Is Entrepreneurship Constrained by Local or Global Market Forces?
For a number of years, entrepreneurs have been told to start small and then expand. That is why there are a lot of businesses that start locally and then scale a little at a time over a long period of time. However, according to leading experts in the business world, this narrative can be re-written.
While it is true that every successful global business you see today started off locally, it does not change the fact that a lot of the businesses had a global mind set from the beginning. As an entrepreneur, how then can you start small and globally at the same time? How can you ease your scalability without tampering with your efficiency?
Get the right mind-set
It all starts from the mind; the mentality of the brand. There is a need to start small from the local community while also thinking globally. Any business that intends to sell itself abroad must first excel locally. It is only based on the strength of its excellence at home that it can market itself globally. As a start up, you must therefore not forget that. While the goal is global relevance, it begins with local excellence.
If you intend to succeed at starting small and thinking global, your mentality must show it. You must be prepared for what is to come; when your competitors are planning to scale nationally after a period of time, you should be different. For you, it is not about scaling; it is about pursuing the global reach more aggressively.
Focus on your uniqueness
According to Richard Branson, Founder of the Virgin Brands, the way to build a solid local reputation is to focus on the uniqueness of your business. As an entrepreneur, you should know what sets your brand apart from every other brand in your niche or industry. It is this unique ability or quality that makes all the difference. When the time is right to go global, you can then leverage on your uniqueness.
Leverage on the global reach of the internet
The internet has in recent times bridged the business start-up gap. Rather than see a business walk through the phases of building from a local base to a national base and then going global, businesses typically starts virtually. The internet and its role in achieving a global status for a local business cannot be overemphasised. Today, you can conduct cross-border and even inter-continental business transactions over the internet.
Bringing everything together
As a business looking to start small and go global at the same time, the internet is definitely a first point of call. The internet has the capacity to project your small business into the global scene. While it will take a lot of effort from your own part as an entrepreneur, it would definitely be worth it. As a business in the tangible product industry, it would require you to work on shipping and other components of global trade. Business as it is, requires you to solve problems as it arises. The internet allows you to spread your net wide and to reach as many people as possible.
Who says your business have to go through the traditional scaling stages? You can start locally and globally at the same time. It all begins with your preferences and goals.
Remember to strike a balance between being too timid and being too bullish in your market
Take the leap of faith!
Start Small and Think Globally – Link.
Richard Branson – How to start a global business – Link.
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