Joint Venturing 101

Every entrepreneur wants to "grow" their business - whether it's more revenue, larger clients, or just more interesting and satisfying projects. But not every entrepreneur wants to "grow" their business - more employees, bigger offices, higher overhead.

So how can you grow your business without growing your business? One way is with outsourcing - bringing in contractors or professional service providers as needed. But another way is through joint venturing - partnering with other companies to put on an event or deliver a new product or service.

Joint venturing allows entrepreneurs to maintain their independence and operate their business at a manageable size, while penetrating new markets or taking on larger clients and projects. It also allows you to more effectively compete with larger businesses.

A new book, Happy About Joint Venturing, spells out eight critical factors for successful joint venturing for entrepreneurs. The publisher has been kind enough to provide an exclusive excerpt from the first chapter, which answers several important questions:

• What is a joint venture and how do they work?
• Should I start a joint venture?
• What are my chances of success with a joint venture?
• What are the risks and legal implications with joint venturing?