Building successful joint ventures requires careful planning and execution during the launch phase. Common mistakes include lack of commitment of resources, strategic conflicts between partners, and missed operational synergies. Key challenges are creating strategic alignment between partners, establishing an effective joint governance system, managing economic interdependencies, building a high-performing organization, and putting together a capable management team. Attention to details like goals, resources, controls, and communication are critical to address these challenges and get the joint venture off to a strong start.