21:35
Faizan
People who are new to business can kick-start their venture by getting into a strategic alliance with another business, preferably a more established one. Strategic alliances can also work between two startups, but the real power of leveraging each other's strengths could be exploited more by having a joint venture between a startup and an established business.
Many newcomers to business struggle unnecessarily because they have limitations that impede them from progressing forward. Lack of customers, capital or marketable products could be a major stumbling block with many startups. Most of these resources could be found with more established firms. By forging a joint venture with businesses that have been around for a while, startups can overcome the roadblocks that keep them from succeeding in business. JV's can also take established businesses to the next level in their profits.
Both parties in a partnership need to take an active interest in the welfare of the other entity in the alliance. Unless the partnership is mutually beneficial, the joint venture would not work successfully. Both businesses should strive to help each other reach their full potential, so that the combined outcome far exceeds the normal output of each individual company.
Once the partnership is formed, a variety of means can be adopted to promote the joint venture. By combining the unique features of both businesses, one can come up with creative combinations of the products and services of both companies put together. Each business can also promote its products to the customers of the other business. Or they can combine their products together as a package and promote them to the customer pool of both the companies put together.
JV's need not be restricted to two parties alone. Well more than two companies can come together to form a joint venture partnership in business. Each company can bring its unique strengths and capabilities to the conglomeration and all the partner businesses can benefit from each others' specialty.
Many newcomers to business struggle unnecessarily because they have limitations that impede them from progressing forward. Lack of customers, capital or marketable products could be a major stumbling block with many startups. Most of these resources could be found with more established firms. By forging a joint venture with businesses that have been around for a while, startups can overcome the roadblocks that keep them from succeeding in business. JV's can also take established businesses to the next level in their profits.
Both parties in a partnership need to take an active interest in the welfare of the other entity in the alliance. Unless the partnership is mutually beneficial, the joint venture would not work successfully. Both businesses should strive to help each other reach their full potential, so that the combined outcome far exceeds the normal output of each individual company.
Once the partnership is formed, a variety of means can be adopted to promote the joint venture. By combining the unique features of both businesses, one can come up with creative combinations of the products and services of both companies put together. Each business can also promote its products to the customers of the other business. Or they can combine their products together as a package and promote them to the customer pool of both the companies put together.
JV's need not be restricted to two parties alone. Well more than two companies can come together to form a joint venture partnership in business. Each company can bring its unique strengths and capabilities to the conglomeration and all the partner businesses can benefit from each others' specialty.
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