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Going the entrepreneur way comes with its fair share of risks, and matters may get even more complicated if you plan to tap into the international market. Major global events like the Bexit impact and demonetization of currency can harm your business if its not prepared. Fortunately, success in this realm is not about who gets there first, but about how well you can execute and deliver. Doing some groundwork will prepare will for what lies ahead, while also minimizing risks you might face.
Think Local
Before entering any new market, take time to understand your competition, your target audience, as well as local rules and regulations. If your budget permits, consider hiring a local lawyer and marketing team. Pay attention to cultural practices and do what you can to bridge any divide. Do not expect people in foreign markets to understand your business ethics because they might work differently.
Not taking these aspects into account may well lead to failure early in the process. Even well established businesses have failed or struggled overseas on this account, with Walmart and Best Buy in China serving as classic examples. Target failing in Canada goes to show that entering even a seemingly similar culture does not guarantee success if you do not address this aspect.
Steer Clear of Corruption
Corruption is a problem in several countries, where simply getting through the initial legal documents might require that you grease a few hands. The practice remains illegal no matter where you go, and if you are found guilty, the consequences can be rather damaging. Good thing is you can get an indication of corruption levels in different countries easily. According to the Corruption Perceptions Index 2016, Denmark and New Zealand are the least corrupt nations in the world. Yemen, Syria, North Korea, South Sudan, and Somalia are at the bottom of the list.
Get Used To Different Time Zones
New York in the United States is more than 10 hours behind New Delhi in India. If you plan to succeed as an international entrepreneur, it is crucial that you rethink your typical nine-to-five workday. For instance, you might need to schedule calls at seemingly untimely hours. If you travel internationally, the time difference can result in jet lag. When in a new time zone, try to remain up until around 10 pm on the first day so your body clock may adjust to its surroundings sooner.
Get Enough Rest And Activity
Extensive traveling along with changes in time zones can lead to significant health problems, especially if your body does not get enough rest. Make sure you sleep enough, not at the end of the week, but every day. Include some kind of physical activity in your routine, be it running, swimming, cycling, or yoga.
Consider How You Make And Receive Payments
Banks and high street brokers dominated the international money transfer market until not so long ago. Now, you get to choose from a number of specialist fund transfer companies that are quicker and more cost-effective. According to Gav Smythe at iCompareFX.com, companies such as TransferWise and OFX “have changed the way businesses make and receive international payments, giving them the ability to bank like locals in various countries.”
Succeeding as an international entrepreneur might seem challenging at first. However, by believing in what you are doing, remaining true to yourself, and understating your new demographic, the possibility of success increases considerably.
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