Establishing a new business in an emerging market is not easy. However, there are a few principles that all businesses do when they are trying to establish themselves in a new and emerging market. These markets today are found in places like Southeast Asia, Eastern Europe, Latin America, and Africa. Depending on your business product, one of these regions could be more advantageous than another.
As with any business, it is essential to have competent management to run the business properly. In foreign markets, you must have skilled managers who know how to speak the local language and are able to communicate across cultures, as different locations may have different customs and cultural norms to which the business must adhere. If a business is unable to connect with the local populace on a basic level, it is doomed from the start. The foundation of any business, but especially in an emerging market situation, is a basic understanding of local consumer preference and environmental norms.
Heather Rome, of Development Alternatives, Inc. (DAI), is an international business professional with many years of experience connecting with emerging markets and cultural audiences around the globe.