How to become a successful business man
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Top Five Lessons from Business Giants for International Expansion
To expand your business internationally and emerge as a successful businessman, there are 5 lessons you can learn from leading business giants.
When it comes to international business expansion, cultural differences have a major role to play and needs to be considered well. Remember, what goes down well at home may differ in foreign market while expanding your business overseas. Read now more about successful business leaders and lessons from their entrepreneurship skills.
Five lessons to learn from the successful business leaders:
Thorough Foreign Market Research
Many businessmen plan to take their business overseas for fast and good returns. Before you go ahead, you must read the prospects of foreign market thoroughly. Analyze the scope for your product; existence of local competitors. On top of that, you must consider local customs and regulations and how the expansion may affect your business later on.
Have you heard about Taco Bell’s success in South Korea? If not, let us tell you it was an ideal example of utilizing effective international business strategy during international expansion. Initially, he failed to bring Tex-Mex to Asia, then they struck gold after identifying several factors which made South Korea a worthy market to do business.
As a whole, it indicates that analyzing the market and assessing your brand proves to be a beneficial strategy. With this, you can predict brand’s performance and employ best suitable international business strategy accordingly.
Grab Local Knowledge
Besides being familiar with the target market’s language and country, one has to possess local knowledge as well. Suggestions from local experts would act as a savior for your business while introducing your business internationally. Without proper knowledge, there may be issues like mistranslations and bad decisions.
For example, the main reason behind Walmart’s failure to expand into Germany successfully is that the company did not listen to the locals carefully. Otherwise they could have easily told the US retailer that German shoppers like to go for small-scale shops. Basically, they did not consider foreign customs, regulations and culture thoroughly which ultimately leads to their failure. At last, it will make you analyze the fact that working with local experts is an ideal strategy.
Work With Proficient Team
In order to expand your business globally, you must work with proficient team on the ground. In this way, you can easily learn the tactics to gain strong command over local market.
The concerned strategy is doing wonders for Coca Cola. If to go by the statistics, the company derives 80% of its sales from outside the US and is available in over 200 countries.
Build Trust upon Local Culture
Undoubtedly, different cultures, customs and habits have a major role to play during international launch. One should never overlook local culture completely. Take eBay for example, they wanted to conquer the Chinese market in 2004.
But they opted out of the Chinese market within two years because they could not understand the guanxi-social connections in a way the business is done in China. To be very frank, Chinese buyers wanted to make direct contact to the sellers rather than going with other users’ reviews.
As their one more attempt to succeed, they preferred local competitor Taobao which holds an instant messaging function. They learned lesson on time and successfully re-launched in China. After that, they focused on helping domestic sellers’ market their products to international consumers for whom guanxi is not a concern.
Adaptation to Foreign Market
Obviously, you need to adapt your business as per the demand of foreign market. Keep in mind; you should never go beyond recognition. All you need to learn is just maintain the right balance between local markets and still holds a strong brand identity globally. This is something what the Subway franchise has tried hard to achieve over the years.
In a nutshell, it’s better to learn lesson out of the above examples of biggest businesses and have a successful journey ahead!!!
Shruti Mahour is a professional writer at top translation company TridIndia Translation. She has almost 5 years of experience in language translation industry and love to spread ideas about the translation tips, strategies, trends and advices to help or guide entrepreneur, translators and translation companies.