7 Keys To Global Business Success That’ll Give You An Edge Over Your Competition
Conducting business globally can be a tremendous boost to your business and your life. A savvy entrepreneur can find an entirely new market for their product or service and reap the benefits of global interconnectedness.
The successful international businessperson will discover that doing business in other countries is different than doing business at home. With careful research and planning, the leap to becoming a Global Entrepreneur can be exciting and rewarding.
Following these tips will help a budding Global Entrepreneur find success overseas:
1. Careful planning and preparation of an entry strategy – just like any business venture, success isn’t going to happen overnight. It will take multiple meetings, and probably multiple trips to finalize deals and details. Many cultures center business transactions on relationships and these relationships must be cultivated over time. Deal sourcing and closing is still “guanxi-based” – “only with people I know personally” or “through my network.” It takes time to find and build trusted networks and local partners.
2. Clearly understand the laws and government policies associated with foreign business activities. This is a lesson that many small business owners and entrepreneurs learn the hard way because of the assumptions that laws and regulations are similar to their home state or country. Be sure to get contracts and agreements in place early and make sure all details are very clear.
3. Think about starting with limited exposure by launching a trial project. This will provide a “taste” of doing business abroad without the time and financial commitment. Seeing positive results by starting small will provide momentum and capital to move ahead with another product or service or expand the exposure of the current project.
4. Research and understand how a particular industry works globally before deciding which country to do business in. Country Trade Commissions are an excellent resource for business information and can provide details that will help an entrepreneur make a decision about doing business there.
5. Successful business leaders begin to build their networks through social media and professional organizations prior to opening new markets. The strength of a network is key to the sustainability of an international business.
6. Attend global conventions and meetings for specific industries. This is another way to build a strong network and establish associations with others who have successfully built international businesses. Global conventions are sometimes held close to home and can be a great way to attend without extensive travel and associated costs.
7. Network, Network, Network. A smart entrepreneur establishes a strong network and then stays active in that network. Contributing to discussions, strategies, and providing support will build a strong foundation of contacts that can be called upon when needed.
Would you like to learn more about building strong world-wide networks you can depend on when taking your business global? Register today for “The Excellerated Business School for Entrepreneurs” event to be held November 11-19, 2013 in Malaysia and begin building your global team. Find out more at www.BSE2013.com.
To learn more about DC Cordova and Excellerated Business Schools, visit us at www.excellerated.com