In 1943, a 17-year-old Swedish boy named Ingvar opened a small shop. The assortment was chosen at random – watches, wallets, photo frames, pens, nylon stockings and other random goods. In general, the most ordinary things that people might need. The young man sold them at reduced prices.
After eight years in business, Ingvar decided to start selling interior items. The competition in this area was much tougher – in the post-war period, many needed inexpensive but high-quality furniture. At that time, all companies had one serious drawback: before ordering, you couldn’t touch and examine their products properly.
Having realized what consumers needed, Ingvar opened the first furniture store. More than half a century has passed since then, and his company is still famous for its branded showrooms, where anyone can check the quality of furniture in practice. As you may have guessed, we are talking about the IKEA retail chain.
In 2023, it is well known to people all over the world. It is one of the most successful companies on the planet – it is hard to imagine that IKEA was once just a small store. However, Ingvar Kamprad’s ability to listen to the needs of customers has made the brand world famous.
IKEA’s success story makes us think about what other skills entrepreneurs need to take their business global and win the hearts of consumers around the world. Let’s talk about them!
1. Willingness to take reasonable risks
Taking your company international is already a huge risk. If you’ve decided to do this, you’re either completely confident in what you’re doing or you love adventures. It’s possible that you’re both.
Yes, there are reasonable risks – Shell’s history of global expansion is proof of that.
In 1833, the founder of the oil and gas company Marcus Samuel learned about oil reserves in Azerbaijan. He immediately saw opportunities for developing his business in this discovery. The entrepreneur wanted Shell to reach a new level, and he finally had a chance to do so.
Marcus had one problem: if big oilmen like Rockefeller found out about his plans, he would inevitably fail.
Despite everything, the businessman europe cell phone number list decided to take a risk and shipped oil through the Suez Canal, which had never been used for this purpose before. This idea revolutionized the oil industry and allowed Shell to become one of the largest oil and gas companies on Earth.
What does this mean?
- Reasonable risks allow you to take your business to the next level . The founder of Shell decided to take a risk, but it was a very balanced and correct decision, since Marcus was well acquainted with the oil market.
- Risk breeds creativity. By entering the mahalarta da dabarun tattara bayanai oil market, Marcus Samuel put everything he had on the line. This inspired him to look for unconventional solutions.
- Risk is what sets you apart from the crowd . A smart approach to risk has helped to upend established norms and introduce new solutions, turning Shell into an innovator in the oil and gas industry.
If you feel like it’s time to take a risk and go global, you might want to listen to your gut instinct. However, make sure you have a cushion in place and do some research on your target market.
2. Cross-cultural competence
Any entrepreneur will agree that going global is incredibly stressful. There are so many factors to consider, including budget, transportation, marketing, and more. It’s easy to make mistakes.
Many companies neglect certain things when by lists entering new markets. Their attitude to some aspects of international expansion is best described by the saying “come rain or shine” – that is, they do things their way, no matter what.
Cross-cultural competence is one such factor.
There have been many cases where brands have damaged themselves simply by not taking into account the cultural peculiarities of a particular country. As an example, we can recall the failure of KFC in China.
When entering the Chinese market, the restaurant chain naturally had to translate all marketing materials into Chinese, including its famous slogan, “Finger-Lickin’ Good.”
