Deciding when to go global is considered as a tough call for the entrepreneurs. They may however be tempted by the opportunities which are provided in the hot markets like China, India or Brazil, but they could however result in risk venturing abroad before they’re thus fully prepared.
Here are some of the key questions which one must ask before going international:
Have I built a solid foundation at home?
One must make sure that his business is stable on a day-to-day basis before however pursuing the overseas markets . The companies are also required in order to have the distribution which is thus running smoothly enough so that they are not required to focus on it constantly.
Do I have the bench strength for the international expansion?
One will however need in order to assign one or two senior employees to the international effort. So, one also needs to determine whether one can however afford to move people from their current responsibilities, as well as also whether they bring–or can either quickly develop–the necessary skills for the overseas sales and marketing.
Will one find the talent which one needs in another country?
If one decides to expand, finding a local talent can be considered as a challenge. Some of the countries simply do not have enough of the skilled labor which the companies may need. One will also be competing with the established companies that however know where to find talent and also how to recruit the local candidates.
How is one required to adapt to the local culture?
One is however required to put his marketing message in the local language and should also make sure that the meaning translates correctly.
Has one sized up the local competition?
Understanding the competitors abroad can however provide insights into how–and also whether–in order to expand. But many of the companies generally don’t take time in order to figure out whether the similar products and the services are however already available in a new market and as to what they would also need to offer in order to compete successfully.
Does one need an international partner?
For the many companies, it’s also critical in order to find a local partner when they are expanding overseas. Partners can also helps in order to facilitate sales, while keeping the costs down for the home office.
Today, also a host of the foreign-based organizations are however attracted in order to mark their footprints in India Inc for one of the the most obvious reasons which is abundant availability of the resources, cost-effective manpower and also to ease in doing business.
The purpose of this article however is to mention about the challenges which the overseas entrepreneur face in india .
With reference to the 2017 World Bank Report , India lies on 130th rank, which is however a level up from what it was in 2016. This also clearly implies that the rise in the number of the lucrative opportunities are thus luring the various foreign-based organizations in order to start the businesses in India.
Unforeseen challenges are considered as a part of the entrepreneurial journey . However , some of the problems faced by the overseas entrepreneur in india are :
1. Regional Policy Hiccups
Having worked within the smooth and the favourable policy framework in the world’s top economies like the US and France, entrepreneurs thus often find it tough in order to deal with the time-consuming procedural work when they however come to India.
While working on the projects in India on several occasions one is however asked in order to bribe the government officials in order to clear the penalties for the purpose of sending the raw materials from one place to another.
2. Lack Of Awareness And Education
“When any entrepreneur starts in India, lack of awareness is one of the major challenges which they are required to fight against. People however have no knowledge and information about the product which the entrepreneurs sold in their home country . Genrally the sector in which they deal is struggling in order to cater to the needs because of the missing access points for the people to know about the product they deal in .
3. Lack Of Vision Towards The Leadership Skills
Initially, it is generally very difficult for an overseas in India. One of the challenges was the struggle which the entrepreneurs have to face in getting the quality leaders. One is also required to invest on the quality people and also evaluating them on the basis of their nature of job.
4. Tax and employment regulations
Also , When one is conducting the business overseas and also hiring the overseas workers, one is required to be aware of the international tax complexities that however come into play. Countries thus have different regulations about the benefits, vacation time, sick leave, and also the other employee accommodations necessary. Non-compete agreements may however not be considered as legal or one may also also find oneself dealing with the unfamiliar union regulations.
Further , is is likely going to take one six months or more in order to find a location, learn about the employee regulations, and then hire their first employee.
Thus , Many of the entrepreneurs have identified the international expansion as a critical component which is a mark of their overall growth strategy. Many of the countries, even the developing ones, however take a positive view of the expansion of U.S. companies into the global markets via modes such as partnering, alliances, franchising, licensing, distribution and the local branches. Not only is it thus considered as a way in order to import the U.S. products and the services, it’s thus also a readily acceptable source of the technological development and the system support. Taking your company overseas can however introduce American know-how to a fledgling business community which is however done in a cost-effective manner.
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