<p>It was once said that ideas are cheap, the value is in the plan to implement them. As entrepreneurs we tend to see opportunity in every challenge and chance encounter. We have a multitude of ideas to benefit our friends and customers and rarely have the time, energy, or resources necessary to implement those ideas. That's probably a good thing, because the more diluted our focus becomes, the less we provide the value we've become famous for. Unfortunately, that also means that many a great idea dies, whimpering in the corner as we forge ahead on our chosen course. The solution is relatively simple though. Find strategic partners to help bring your ideas to fruition and share the burdens and rewards with. A strategic partnership serves as the furnace in which the cheap ore of ideas is smelted into pure ingots of opportunity.</p> <p>Considering the subject of ideas we need to be honest. Brainstorming sessions generate lots of ideas, most of which we file in a brainstorming folder and never return to. An active problem solver thinks through ideas to solve every inconvenience and challenge, sometimes generating a dozen or more ideas in the time it takes to walk from car to coffee shop, and most of those are never acted upon. Even inventors have to focus their efforts on those subjects they posses the necessary expertise to make progress, or develop expertise in new fields. Ideas are great and valuable as the embryos of innovation. At the same time, we need to recognize that without any means of bringing ideas to action the ideas are of little value. Disheartening as it may seem, all is not lost.</p> <p>While we are all capable of learning the necessary skills to develop an idea and offer its benefits for sale, few of us have the time, energy, or resources necessary to give it and our existing ventures the attention they deserve. This is because most of us are better when we focus. When we pick our primary activity, chose a value proposition (market differentiator), and move boldly forward on a few specific endeavors. This is as it should be, for focus and continual development enriches and refines the product of our efforts. This does not mean we can't expand our offering. We simply need to be creative and strategic about how we move forwards with new ideas.</p> <p>According to wikipedia, "a strategic partnership is a formal alliance between two [or more] commercial enterprises..." That sounds pretty straightforward. 1000Ventures.com describes partnerships much the same way, giving particular emphasis to the principle of all parties to the partnership working toward a common purpose. Of course, in any partnership, personal, business, or strategic, there are risks, rewards, and work to be shared. Strategic partnerships allow us to leverage the 80/20 rule to our advantage. Accepting that 80% of our results come from 20% of our efforts, it's in our best interest to share the remaining 80% of our efforts with those who can get their 20% of results from it. This is a prime example of synergy in business. If you have an idea that provides value to your customers but is outside the realm of your domain expertise, find a domain expert to partner with in fulfilling the idea. Sure, you'll probably have to give up most of the reward in exchange for your partner doing most of the work, but you both gain in proportion to your contributions and in excess of the total increase in effort.</p> <p>More to the point, virtual enterprises are quickly growing to replace the traditional monolithic corporation that in-houses all activities. Establishing partnerships to leverage opportunities and resources positions smaller businesses to provide the breadth and depth of solutions necessary to compete with, and eventually overtake, established monoliths. An about.com article on "Increasing Business with Strategic Partners goes into greater detail on this topic. As small business owners and independent representatives of larger firms our strength is in our dedication to a narrowly focused set of activities. So leveraging the strengths of our entrepreneurial brethren is key to growing and competing effectively.</p> <p>Strategic partnerships allow us to remain focused while simultaneously exploring the ideas that often harass entrepreneurs. Embrace the unique power of your position and the opportunity it presents to offer your individual service or product better than anyone else. Leverage the opportunity inherent in your fellow business builders by establishing relationships to share ideas, effort, customers, and inevitable risks. Pursue synergy through strategic partnerships and place yourself ahead of the pack while better and more effectively serving your friends and customers.</p> 2009-01-23T19:43:29Z 2009-01-27T22:48:44Z -12.37 305 2917 true 4 6479 get-strategic 0 2009-01-27T22:48:34Z 2009-01-27T22:48:34Z

Have you ever had a BRILLIANT idea that you KNEW would fill a need with your customers but had no way to make it happen? Many of us either don't think of or dismiss the solution too readily.

0 2009-02-24T09:48:49Z