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U.S. companies in Russia should invest early and move as fast as they can. Despite economic hardship the climate for international joint ventures in Russia has never been better. The country offers a cheap and highly educated workforce, inexpensive land, and abundant natural resources. According to a study of joint ventures attempted between 1989 and 1993, between 35% and 38% of the joint ventures consummated are already profitable or well on the way. That''s the highest success rate for new businesses in the world. Americans are deterred by the fact that most of Russia''s joint ventures never get off the ground. But their failure is less a function of business conditions in Russia than poor planning on the part of foreign investors. Potential investors can learn from the mistakes of their predecessors. The author offers insight on choosing the right location, choosing the right partner, designing the deal, befriending local leaders, compensating employees, and anticipating shortages.