Business Opportunity in a Globalized World
By Jack S.Katz
A little more than 500 years ago, the lure of wealth and fame made Christopher Columbus the first person to establish permanent trade between the old world and the new. Globalization is not new. Trade between countries has been going on for thousands of years.
Today those wanting to venture into international business for the first time will face the same challenges and uncertainties that Columbus experienced on his journey to the New World. Just as America saw the East to West expansion 150 years ago, the ‘BRIC’ countries of Brazil, Russia, India and China are expanding by modernizing using the tested knowledge of others. There are hundreds of small to medium sized businesses that have over the years expanded internationally paving the road for you. Most began the process by taking their business to Canada or Mexico. Depending on your product or service this could be a good place to start and takes less effort than planning and overseas assault. Your goal is to identify the global trends and opportunities specifically for your company and act upon them.
Every market has unique characteristics including language, customs, and traditions that must be appropriately understood to communicate the right message and encourage the sale of the product or service. When a product or service is marketed globally a company needs to cater to the tastes of the local consumer. In the case of McDonalds in Japan, their menu includes fish and miso items not found on mainland US menus.
The historical challenge for any business is to find new ways to grow product sales and increase market share not only in the local market but on an international scale. Messages that sell product, share knowledge, create awareness or convey a need are now able to reach with ease any consumer anywhere in the world.
For the U.S. business that believes their market is impenetrable, competitors are emerging in every industry sector. These days any job can be outsourced. Global market insight and product knowledge is the only continually reliable competitive advantage.
Keep Your Bags Packed
It is important to recognize that innovative ideas travel well. A global outlook is required just to keep pace with foreign companies quick to copy your ideas. These companies are ready to enter new markets just to survive which in turn would weaken your product sales.
Networking with foreign chambers of commerce will only get you so far, entrepreneurs need to get out and explore new markets first hand. The demands for growth require that insights be drawn from a deeper, broader and richer experience. These insights must then translate directly into meaningful action.
For the entrepreneur and small business, the entire world is now within your reach in ways that weren’t possible before. Venturing into the arena of global trade presents both opportunities and challenges for the entrepreneur and small business.
Are You Ready?
What makes an export-ready business? Simply put, the business has a marketable product or service as well as the capacity, resources and management commitment to compete on a global scale. The trick is to figure out whether this is true of your company – and if it isn’t, how to make it happen. Your future just may depend on it.
About the Author: Jack S. Katz author of Competing for Global Dominance: Survival In A Changing World http://tinyurl.com/26gf2kd is the CEO of Novusglobe LLC, www.novusglobe.com an international business and market development consultancy and research company. He founded the firm after three decades of successful executive management for several well-known international corporations.
Identified as one of the ten top people to know by Technology Decisions Magazine, Jack is noted for his knowledge and delivery of technology and business solutions that have had a dramatic impact on the bottom line of global companies. He is in frequent demand as a keynote speaker for professional and technology organizations and has delivered talks on three continents.