Want to be a Global Entrepreneur? Here’s How You Can Do It

Jyotshana Rani

16th Mar'21
Want to be a Global Entrepreneur? Here’s How You Can Do It | OpenGrowth

Long gone are the times when entrepreneurs used to start small and then expand their business out from national borders gradually, maybe after 5 years, 10 years, or even more. For example, Johnson & Johnson set up its first foreign subsidiary after 33 years from its founding in Montreal in 1919. Sony took 11 years to export its first product, the TR-63 transistor radio to the United States. The Gap was founded in 1969 and opened its first overseas store in London in 1987, 18 years after its founding. But now, the scenario has changed upside down, and companies are now being born globally.

When you will look at a startup now, you will find that instead of collecting everything from their native place, they expand their boundaries and hire experts from around the globe. This is because entrepreneurs now have all the required information at their fingertips from the best suppliers, manufacturing locations, to investors and employees. And in the competitive world, entrepreneurs want to onboard with people who will provide the best service in the limited capital irrespective of their location. 

 

Global entrepreneurship

Global entrepreneurs are those who seek out and conduct new and innovative business activities like exporting, licensing, opening a new sales office, or acquiring another venture across national borders. And global entrepreneurship refers to entrepreneurship done on a worldwide basis. Globalization has changed the way businesses operate drastically. And the impact that entrepreneurs can have across the entire world is breathtaking. Moving out from your borders and becoming a global entrepreneur is a positive and profitable career move. The person who holds the title can be extremely wealthy, powerful, and treated as a role model. 

Source: Slide Team

Advantages of Global entrepreneurship:

  • You get the opportunity to grow the business in new markets.

  • You will meet new experts and talents.

  • Your customer’s reach expands.

  • You will learn the workings of foreign markets and compete with them.

  • You are less dependent on seasonal trends.

Any entrepreneur that takes their brand to international markets has the opportunity to impact the society by encouraging economic growth and creating new jobs.

 

Challenges faced by global start-ups:

  • The logistical problems and psychic barriers created by distance and by differences in culture, language, education systems, religion, and economic development levels. 

  • As startups already have so many various things to spend on and in such a situation, accommodating the world's various workweek schedules can be difficult.

  • Managing the different nations' political, regulatory, judicial, tax, and labor environments. 

 

Havard professor Daniel Isenberg in his research found that global entrepreneurs must cultivate four competencies. They are:

  • To clearly articulate their reasons for going global

  •  They must learn to build alliances with more powerful partners

  • To excel at international supply chain management

  • Must create a multinational culture within their organization.

 

Here’s How You Can Do It

Being a global entrepreneur is not a cakewalk. Various prominent companies took years to launch themselves in the global market. Now, when you are starting global, here is some advice you will need to succeed.

 

1. Understanding culture

You can not connect with the customers, investors, market until and unless you understand the culture of the country you want to work with. If you are not focusing on it, now is the time because no amount of business experience will help you succeed. For this, you can hire locals, and they will help you out of this. 

 

Visit the below links to know more about the role of understanding culture in business

  • Significant of culture for business

Understanding a country’s culture where you want to start your business or start a new venture is like learning a success tip. It helps you in effective communication and helps you in decision making. Read more.

  • How culture impacts global business?

Doing business Internationally does not only mean crossing borders, but also crossing cultures. Culture has a very different influence on people’s thinking, communication, and behaviour. Cultural differences in global business can create barriers that may impact your business drastically. Read to know the impact of culture on global business.

 

2. Think global

 

The surroundings you live in have a bigger impact on your thinking. In such a situation, before going globally, it is important to understand how your competitor thinks then only you can compete with them. If you are thinking to be global from the start, start by picking founding partners that are in the locations you want to be in. Onboard with people who understand how things work in that region, the challenges you may face, how fundraising is handled, among others. Consider collaborating with directors and advisors from different industries and different parts of the world.

After the covid-19 pandemic, people believe that remote work is effective and you can take benefit from it by collaborating with people across borders through Zoom, Microsoft Teams, and other Web conferencing tools in case you are not thinking of having an office in the country.

 

Recommended: Effective Video-based communications Methods

 

3. Check the availability of funding

In the last few years, several accelerators have undergone global expansion. For example, a venture-backed by Germany’s government called German Accelerator helps startups operate in Boston, New York City, Silicon Valley, Singapore, and various other places. So, before setting up your business lookout for such accelerators that can help fund their citizens’ ventures. 

 

 

Go through the below links to know more related to funding:

  • Source of finance for global business

Starting your business in the global market is very challenging. Among many other hurdles that entrepreneurs face, looking for financing sources is one major issue that diffuses the idea of functioning globally. Read more

  • Tips to secure funding from international investors

It is easy to get some good funding for your business from local investors because you know how to tackle them. But, this can be a huge problem when it comes to getting it from people who are new to you, i.e. international investors. Here are some tips to tackle them.

 

4. Focus on global needs

If you want to make a bigger impact, solve the problems that have a global impact. When you are solving a problem in your region, look for other regions where it can be beneficial as well. Zipline, founded in 2014 uses drones to distribute medical products. It started by delivering medical supplies from its distribution centers in Ghana and Rwanda. The company’s operation is now expanded to India, the Philippines, and the United States. The valuation of the company is more than the US $1 billion.

Another startup Brex, a financial-services company is one of the fastest-growing payment systems for startups. In 2019, Forbes reported that Brex had raised $315 million in funding and was valued at $2.6 billion.

Companies like Zipline, Brex came out with some interesting ideas which helped people both locally and globally, and that accelerated the startup expansion more quickly.

 

Do not miss: Do You Know How to Plan a Business Expansion?

 

We, at OpenGrowth, are continually looking for trending startups in the ecosystem. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to our other blogs.

Jyotsana is very keen to express her views on new topics and wants readers to remember her through her writing. She is passionate about reading and believes that words wield the power of changing the scenario and she uses them to encourage people to the best of her knowledge.

Comments

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20th Nov'22 04:41:43 PM

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Blank User| OpenGrowth

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19th Nov'22 09:05:07 PM

I use to be a very poor man who has always not find luck when it comes to playing the lottery. I have been playing lottery since i was 21 years and now i am 45 meaning i have been playing lottery for 24 years. The biggest amount i have ever won in my life was 400 dollars. But one day my story turns to history after i find this man called Dr Ayoola on the Internet that he is the best when it comes to winning lottery. This man is a very strong voodoo man who gives out the numbers that can never fail. After all my years of laboring and struggling to win the lottery i finally won ( $27,000,000) Dr Ayoola is the name, Email: drayoolasolutionhome@gmail.com or contact him on his whatsApp number text or call +14809032128 this is the only way to win the lottery and the best way OR https://www.facebook.com/Dr-Ayoola-105640401516053/

Blank User| OpenGrowth

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15th Nov'22 11:01:42 AM

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Blank User| OpenGrowth

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12th Nov'22 06:22:42 PM

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Blank User| OpenGrowth

natashathomson124@gmail.com

11th Nov'22 09:32:25 PM

My name is Natasha Thompson from the USA/Texas.. Am so overwhelmed with gratitude to let the world know how Dr Kachi, the great spell caster changed my life for good. It all started when I lost my job and I was down financially and emotionally because I couldn’t be able provide for my two kids and staying home all day Jobless it’s not easy until I was checking on the internet when I saw a series of testimonies hearing people winning the Powerball lottery, I didn’t believed, but being poor no job you have no option. I gave it a try and I contacted Dr Kachi who told me what i have to do before I can become a big lottery winner and I accepted. He made special prayers for me in his temple and gave me the required numbers to play the lottery game and when I used the numbers to play it, I won a massive $344.6 million Powerball jackpot. I was so happy and I choose to review my winning in any platform, I would love other people to seek help from Dr Kachi through WhatsApp/number and Call: +1 (209) 893-8075 or email drkachispellcast@gmail.com by his website: https://drkachispellcast.wixsite.com/my-site

Blank User| OpenGrowth

natashathomson124@gmail.com

9th Nov'22 03:29:17 PM

My name is Natasha Thompson from the USA/Texas.. Am so overwhelmed with gratitude to let the world know how Dr Kachi, the great spell caster changed my life for good. It all started when I lost my job and I was down financially and emotionally because I couldn’t be able provide for my two kids and staying home all day Jobless it’s not easy until I was checking on the internet when I saw a series of testimonies hearing people winning the Powerball lottery, I didn’t believed, but being poor no job you have no option. I gave it a try and I contacted Dr Kachi who told me what i have to do before I can become a big lottery winner and I accepted. He made special prayers for me in his temple and gave me the required numbers to play the lottery game and when I used the numbers to play it, I won a massive $344.6 million Powerball jackpot. I was so happy and I choose to review my winning in any platform, I would love other people to seek help from Dr Kachi through WhatsApp/number and Call: +1 (209) 893-8075 or email drkachispellcast@gmail.com by his website: https://drkachispellcast.wixsite.com/my-site

Blank User| OpenGrowth

Albertwalker922@gmail.com

6th Nov'22 07:36:41 PM

Good day to all viewer online, my name is Albert Walker I am so overwhelmed sharing this great testimony on how i was checking for solution in the internet while miraculously i came across Dr Kachi who brought my ex Girlfriend back to me, This is the reason why i have taken it upon myself to thank this great spell caster called Dr Kachi, because through his help my life became more filled with love and i am happy to say that my ex Girlfriend who has been separated from me for the past 2years came back to me pleading for me to accept her back, This was a shocking to me my partner is very stable, faithful and closer to me than before, because before i contacted Dr Kachi i was the one begging my ex Girlfriend to come back to me but through the assistance of Dr Kachi, I now have my relationship restored. You can also have a better relationship only if you Contact Dr Kachi Website, https://drkachispellcast.wixsite.com/my-site OR Email: drkachispellcast@gmail.com You can reach him Call and WhatsApp Number:+1 (209) 893-8075

Blank User| OpenGrowth

natashathomson124@gmail.com

31st Oct'22 09:31:54 AM

My name is Natasha Thompson from the USA/Texas.. Am so overwhelmed with gratitude to let the world know how Dr Kachi, the great spell caster changed my life for good. It all started when I lost my job and I was down financially and emotionally because I couldn’t be able provide for my two kids and staying home all day Jobless it’s not easy until I was checking on the internet when I saw a series of testimonies hearing people winning the Powerball lottery, I didn’t believed, but being poor no job you have no option. I gave it a try and I contacted Dr Kachi who told me what i have to do before I can become a big lottery winner and I accepted. He made special prayers for me in his temple and gave me the required numbers to play the lottery game and when I used the numbers to play it, I won a massive $344.6 million Powerball jackpot. I was so happy and I choose to review my winning in any platform, I would love other people to seek help from Dr Kachi through WhatsApp/number and Call: +1 (209) 893-8075 or email drkachispellcast@gmail.com by his website: https://drkachispellcast.wixsite.com/my-site

Blank User| OpenGrowth

olivialucas293@gmail.com

30th Oct'22 05:49:47 PM

Hi Everyone Join me as I share the wonderful work of Dr Kachi to say thank you for always making people smile with Lottery Winning Number Dr Kachi, who help me win a lot of money few weeks ago on lottery spell, I love playing lottery but I have never won, and i always have believe that I will win a huge amount in lottery game someday, I search online how to win a lottery and faithfully i came across Dr Kachi website: https://drkachispellcast.wixsite.com/my-site when someone was testifying how Dr Kachi helped him to win a lottery Mega Millions, i contacted Dr Kachi and told him I need the lottery winning number to win my game. he gave me lucky winning numbers and tell me to go play my game Dr Kachi also instructed me on how to go about it, after played my Mega millions lottery ticket on Friday and to my greatest surprise my name came out as a winner, i won $60,000,000.00, Mega Millions i have never seen such money all my life, but with the help of Dr Kachi now i have that much. If you need lotto winning number do not give up contact him or you want money solution and become RICH just visit Dr Kachi: Email: drkachispellcast@gmail.com Call and WhatsApp number: +1 (209) 893-8075

Blank User| OpenGrowth

natashathomson124@gmail.com

21st Oct'22 08:44:58 AM

My name is Natasha Thompson from the USA/Texas.. Am so overwhelmed with gratitude to let the world know how Dr Kachi, the great spell caster changed my life for good. It all started when I lost my job and I was down financially and emotionally because I couldn’t be able provide for my two kids and staying home all day Jobless it’s not easy until I was checking on the internet when I saw a series of testimonies hearing people winning the Powerball lottery, I didn’t believed, but being poor no job you have no option. I gave it a try and I contacted Dr Kachi who told me what i have to do before I can become a big lottery winner and I accepted. He made special prayers for me in his temple and gave me the required numbers to play the lottery game and when I used the numbers to play it, I won a massive $344.6 million Powerball jackpot. I was so happy and I choose to review my winning in any platform, I would love other people to seek help from Dr Kachi through WhatsApp/number and Call: +1 (209) 893-8075 or email drkachispellcast@gmail.com by his website: https://drkachispellcast.wixsite.com/my-site

Blank User| OpenGrowth

natashathomson124@gmail.com

21st Oct'22 08:35:56 AM

My name is Natasha Thompson from the USA/Texas.. Am so overwhelmed with gratitude to let the world know how Dr Kachi, the great spell caster changed my life for good. It all started when I lost my job and I was down financially and emotionally because I couldn’t be able provide for my two kids and staying home all day Jobless it’s not easy until I was checking on the internet when I saw a series of testimonies hearing people winning the Powerball lottery, I didn’t believed, but being poor no job you have no option. I gave it a try and I contacted Dr Kachi who told me what i have to do before I can become a big lottery winner and I accepted. He made special prayers for me in his temple and gave me the required numbers to play the lottery game and when I used the numbers to play it, I won a massive $344.6 million Powerball jackpot. I was so happy and I choose to review my winning in any platform, I would love other people to seek help from Dr Kachi through WhatsApp/number and Call: +1 (209) 893-8075 or email drkachispellcast@gmail.com by his website: https://drkachispellcast.wixsite.com/my-site

Blank User| OpenGrowth

julianadavis877@gmail.com

20th Oct'22 06:12:21 PM

i want to share to the whole world how Dr Kachi the Great of all the Spell Caster, that helped me reunite my marriage back, my Ex Husband broke up with me 3months ago, I have been trying to get him back ever since then, i was worried and so confused because i love him so much. I was really going too much depressed, he left me with my kids and just ignored me constantly. I have begged him for forgiveness through text messages for him to come back home and the kids crying and miss their dad but he wont reply, I wanted him back desperately. we were in a very good couple and yet he just ignores me and get on with his life just like that, so i was looking for help after reading a post of Dr Kachi on the internet when i saw a lady name SHARRON testified that Dr Kachi cast a Pure love spell to stop divorce. and i also met with other, it was about how he brought back her Ex lover in less than 24 hours at the end of her testimony she dropped his email, I contacted Dr Kachi via email and explained my problem to Dr Kachi and he told me what went wrong with my husband and how it happen, that he will restored my marriage back, and to my greatest surprise my Ex husband came back to me, and he apologized for his mistake, and for the pain he caused me and my children. Then from that day our marriage is now stronger than how it was before, Dr Kachi you're a real spell caster, you can also get your Ex back and live with him happily: Contact Email drkachispellcast@gmail.com his Number CALL/ WHATSAPP: +1 (209) 893-8075 Visit his Website: https://drkachispellcast.wixsite.com/my-site

Blank User| OpenGrowth

robertmorrison744@gmail.com

12th Sep'22 06:05:43 AM

READ MY REVIEW HOW I WIN $158m CONTACT DR KACHI NOW FOR YOUR OWN LOTTERY WINNING NUMBERS. I was a gas station truck driver and I always playing the SUPER LOTTO GAME, I’m here to express my gratitude for the wonderful thing that Dr Kachi did for me, Have anybody hear of the professional great spell caster who help people to win Lottery and clear all your debt and buy yourself a home and also have a comfortable life living. Dr Kachi Lottery spell casting is wonders and work very fast. He helped me with lucky numbers to win a big money that changed my life and my family. Recently i won, ONE HUNDRED AND FIFTY EIGHT MILLIONS DOLLARS, A Super Lotto ticket I bought in Oxnard Liquor Store, I am so grateful to meet Dr Kachi on internet for helping me to win the lottery and if you also need his help, email him at: drkachispellcast@gmail.com and he will also help you as well to win and make you happy like me today. visit his Website, https://drkachispellcast.wixsite.com/my-site OR WhatsApp number: +1 (602) 854-4366

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