As your joint venture has to compete in its
market for people, customers and capital, its human resource, pricing,
service, financial and other policies
must be tuned to that market. "The resources
you place under the control of JV should be only those that are unique to it
needs. To minimize costs, all else should be drawn from your firms or bought
from outside," says Jordan D. Lewis, the author of Trusted Partners.
It is often tempting to take short cuts because
of resources constraints and
the need for speed. Nevertheless, if you wish to minimize the risks
inherent in an international joint venture, you must manage the processes with
great care. And
never fail to do a diligence research on your prospective foreign partner.