What are the key characteristics to understand when moving a business from one country or region to another?

Question

What will be an ideal response?

Answer 1

Economics – dealing with and navigating product valuations; government regulations; and banking, venture capital, marketing, and distribution systems
Stage of economic development
Balance of payments
Type of economic system
Political-legal environment – identifying what differences in political and legal systems can greatly affect an entrepreneur’s ability to do business in a foreign country or region (like pricing decisions, advertising , taxation, etc.)
Language
Cultural environment – making sure that the business plan and activities take into account the cultural differences (including language and business practices)
Technological environment
Local foreign competition
Subsidies offered by foreign governments
Distribution Channels – getting your product from the business to the customer and whether or not there are barriers to shipping, like poor infrastructure and communications
Change – remaining aware of any political or economic changes that might occur in an export or import market; preparing your company to handle these changes as they arise and not lose business or market share from an inability to handle them
Communication – identifying the best forms of communication between headquarters and manufacturing and sales outlets around the world. Also, having an awareness of what communication challenges exist and figuring out how to handle these challenges
Lacking an understanding of how each of these elements affect a global venture can increase its vulnerability to small changes in economic, political, legal, and other situations. In addition, by identifying each of these elements within the international venture, an entrepreneur will be able adapt more quickly as changes occur.