Final answer:
Joint ventures offer shared risk, market learning, and access to complementary skills, which can enhance management effectiveness, attract investors, provide tax advantages, and improve business efficiency.
Step-by-step explanation:
Benefits of a joint venture entry strategy include sharing of risk, a good way to learn about a new market environment, and another significant benefit which is access to complementary skills and resources. By partnering with local firms, companies can pool their expertise, knowledge, and assets to achieve common business objectives.
Such partnerships allow the sharing of responsibility and risk with one or more partners, where each may bring unique abilities to the table, enhancing the overall management and strategic decisions of the business. Additionally, entering into joint ventures can provide benefits like no special taxes, ease of management, ability to attract investors, and potentially increase efficiency in comparison to a sole proprietorship while maintaining the flexibility to make all business decisions collaboratively.