Build a common vision: Healthy partnerships are always built on the foundation of a shared vision between the joint venture partners. It is important that the leader is able to align both partners’ outlook on opportunities, set expectations and bridge cultural differences.
Pool your knowledge: Pursue a collaborative approach to leverage the strengths of the partners to offer an innovative and relevant value proposition through the joint venture.
Ensure good governance: Put in place a strong governance structure with representation not only from the joint venture partners but also appropriate partners with a diverse mix of skills and experience. A group that is less likely to engage in groupthink or to have blind spots will be better equipped to deliver value and respond to challenges.
Inspire: Creating a business often involves a bit of forecasting, especially at the early stages. Therefore, it is important to inspire your team and help them get a glimpse of the successes to come. Make your team feel invested in the accomplishments of the company.
Trust and respect others: Foster an environment of respect and trust in the organisation, for both partners. This will inspire a sense of pride and pave the way for success. As the leader of a joint venture, it is advisable to always act as a true professional when it comes to situations where there could be divergent views amongst partners.