As the whole world gets integrated into a single global market, the greatest challenge for all business enterprises is to find and tap new international business opportunities. However, it is a task full of various challenges, some related to attitude and others to technology. However, the most crucial may be those related to information.
Finding opportunities for international business can be a somewhat costly affair in terms of both time and money. In case of small businesses and individuals, the cost will need to be paid in form of persistent efforts and searches that will consume time and energy. In case of bigger organizations, the price will be need to be paid in terms of money paid for consultancies, surveys and liasioning.
In case of individuals, or small proprietor concerns, the most feasible option is Internet. However, it would not be wrong to say that except for certain services and outsourcing opportunities, finding opportunities on the net is still an arduous task. For the purpose of retail trading on a small scale, registering yourself with popular e-markets like e-bay and the like is the best and most cost effective alternative. The focus thereafter should be to provide perfect services to the customers, get the best possible feedback and establish your credibility in the virtual marketplace.
For manufacturing concerns, who wish to supply in bulk, Internet alone may not be sufficient, though it can be used as a medium of advertising your existence and willingness to supply a particular item.
It could be very useful to attend the get-together and trade fairs organized by the trade facilitatory bodies in different countries. In case of smaller enterprises, it may not be a bad idea to work through an association of traders looking out for international business opportunities, which makes it easier to deploy expert consultants for this purpose. Then there are several agencies which are often willing to be your marketing partners for a fixed cost or a percentage as commission. These agencies can be particularly important for small concerns on the lookout for their first break through.
For medium sized manufacturing concerns which have an established presence in the domestic market and who are now looking to establish themselves outside their country, the best option is to institute an analysis of target markets followed by extensive surveys of the markets short listed for this purpose. Most such enterprises have an established product with a certain brand value, but in the overseas market there may be no scope for such products, hence such surveys are essential. For concerns looking for fresh projects involving new items, the easiest way is to get into collaboration with another concern in the home country. This would however, require a lot of market study, liasioning and negotiation, even before any concrete proposal can be conceptualized.
For very large gigantic corporations, the best way is to take-over existing ventures. In case of sunrise industries, these corporations take the route of venture funds which finance and then take over new technology companies that have created a new product. It is a high risk business but the returns can be enormous for both the seller as well as the buyer. For concerns wishing to enter a restricted or highly regulated market too, take-overs in the form of lump-sum payment for majority share capital or by way of merger-acquisitions are the most common routes. This is the common method in heavy industries like steel manufacturing and telecom companies.
The global market is full of business opportunities, but the information is still limited. No doubt then that this knowledge demands a heavy premium today.
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