Part 1 - How To Set Up Profitable Ventures
What is the definition of Joint Venture?
Joint Venture - is where two people work together on some kind of project for the mutual benefit of both parties.
Difference between a business and joint venture
Joint venture has beginning point, middle point and end point. There is an end point where it has come to an end whereas a business has no end. It is designed to have no end and goes on forever. You open a store, hoping it will stay for a hundred years, keep running the store and hands it down to your kids and the next generation.
A joint venture is two people working together but not legally binding partnership, it has different aspect on business.
The main idea of joint ventures is to understand that it comes down to what you are BASICALLY agreeing upon. This is where the interesting part of negotiation comes.
There are different types of joint venture. Your job is to figure out which one is the most fair and most equitable win-win scenario in anyone of your agreements.
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