A joint venture can open up new lines of business and additional streams of income for you by accessing larger markets, producing more and better products through shared technology, and ultimately increasing revenue. The benefits can be great, but in order to make a joint venture successful, you must have trust in your JV partner.
Trust: Give it and Earn it
When joint venture partners have complete trust in the other, then the partnership has wings in which to spread and soar. However, trust requires vulnerability. You must allow yourself and your business to become vulnerable to the actions of your joint venture partner. The success of a joint venture partnership may require you to share important information about your business. In doing so, you trust your partner in the venture to do the right thing and make the right choices.
You must also earn the trust of your JV partner. Of course, earning trust means not taking advantage of your JV partner, but in a proactive sense, it means that you keep your promises, are willing to help and put effort in the partnership, treat your JV partner as an equal and not an independent hire, and inspire confidence with your actions.
Expectation and Credibility
Along with trust comes expectation and credibility. If you allow yourself and your business to be vulnerable, you expect your JV partner to do the same. And in order to allow your JV partner inside your closed circle, you need to know that your potential JV partner is credible. Have there been any documented incidents or evidence that would stain credibility? Beware of hearsay. Gossip can ruin a business reputation. Always be on the side of giving the benefit of the doubt if your dealings with your potential JV partner have been positive.
Listen
During the time your joint venture is in existence, it is important to listen in order to maintain the trust between you and your JV partner. Listening well earns the trust of others. And remember that listening is the other half of communication. When you communicate with your JV partner, you have a relationship that involves trust. Be ready to be a good listener.
Empathy and Understanding
While listening gains the trust of others, and particularly your potential JV partner, empathy and understanding helps fulfill the need in others. Work toward building a solid relationship with your JV partner where you can both help fulfill each other's business needs. Ask questions. Show that you understand the issues communicated to you. Offer compliments. When you listen and understand your JV partner, you have also earned their respect.
The joint venture partnership is a two way street. You must communicate effectively to help make it a success, but your ultimate test is the trust you put into each other. If you do not trust people, people will not trust you. Be willing to share and be vulnerable and you may be surprised at the positive response from your joint venture partner.
