Make Money in Global Trade
This tells ordinary people how to make money selling goods and services in world commerce. It offers specific information about business customs of various countries.
Follow a few simple steps, and your chances of making money in world trade improve significantly. That’s according to author and corporate consultant Terri Morrison.
She is co-author of Kiss, Bow Or Shake Hands, (Adams Publishers) a guide to doing business in sixty countries. The various world cultures, she notes, approach and conduct business in very different ways. It helps to understand that differences if you hope to sell your goods or services in other countries.
Morrison offers these suggestions in an interview with M. L. King, of Global Entrepreneur Online.
First, do your research. Look up some data on the country where you want to sell goods. Talk to Foreign Service officers at our embassies and get some tips. “Other countries know us better than we know them,” she explains. “They wear the clothes; they have the ipods.” Japanese and Chinese do tremendous research on other cultures.
Research will lead you to her second point: understand the different styles and expectations. “Know that if you have a business meeting in Japan, its probably going to be with a group, because (Japan) is a consensus based society,” she says.
Also, in many cultures business people are exceedingly formal. In Ecuador or Germany, for example, calling the other party by her first name might be viewed as a sign of disrespect.
Next, you’ll need to respect the way other cultures conduct negotiations, Morrison explains. “In the United States, we are very quick. We have standards we expect in legal documents, and we bring in attorneys quickly,” she says. “In some other cultures, during your first visit they don’t even discuss business. It’s about development of a long-term relationship. In Southern Europe, Africa and India, for example, people want to know who you are so they trust you. Then they’ll do business with you.”
Finally, know that a well placed apology goes a long way. “The majority of cultures worldwide are used to apologizing,” according to Morrison. “There’s no way you can do business if you’re not ready to take the blame. Even if you go to France, the first thing you do is apologize for not speaking the language.” Thereafter, they speak to you in English and negotiations go more smoothly.
3 Comments
This article was great! My partner and I are just starting an import business. A guy who works at SBA mentioned this article to me. We are now making some adjustments in our planning. I know the money will be rolling in big time.
Interesting. Very much so. No quite what I expected, but I’m glad I read it. I also went to that globalentrepreneuronline.com site. Good stuff there.
Perfect. This is just what I needed. Information was right on time.