Building a business in your country is one thing, taking it abroad is another challenge. It is a challenge that is hard to fathom. Few companies in India have been able to take their startups beyond Indian shores. What is the framework to analyse the factors that one needs to look at in order to be able to take your business overseas.
The talk focuses on the establishment and development of business overseas and the factors to keep in mind while doing the same.
Michael Marks himself has lived and worked across 5 continents and has done business in over 50 countries.
The challenges of taking your business international are not only capped by market dynamics and demands but also by the political landscape of the country as well as the customs and traditions of the country. It is very important to keep this in mind when considering expansion internationally.
One of the anecdotes that was shared was that, in China, you would never come out of a meeting thinking that the meeting went badly. All of the First meetings seem to go well, because people do not wish to offend you or come off as brash and aggressive. But the outcome does not always match the way in which the meeting went. Someone who is new to China would often be surprised by the outcome of their meetings.
Understanding such cultural nuances before entering a country is very important to make sure that the entrepreneur is not wasting their time chasing goals that may not be possible to achieve.
Also, many startups tend to have a great deal of flexibility in the manner in which they operate. They tend to adjust to the changing needs of the market. This approach has to be left aside when considering international expansion. International expansion is expensive and barring pure SaaS products, expansion usually comes with associated costs. It would be unwise to venture without truly understanding a market.
Tune in and hear the entire talk by Mr. Michael Marks.