Starting a business is tough. It is even tougher when you are looking at creating a business that operates at an international level. Without missing a beat, Chris replied, "I don't know any entrepreneur who hasn't failed at something at one point or another. The problems I incurred early on not only provided the momentum for crafting solutions, but were necessary in that it paved the way for my future successes and made me truly appreciate it all the more.
Understanding that obstacles are something that people face no matter what business they start, Chris shared 4 of his deepest insights on how to overcome them and get ahead:.
Finding a solution to a problem is the first step in building a successful business. First you become aware that something went wrong and then you begin to figure out why.
Chris Folayan started his company MallforAfrica on that premise. For years, Chris traveled from the US to Nigeria with suitcases filled with merchandise his family wanted, as they were unable to purchase the items online. During one of his last trips to Nigeria, Chris tried to bring 10 suitcases with him and was refused by the airlines for exceeding the limit. Recognizing the enormity of the problem and the need for a solution, Chris built a system that now allows Africans to purchase merchandise from over retail stores in the US and UK.
Although an uncomfortable situation to be in, don't shy away from critiquing yourself and your team as it is an integral step in building and sustaining a successful business. With all problems come disappointment.
An emotional roller-coaster effect built on the repetitive concept of should have, would have, could have will never get you anywhere. The rollercoaster will keep moving whether you are on it or not. Instead of being disappointed, focus, regroup, then execute better the next time around. Most successful people have always found ways to turn their failures into successes.
Their background stories reflect resilience, as you never know what your failure today will lead to in a few years. But one thing is for certain, taking a problem, creating a plan that fixes it and then using it to your benefit can only make you stronger.
Sharing the challenges and failures you have incurred will show others that you are human, resilient, ready for change, and display a level of maturity that is beyond complementary to any business.
Investments are made in people who have learned from their mistakes because they made them stronger. The main reason recent graduates are not hired immediately into top management is because experience hasn't taught them yet. So take those failures and stories and use them to improve yourself and build that path to eminent success. Have you had to overcome challenges when growing your business?
How to Break Barriers to Market Entry
What kind? How did you overcome them and what did you learn? I'd love to learn more.Posted by Dynamic Language on December 09, Going global is usually a worthy endeavor, but it does bring with it some challenges. If you are interested in taking your business globalit is crucial you have a plan in place to address some of the main hurdles you will need to overcome to succeed.
We've outlined 8 main challenges for companies going global that will help prepare you for global expansion. The Physical Distance Although you may have the Internet and telephones to communicate overseas, nothing is quite the same as being there in person to talk to your prospects and your distribution partners, not to mention costs related to freight, logistics and shipping.
Unfamiliar Cultures Do you know the most common behaviors in the country you are looking to expand into? What about the way in which people interact with each other in a social setting? Overcoming this cultural challenge is important for taking your business global so that you can assimilate with the people who will become your customers. Learn more about Cultural Consulting Services 3. Mastering Marketing Are you familiar with the buying process in the country that you wish to expand into?
Learning the best way to reach your prospective customers is an important element of taking your business global. This will allow you to establish the kind of customer base that is necessary to be successful with globalization in the long term.
One key ingredient to successful global marketing is transcreation. Transcreation will allow you to adapt your marketing content to a new foreign market.
Organizational Communication The way team members handling your globalization efforts communicate, report, and track their efforts will have a big impact on how well you can succeed at taking your business into foreign markets.
You need to have an effective system and set of protocols in place so that company leadership can keep tabs on what is going on with your international expansion since they will not be there to manage in person. Tariffs and Export Fees Most countries have some type of tariff or fee that is charged to companies bringing goods into their country. You need to know about these tariffs so you can incorporate them into the financial planning element of your globalization plans. Also remember the legal side of globalization: you may have to pay different kinds of fees depending on the shipping and logistics laws in place in that specific country.
Human Resources When taking your business globalit is important to consider how you will meet the manpower requirements for operating in a foreign country. You may need to hire new team members which will require an additional investment.Thanks to the Internet and the globalization all boundaries started to disappear in the trading and business world. For any size company it is becoming much easier to reach new markets, and customers to sell their products, as well as locating vendors. Even though it sounds like there are endless of opportunities; international business has many challenges.
Especially if it is a small or mid size businesses, you are taking a bigger risk than you think. There are many obstacles when going global.
Here are the top 5 challenges that small businesses may experience when doing international business:. Importers and exporters must be aware of international laws. Some products may be banned in some countries and even though you may not be aware of these restrictions, your company will end up in trouble if you ship those products.
Cost: This is one of the key factors that will drive you and your company towards international business. You must calculate all possible costs that may be incur.
How do you get the products delivered in the most economical way? This is the question that you must find the most accurate answer for. At the end of the day if the total cost will be more then your expectation you may reconsider taking the risks of opening your door to international business. Successful communication is the key factor in everything in our lives, and if you can not communicate effectively — how do you expect to sell or buy the correct products in the right amounts?
The transactions may not go as smooth as you would ideally like it to be. Your relationships with people from other cultures are enhanced when you are aware of cultural differences such as communication styles, religious beliefs, power structures, and attitudes toward time and work. Countries may have different payment methods that are locally popular, but may not be commonly used internationally. In order to secure your business always select the safest option for you.
The currency exchange rate is also of importance. You must be aware of the currency exchange rates at the time of buying or selling your products. Drastical changes on the exchange rates may hit your business.
We all know that every penny counts for small businesses, so why risk it? Choosing the Right Shipping Method: How to ship the cargo in a timely, safe and cost effective fashion? These questions may seem complicated if you are new to the shipping industry. I think there is no one right answer to this. As a small business owner I highly suggest you evaluate all these elements and look at your business and your market, as well as the risks and opportunities.
Feray Yuksekbas Kavas was raised in Turkey. As soon as completed this program she started to work with MTS Logistics. Next Thanksgiving at The Bowery Mission. About The Author. Related Posts.Deloitte Tax LLP offers clients a broad range of fully integrated tax services. Their approach combines insight and innovation from multiple disciplines with business and industry knowledge to help companies excel globally. The Deloitte global network advises on a broad range of tax matters impacting business and the global effective tax rate.
Expansion outside the US presents exciting opportunities to tap new markets and build business. At the same time, it places new demands on the organization and challenges resources and knowledge bases. Deloitte Tax LLP is hosting a half day briefing on the critical financial, tax and legal factors to be considered when expanding outside the US. After this educational, dynamic session, attendees will be well equipped to manage the challenges and pursue growth plans. Topics that will be addressed include:.
Deloitte invited business colleagues for a unique opportunity to gain information and insights from international tax specialists who work every day with the issues and challenges encountered in international business.
It was also a great opportunity to meet and share perspectives with your peers at other Greater Philadelphia companies engaged in international expansion. Held on June 27, it was a free educational session about how to overcome the challenges, mitigate the risk, and achieve international expansion growth goals successfully. Distinguished presenters included: Richard S.
If you were unable to participate in the session but are interested in the topics discussed contact the presenter listed above.A Minute With Matt - Overcoming Business Challenges
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Name required. Mail will not be published required. Leave this field empty. Upcoming Events.By: Pamela Hyatt. How does one maintain consistency in training while getting the message across to such a diverse group of people? We know the monumental differences in the way that cultures around the world communicate.
The use of specific words, body language, tone, and even the pitch of your message could be interpreted very differently, depending on the native culture and nationality of the individual you are speaking to.
Dynamic Language Blog
In addition to the cultural differences, Ray and Ennio had to prepare their groups to pass exams in 4 of the FITTskills courses in only a week.
Both instructors felt that with groups this diverse, the first item on the agenda should be finding some common ground to start from. Establishing mutual respect, though opinions and objectives may vary, was the first challenge.
My experience with the locally-engaged Trade Commissioners was very positive. I started in my usual way by asking them to tell me who they were, where they were from, what they did and what their expectations for the week were.
I tried to find something to use in what everybody told me, to make a connection with them and to try and figure out who the active people in the group would be. It turned out I had about 15 different nationalities in the room, all with different cultural traits and styles of learning. I had some participants who were used to the teacher being in charge. I had some who were very excitable and outspoken.
The rest were from a variety of cultures, and this meant that I had to think about all these things as I was deciding how to vary my presentation, in order to accommodate this. I also shared many of my own personal experiences in the field and they shared back and I told them that I was learning from them!
In short, I tried to show an understanding of their situation to build relationships with each of them. I was glad to see my group working together, particularly in the negotiating exercise we did on the last day. Ray felt it was important for him to address the first possible language barrier that his group would encounter — his own accent.
I told them about my background, experiences, goals and objectives for the week. I told them that I was from Liverpool, England and that if I spoke too fast, or my accent became too heavy then they should tell me and I would attempt to slow down. This was necessary because if I become very excited about what I am talking about I tend to speak quicker. In an effort to encourage participation and to utilise the experience in the room, I told them that I did not presume to know everything, as that was impossible, and if they did not understand what I said or if they wanted to add anything, then they should stop me and interject.
As a result, this became the liveliest group I have ever been involved with. We frequently paused to engage in lively discussions about the subject at hand, even when guest speakers were talking to the group.
So it was interesting to see how this encouragement affected the group dynamic. Ray and Ennio had tricks up their sleeve for ensuring their groups learned, understood, and retained the material they were covering. For Ray, his particular concern was making the material relevant and interesting to this diverse group.
I want to make the course as interesting as possible for the participants so I establish some criteria as to how I will present the material. The selection criteria that I used were; is the material critical to understanding the topic covered by the chapter?
Does it have some significance to their daily job? I am glad I chose to focus on the practical application of the knowledge being shared as that is what makes FITT training stand out from other international trade training materials. Ennio wanted to ensure his group was prepared for the types of questions they would encounter on the exams.
Test-taking can be difficult enough in your own native language. Imagine taking one in a second or third language. The participants came from a variety of countries with very different cultures and business practices. There were many interesting moments, and I made a lot of friends. I will end with one last anecdote.
At the end of the week long training, as we were all saying our goodbyes, I got probably the nicest criticism of my performance I have ever had.As the global village continues to get smaller, you need to be prepared to face differences between countries, markets, economies and human behaviours. International trade will expose you to unique challenges, and you need to answer the following two questions if you want to succeed:.
If not, what is my plan to get prepared? Hopefully your research will reveal any barriers to entryas well as whether or not they can be avoided.
If they cannot be avoided, then you are definitely better off choosing a different market at an early stage before incurring any additional costs in research or other areas.
Local distributors and agents can bring great value to your research, and can become your eyes and ears in a foreign market. At Canada Topp Co.
They discovered three elements which may negatively influence the product quality and acceptance:. We quickly modified the instructions to include information useful for that specific climate, and the distributor created their own catalog in their native language with illustrations to make it easier for the consumer to learn how to use the products without having to do a lot of reading.
This distributor was truly our eyes and ears in that market, which enabled us to take the necessary actions to succeed. Do a simple web search. You will be amazed at how much information is available for free and how much you can learn from it.
For example, if you are a punctual person, do not always expect the same from your customer in a foreign market. Expect delays in some countrieseven if your meeting is scheduled and confirmed.
My first meeting in a foreign market was scheduled for 10a. I arrived 10 minutes early with a team of engineers only to learn that the CIO had left the office a few minutes before we arrived because of another meeting with his boss which he forgot about.
I was informed that this is normal and I am bound to face similar situations almost daily, so I better get used to it. Some cultures value punctuality, and it is considered disrespectful and indicative of a lack of interest if you are not on time for your meetings.
It is fair to add that some of the foreign customers I dealt with learned to adjust to my style of being punctual, and treated me with the same respect. Prepare yourself to say no and walk away from the deal. Do not do something behind closed doors that you will regret afterward.
More importantly, you need to follow the laws of your own country. Finally, if bribing someone was the reason you won the business, then you are easily replaced by someone else who is willing to offer more. Building a long and lasting relationship is fruitful, but it needs to be based on trust and an understanding of the value each party brings. This is especially important in international trade due to the cost and effort associated with foreign market entry.
For example, at my company we always seek long and lasting relationships with qualified distributors who can serve our global brands. In the event that we get a request for a one-time sale, we attempt to turn it into an exclusive contract, but if they are not qualified, the sale is refused.For even the most accomplished U. Not surprising when you realize just how few US Not surprising when you realize just how few US companies actually venture abroad.
The U. And, of U. Already, small and medium-sized companies account for 98 percent of U. According to the USDOC, these companies can expect faster growth in sales, more job creation, higher earnings, and less vulnerability to economic downturns than non-exporting firms experience. Most will start by taking the strategies and tactics that have served them so well at home and scaling them for international use. You, on the other hand, can spare yourself or your client this costly detour if you address the eight differences outlined below.
Although international marketing operates off the same core marketing principles as domestic marketing, it is fundamentally different in practice. The eight areas outlined below reflect 24 years of dealing exclusively with international marketing.
They summarize the most common pitfalls that snare marketers as they venture outside of their home markets or to foreign markets. Good marketing communication does more than convey information.
It motivates and inspires. These are often the first attributes to be killed in translation.
International Business Challenges in a Globalised World
To reduce this risk, create in English, then adapt not translate into required languages in such a way that your message retains its motivational power in addition to reflecting local grammar, usage, and culture. That is guaranteed to suck the life right out of your copy in all its languages. Culture Compensate for culture.
In addition to language, the wider cultural and behavioral aspects should be understood and reflected in all aspects of the strategy and execution. The concept around which the communication is based must be culturally relevant and acceptable in all markets. It helps to have a methodology in place to understand local markets and to conduct cultural and linguistic checks.