Written by Nidhi Ann Raj for Gaebler Ventures
When existing companies think of entering into the global market, entrepreneurs stand a better chance if they think globally from the beginning, so that they do not waste time and money on redesigning their products to meet global demands.
Globalization is an ongoing economic activity, a short hand way of interlacing various stages of production and distribution across the world.
Gone are the days when entrepreneurs were advised to start small and conquer the local market first before spreading into foreign markets.
As companies strive to create a global, free market for their brands, it is a no-brainer that as an entrepreneur, you need to start thinking globally for your brand in its early stages of development.
Of course, there may be a few hindrances to doing so, especially as an amateur. Language, culture, finding the right partners, finance and many other parameters act as barriers and prevent start-ups from growing globally. It can seem like beginning to run before you learn how to walk properly.
But, in today's business scenario, that is no longer the case. In an era when even well established firms are thinking of means and measures to market their brands globally, it is relative easy for newcomers to enter the global market.
All that is required is to come up with ideas that can be understood and accepted by people of various countries and ethnicity. At the core, that is what it takes to ensure that they will become your customers.
Advantages of Small Businesses Going Global
Although globalization is risky, it has a set of advantages from an entrepreneurial point of view. It gives you a chance to try your brand in new places, with new people, thus giving your company and its offerings more publicity.
By getting foreign customers, you increase your chance to network outside the local circle, thus improving upward mobility. The diffusion of various ideas and the understanding of various target markets help you to make better business decisions and assemble the best talent around the world.
Moreover, by introducing a new product into the market, you become the innovator and hence the market leader of that product, albeit in a modest manner.
With a diversified set of countries in which you do business, you are freed from the red tape drawn by any single country's laws and regulations that would hinder your business.
If your business fails to flourish in your home country, there is no reason why you should give up. Simply try another market with a different strategy!
How Small Businesses Can Go Global
There are many ways to internationalize your vision and activities.
You may need to think from a global perspective from the very beginning. Choices you make regarding your products, brand names, mission statements, advertising and marketing plans all must be made keeping in mind the sentiments of various cultures and countries.
It is a good idea to modify your products to suit the needs of the local market. Advertising, too, is more effective if it is more personalized to the needs of the target market.
Another way to go global is through mergers and acquisitions with similar firms in other countries.
Whatever be the means, the bottom line is that early stagers should not be afraid to tread on unknown markets simply because they are new to the game.
Thinking globally will help your brand to be a universal market leader faster than you can ever imagine.
Nidhi Ann Raj is a gifted writer who is currently pursuing post-graduate studies at George Brown College in Toronto Canada, where she is specializing in Marketing and Finance.
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