From the course: Strategic Partnerships
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Step 2: Choose your partner wisely
From the course: Strategic Partnerships
Step 2: Choose your partner wisely
- Once you know why you need a strategic partnership, step two in your planning should be to choose a partner wisely. This is easier said than done because you'll have to negotiate with your choice to see if you can make a deal. A partner you want, maybe doesn't want you, or you may fail to agree on the terms of the deal. So before you jump into those negotiations you should make a list of several partners and the pros and cons of each. You may be surprised at how many well-meaning executives skip this step of making a list. All too often, companies jump into a partnership head first and neglect to evaluate the alternatives. So to avoid this trap, use a simple tool to estimate your fit with various partners. Start by making a basic table. In the rows of this table, you'll put the criteria by which you rank your choices. The columns in the table, will show how different partners fulfill your criteria, so you can compare them with each other. In reality as you work through your options,…
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Contents
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Five steps to a good partnership2m 21s
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(Locked)
Step 1: Know why you need a partner3m 21s
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(Locked)
How many partners do you need?2m 52s
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(Locked)
Step 2: Choose your partner wisely3m 54s
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(Locked)
Why chemistry is not enough3m 35s
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(Locked)
Step 3: Set partnership terms3m 25s
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(Locked)
The partnership spectrum2m 50s
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(Locked)
Step 4: Manage partnership life3m 53s
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(Locked)
Alliance management as a job3m 20s
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(Locked)
Step 5: Earn your share3m 48s
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(Locked)
Be the MVP2m 50s
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