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Careful measurement and management of your partnerships can protect entrepreneurs from entering into agreements with the wrong strategic partners, and it can provide a sound basis for making the most of productive partnerships.
For effective strategic partner recruitment, the author recommends an eight-step plan, which includes identifying your target market, developing partner selection criteria, and developing an alliance plan with a selected partner.
After years of bumps and bruises acquired in partnering his small firm with large ones, the entrepreneur shares his lessons learned along the way. He outlines a five-step partner consideration process, which includes researching potential partners for proper fit and using your small size to your advantage.
When getting ready to engage with a strategic partner, entrepreneurs should enter into a written agreement when working with these partners to ensure, among other items, the proper assignment of invention terms and various representations and warranties.
In selecting a strategic partner for your company, do your homework first. With United Stationers as a partner, Paula Jagemann was able to grow revenues $0 to $18 million within eighteen months, deliver top customer service, and generate a high percentage of repeat customers.
The entrepreneur recounts how his firm went from being one of 50 tactical suppliers for a large firm to joining its exclusive club of strategic partners. The key: first understand these large firms' challenges and deliver solutions that would transform their businesses.
Quality public relations is not a tactic but is an essential part of entrepreneurial success. Investing in public relations builds "return on reputation" (ROR) along with your products' "return on investment" (ROI) to build company value for the long term.
Most entrepreneurs at some point experience crises in their businesses, which require crisis communication strategies. The key is developing a crisis management strategy that is up-front about the problem at hand and also focuses on maintaining the firm's long-term viability.
Participating in trade shows is a significant way to earn press coverage and publicity for your company. This author provides a nine-step plan to execute a solid trade show presence, such as meet with media at the show and allow attendees to demo your product or service.
If you're building a company for growth, don't ignore public relations but don't overdo it. The author says PR is much more than press releases-it's also about building relationships with investors, industry experts, and reporters to educate them about your product and industry.
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