It’s no secret that starting a business from the ground up comes with an abundance of challenges. Founders must face and overcome challenges in financing, risk mitigation, market entry and recruitment, to name only a few. But global entrepreneurs add to that laundry list of obstacles with cross-border shipping, global supply chain management, international laws and regulations, language and culture differences – I could go on!
Fortunately, there are some brave, ambitious souls out there who face these challenges head-on and boldly stride into the global marketplace. To get a glimpse into the situations global entrepreneurs face and put our fingers on some great solutions, we assembled a panel of experts who have been there, done that, and are helping others successfully enter international waters as global business owners.
They shared their insights in this month’s #TradeElite Twitter chat. Here’s what they had to say.
Moderator:
Sara Haq (@SH_Intl), Founder and Principal of SH International, helping entrepreneurs build profitable multinational businesses through training, and partnerships, based out of Washington, DC.
Panelists:
Nicole Verkindt (@OffSetMarket) – Founder, OMX, “Dragon”, Next Gen Den, Panellist, CBC News, The Exchange based out of Toronto, Canada
Tanita Alexandridis, CITP (@TanitaAlex1) – Sr. Associate, Advisory Services, Export Development Canada based out of Ottawa, Canada
Lynnette Wennerstrom (@thisisLynnette) – Globalization consultant and project management specialist based out of Washington, DC
Amy Karam (@AmyKaram) – Author, speaker, instructor and global expansion and competitive strategy consultant based out of Ottawa, Canada
Adam Wood (@Woody_at) – CEO of GCS Group, Co-founder of Certifiedby.com specializing in helping businesses with credit, risk, and compliance based out of Melbourne, Australia
Let’s get it all out there – what are the biggest challenges faced by global entrepreneurs?
One of the biggest challenges for global entrepreneurs is getting an international deal. #tradeelite
— OMX (@offsetmarket) July 13, 2017
A1: blinded sided by power of politics and govt influence in closing business abroad and lack of long term perspective are two #tradeelite
— Amy Karam (@AmyKaram) July 13, 2017
A1: ? entrepreneurs start as local ones. Understanding how to create a local experience for their users is one challenge #TradeElite
— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017
A1: Need time & money to do the research, make the connections in #export markets, but SMEs often lack both. #tradeelite https://t.co/1Hhwe6cDdy
— Tanita Alexandridis (@TanitaAlex1) July 13, 2017
A1: Ambition v knowledge and learned trust. Experience teaches us to know who your dealing with, before trading #tradeelite
— Adam Wood (@Woody_at) July 13, 2017
A1: I also found that getting tech working in certain emerging markets can be … an adventure! #TradeElite
— Eric (@KantJungRand) July 13, 2017
A1. Finding customers who want your product and not having to make too many adjustments to it for int’l compliance #TradeElite
— audrey ross (@tresAudrey) July 13, 2017
How I feel overcoming obstacles selling abroad #TradeElite pic.twitter.com/xAbWOXjEre
— OMX (@offsetmarket) July 13, 2017
That’s a lot of confidence. Off to a good start.
What do you see ALREADY working for global entrepreneurs in terms of overcoming their challenges?
A2: ? entrepreneurs are often at the vanguard of using and developing new technologies to overcome hurdles…out of necessity #TradeElite
— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017
We’re lucky to be able to connect with people from different parts of the world through social media #tradeelite
— ICECORP Logistics (@icecorplog) July 13, 2017
A2: readiness to take higher risks, realizing that global mkts, esp emerging mkts, cannot be ignored as strong revenue sources #tradeelite
— Amy Karam (@AmyKaram) July 13, 2017
A2: Leverage others’ expertise: have a network of legal, logistics, market intel partners. @TCS_SDC comes to mind! #TradeElite https://t.co/K7QwmXRbwo
— Tanita Alexandridis (@TanitaAlex1) July 13, 2017
A2. In Canada there is an emphasis on building exports w/ FTA’s & we have Gov’t resources for support. #TradeElite
— audrey ross (@tresAudrey) July 13, 2017
Who is responsible and/or the most capable of helping global entrepreneurs overcome their challenges?
A3: ? entrepreneurs are responsible for IDing those that can help them overcome challenges. It may or may not be them. #TradeElite
— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017
A3. The #TradeElite. Gov’t can help, Consultants can help, but you need to know who is reliable & that comes from ppl in the industry.
— audrey ross (@tresAudrey) July 13, 2017
A3: Agreed, @ThisIsLynnette ! There are experts to help for most challenges… but SMEs have to ultimately own their success. #TradeElite https://t.co/Ec6vJ4jVS7
— Tanita Alexandridis (@TanitaAlex1) July 13, 2017
@tresAudrey it can be so tough to vet the right resources. Thank goodness we have the world at our fingertips to do our research #TradeElite https://t.co/OH7ldMJlUR
— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017
A3: foreign affairs, trade commissioners, orgs like @FITTNews, local consultants in country and other entrepreneurs. #tradeelite
— OMX (@offsetmarket) July 13, 2017
What are the most hidden challenges of global entrepreneurship? When entrepreneurs struggle quietly, or without resources?
A4: One hidden challenge is worrying about cultural differences in addition to worrying about currency conversions #tradeelite
— OMX (@offsetmarket) July 13, 2017
A4: lack of realistic time frames in how long it takes to make things happen and how many failures or closed-end leads it takes #tradeelite https://t.co/G6yheDhOTv
— Amy Karam (@AmyKaram) July 13, 2017
A4. Trust factor. You can’t rely on traditional legal, banking, accounting, political resources. #TradeElite
— audrey ross (@tresAudrey) July 13, 2017
A4: struggling quietly and going solo! Paraphrasing @vanillaice and @tresAudrey “stop, collaborate, and listen” #TradeElite #iceicebaby https://t.co/hGgEHawfba
— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017
A4: Overwhelm and paralysis by analysis = #thestruggleisreal. #Entrepreneurship is hard enough, int’lly it’s even harder. #TradeElite
— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017
A4 Also, CEO risk-aversion. As stated, risk can be higher in global markets. Risk tolerance can inhibit growth #tradeelite
— Eric (@KantJungRand) July 13, 2017
A4: In order to also match a local culture, you may need to slightly adjust your product @AmyKaram #tradeelite
— OMX (@offsetmarket) July 13, 2017
What differences in challenges are there for global entrepreneurs in US/ Canada vs. in places like India and Brazil?
A5:This can tie back w/ Q4, but you will want your product to be translated into another language to serve a wider market #tradeelite
— OMX (@offsetmarket) July 13, 2017
A5: As an external biz, you often worry about local competitors who will have home advantage by being in country…#tradeelite
— OMX (@offsetmarket) July 13, 2017
A5. I don’t have exp in those markets, but flags have been corruption level, inconsistent standards & bureaucracy issues. #TradeElite
— audrey ross (@tresAudrey) July 13, 2017
A5: But be sure to localize it, not simply translate it. Adapt for the locale, culture and language to make the biggest impact. #TradeElite https://t.co/Kvpnq10eL2
— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017
Def. culture & comms (can’t always interpret “yes” & “no” in the same way), time/travel req’d to build relationships, time zones #TradeElite https://t.co/OU9eM7hNQQ
— Tanita Alexandridis (@TanitaAlex1) July 13, 2017
A5 For @text_engine in India we found that the Do Not Call Registry really blocked our growth.Must solve 4 tech peculiarities #TradeElite
— Eric (@KantJungRand) July 13, 2017
Which types of financing are the most supportive of the global entrepreneur?
A6. In Cda look at @EDC_Events & @bdc_ca options b/c they really mitigate your risk & help w/ banks. #TradeElite
— audrey ross (@tresAudrey) July 13, 2017
Just for fun, let’s answer one A6: We find that VC’s are often ill-equipped to assess the multinational #entrepreneur‘s venture #tradeelite
— SH International LLC (@SH_Intl) July 13, 2017
A6. You’ve got to create a strong relationship with your bank. Face to Face. Get them to understand your biz. #TradeElite
— audrey ross (@tresAudrey) July 13, 2017
A6: Credit insurance has dual benefit: protect against non-payment & make it easier for bank to lend against your receivables. #TradeElite https://t.co/I5ml8d0ESv
— Tanita Alexandridis (@TanitaAlex1) July 13, 2017
#TradeElite A6 countries that support an #export policy will have ECAs (export credit agencies) that will customize products or programs https://t.co/l0KkBQd0sv
— Emiliano Introcaso (@introcaso) July 13, 2017
In what way can global entrepreneurship make this world a better place? Should that be the goal of a global entrepreneur?
A7 I think it’s ok to admit if your goal is to make $$ & not necessarily to make the world a btr place. Just be honest w/ urself #tradeelite
— Eric (@KantJungRand) July 13, 2017
A7: ? #entrepreneurship is just another way of bringing people together to collaborate across borders. #TradeElite #GlobalBusiness
— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017
A7 by respecting mutual interests and bridging relationships through cultural understanding #tradeelite
— Amy Karam (@AmyKaram) July 13, 2017
A7. I see more SME’s giving back, designing a helpful product & building community over just profit, profit, profit. #TradeElite
— audrey ross (@tresAudrey) July 13, 2017
A7: Global #entrepreneurship can apply #innovative ideas and approaches to solve world problems. #tradeelite
— OMX (@offsetmarket) July 13, 2017
What final words of inspiration do you have for global entrepreneurs facing difficult situations?
A8: Be patient and persevere. #tradeelite
— OMX (@offsetmarket) July 13, 2017
A8. There are resources & great ppl to help you (for free!) Find the #TradeElite, connect w/ @FITTNews. Don’t give up!
— audrey ross (@tresAudrey) July 13, 2017
A8: You got this. Be the drive and hustle, but reach out to local experts on your journey. #tradeelite #Entrepreneurship #YouGotThis pic.twitter.com/daOvJZESJD
— Lynnette Wennerstrom (@ThisIsLynnette) July 13, 2017
Getting great info from the #TradeElite panel? Catch Nicole Verkindt @Offsetmarket and @AmyKaram at #YourFuture2017 https://t.co/hHoSHXBpFA pic.twitter.com/XZp8w4P0lZ
— FITT (@FITTNews) July 13, 2017
Read the rest of the chat and follow future discussions by following the #TradeElite hashtag. Stay tuned for the next #TradeElite chat, coming up Thursday, August 10 at 2:30-3:30PM ET.
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