Here is How You Can Take Your Company Global
The success of every venture is more or less dependent on how scalable is your business model. But with time, your scalability is coming to a dead end as the market becomes stagnant.
However, considering how ambitious entrepreneurs are, market stagnation can’t stop them from growing. Which is why experts often advise entrepreneurs to look beyond the domestic market and start working on developing their secondary market.
With players like Zomato, Ola, Practo and OYO heading to test the international, the ball has just begun to roll for Indian entrepreneurs. But going global isn’t a cakewalk.
Here are some of the issues you are likely to face while you set up your foot on a foreign ground:
From people’s eating habit to their working lifestyle everything changes from a country-to-country and continent-to-continent.
Therefore, while going global, an entrepreneur must remember that culture of the new market will not be in line with their home market and this will have a direct impact on the business model of the company.
Did your home market bless you with the first mover advantage? Well, thank the gods because it is not going to be the case with your new market.
Entrepreneurs should expect a fair amount of competition, not just from local players but also from international players.
One must evaluate both direct and indirect competition and develop a short-term and long-term strategy in place to deal with it while setting their foot in newer markets.
Employees can make and break a company. Hence, no wonder behind every successful company, there are its employees who have worked day in and out along with entrepreneur and have breathed his/her vision.
But once you global, how do source the right talent? How to develop the right workplace culture? How do you motivate them? More importantly, how do you ensure that work is done?
If you are a part of the company which is looking to go global and has the same issues mentioned above. Well, you are at the right place and the right time.
Join us at the Entrepreneur Show 2018 and hear it from the horse’s mouth! Ritesh Agarwal, Founder, Oyo Rooms.
Oyo has said Ni Hao to China! The hospitality startup has launched its services in Shenzhen, China and has already opened eight hotels. This is Oyo’s second international venture after Dubai. Know how Agarwal did it!
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