special that shows you care. Stand out from the crowd. Call your prospect. It’s the only way you’ll get noticed.
4. Keep a Long-Term Perspective
JVs are more about relationships than they are about one-time deals. It’s more important to find the right PEOPLE to work with than it is to find the right DEALS to make.
You can make a TON of money by focusing on a few key, long-term relationships. If you’re only thinking in the short term, you won’t create lasting partnerships.
5. Get in and out in Time
We can interpret this principle in two ways.
First: Make sure your offer makes sense from a timing perspective. Don’t rush it, and don’t delay it for too long. Also, make sure the timing of the offer is relevant to your partner’s market.
Second: If the deal isn’t working – or you don’t like the person you’re working with – get out!! The worst thing you can do for yourself is to persist at a deal you hate in quiet desperation.
There you have it – the first 5 principles of successful investing. Of course, none of these principles is to be taken as the gospel – but they all should give you something to think about.
And most importantly, ask yourself: how can I apply any or all of these first 5 principles to my own business and/or life? Print these out, read them a couple of times, and watch your JVs flourish.
Read part 2: Principles of Successful JV’s
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