70 • 100 GREAT BUSINESS IDEAS
In practice
- Avoid any unethical or illegal business practices that can be
associated with corporate partnerships, such as price fi xing. - Assess, in depth, the specifi c terms and implications of the
partnership agreement. Will your partner get more out of it than
you, and is it worth your while? - Be wary of forming partnerships in situations that will allow
your rival to benefi t at your expense, gaining the resources to
out-compete you in other areas of the industry. - Structure and plan the partnership process carefully—
negotiation, communication, and integration are vital, especially
in the initial stages of an alliance. - Be ready to expand the alliance to a range of other companies
when desirable to do so.