Trouble In (Business) Paradise?
A sea of makeshift tents and homemade signage pepper the tree-lined park nestled in this sprawling metropolis. At times, the scene resembles a rock-and-roll concert, except this crowd is protesting an oppressive bureaucracy and overblown police response to their demonstration. All around the world, the media buzzes with updates on these occupiers. They are not located in New York’s Zuccotti Park– or even in America at all. No, this disgruntled group of roughly 5,000 demonstrates in Turkey– one of today’s hottest emerging markets.
In my book One Hundred Pennies, I identified the need for small businesses to be more adroit at capitalizing on new global markets. And in the midst of the current rallies in Istanbul, it becomes even more important for business owners and aspiring entrepreneurs to understand the complexities of breaking into these new territories. Note the following basic tips on crossing the ocean in pursuit of business opportunities:
(1) Know the key players. China and India have long been touted as the emerging markets to watch. But there are several new kids on the block, and they’ve brought their spending dollars to play. (See tip #5 for more.)
(2) Become a culture curator. Ameliorating your business to people in foreign nations can be tricky business in itself. You must learn to adapt an appreciation of the differences between your neighbors and the consumers you wish to woo. (See tip #5 for more.)
(3) Root out your resources. While for some the U.S. Chamber of Commerce and subsidized national loans remain the easiest option for doing business in new markets, there are far more efficient ways to carry your company overseas. (See tip #5 for more.)
(4) Decipher the setbacks. I’ve mentioned the importance of preparing properly for your personal and professional affairs on the show before, and it’s worth mentioning here again. There are legal hurdles that you may have to surmount in order to break into the burgeoning emerging markets. Know what they are before you venture out. (See tip #5 for more.)
(5) Listen to One Hundred Pennies on AM970 The Answer this Sunday at noon ET. I’ll be discussing each of these topics in depth and answering your questions about business and entrepreneurship with America’s leading small business expert Steve Strauss and author/Wharton Business School Professor, Dr. Mauro Guillen.
So, join the discussion about the globe’s burgeoning new markets. Call 866-970-9622 during the show with questions and reach out to me on Twitter and Facebook today.
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