So, your dream business has finally taken off. You are meeting new clients, making profits and creating meaningful partnerships. The fulfillment is great! You feel worthy again, and going global seems to be the new agenda.
Expanding your business has many rewards and many entrepreneurs desire an international presence to keep pace in the global world.
Putting your business on the world map can be quite the stress. Yet, you need to look at the broader picture.
Here’s how to build a global empire.
1. Going global means thinking global. You have to think it to achieve it. Think of the unique market opportunity. Think of the technological advantage. Think of profits. To become a global entrepreneur, you must establish an international vision. Draw a business plan. Outline all the goals you set out to achieve.
2. Identify and leverage your core competencies. What is your niche? What do you intend to sell? How do you want to be known out there? These are key questions that should shape the global business venture.
3. Acquire international skills, knowledge and experience. Learn as much as you can. Travel the world. Your individual global experience will help you identify opportunities in the new market. The market is polarized with people who have more qualifications than experience. Learn from your failures and bring them to bear on the business. Global awareness will help you to adapt and create innovation in unique situations.
4. Prepare to enter new markets. New markets require a lot of assessment. Assess opportunities and risks. Focus particularly on known markets where raw materials and labor are available. Are market conditions favorable? Evaluate the cultural, political and legal environment, the economy and distribution channels. Develop the correct entry strategy.
5. Create profitable partnerships. Networking is one sure way of getting your business out there. Learn from the failures of others, and partner with foreign entrepreneurs to expand your business.
6. Use the resources available to you. Have the make-do-with-what-you-have philosophy. Put the resources available to you to good use.
7. Timing is everything. Know when to strike when the iron is hot.
8. Make a total commitment. The global reach is not beyond your reach. Commit yourself wholly to making it happen.
By Brenda Lutterodt|TV3|Ghana
Twitter: @NewsonTV3