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As an avid runner, I see a lot of opportunities to equate efforts to expand into new global markets to running a marathon. Here are five lessons I’ve learned from my experiences in marathon running and managing the global business expansion of various entities.
Even though the majority of the yellow brick road is polished and smooth, the road has areas where many bricks are broken or have been uprooted from their foundation. When I look back on my own journey to a successful international career, the road that I followed looped by steep cliff edges, and was riddled with its share of missing bricks and potholes.
I have to admit it turns out that being told “You will have to do it!” was a blessing in disguise. It led me down the road to what turned out to be a truly great opportunity to tell stories about my global trade experiences in a recent international trade project.
Although a degree in commerce was definitely a good pick for me, I was mostly interested in the lesser-known international opportunities that were provided to gain new global business experiences.
For all the talk about Canada being a trading nation, we aren’t when it comes to small and medium sized enterprises. While SME’s account for roughly 95 percent of all companies in Canada, and create 65 percent of all jobs, Canadian SME export rates are at less than 2 percent.
Canadian exporters begin international negotiations with a negotiating deck already stacked in their favour, but this is an asset that many are not aware of.
I first became interested in trade during my time at business school in the Netherlands. The experience opened my eyes to many of the non-tariff barriers that enterprises face in reaching export markets and how businesses from a “small country” can actively participate in international trade. Now I am leveraging my experience and education for trade impact.
Despite their loss in Congress this week, the vigorous opposition to TPP will continue when the actual treaty is finalized and presented to Congress for ratification. Is the TPP deal another giant sucking sound as former presidential candidate Ross Perot called the NAFTA agreement?
The ‘old-fashioned’ notion of ethical conduct in international business, and doing what’s right (for its own sake, can you believe it??!) has somehow gotten terribly lost, and risks being lost even more strikingly when businesses of all sizes and businesspeople of all levels venture into international markets.
There are many rewards to expanding business globally. Increasing global exposure, market share and profitability are just a few of the many good things that can happen. One major roadblock preventing organizations from growing their businesses in a new export market is the inherent risks involved.
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