Ever since we entered the 21st century a lot of things have changed rapidly in business. The advancement of technology and the global use of the internet has created many opportunities around the globe. Today there are fewer business barriers than ever before as the whole world is completely connected.
Entrepreneurs and companies can easily get in touch with someone across the globe or acquire information that they need to start their business incentives abroad. Asia is becoming one of the hot markets for business investments, as this region is opening up to the West and offering many opportunities, given the fact that the market is still not saturated.
This is why a lot of people are looking to do some business in the East, no matter if we are talking about finding outsourcing partners or starting up new offices in Asian countries. However, there are certain specifics you need to know about Asia from a business perspective to make sure that everything goes as planned.
1. You will have to connect with locals to help you
A lot of people make a terrible mistake by thinking that they can do everything on their own, without anyone’s help. Even if you travel to the country that you want to do business in, you will never be able to make all the arrangements on your own.
There are many reasons for this. First of all, Asians are unlikely to get into business with a foreigner instantly and give their trust right away. You will need a person that knows the laws, the business environment and has the connections needed to “break into” the market
2. Understand “the concept of face.”
This is a very important thing when it comes to business in Asia. Simply put, this concept means that you need to avoid shaming anyone with whom you do business and blaming them directly, even if they are the ones responsible for the mistakes that have been made.
When someone “loses face,” it basically means that they lost their reputation as a business person and this might mean the end of your cooperation for good. Be mild when telling someone that they are wrong and always take a part of the blame on yourself as well.
For example, if someone doesn’t understand what you are proposing, excuse yourself and say that you are not clear enough and this is how the whole situation can be resolved without the person losing face.
3. Culture is very important
Bear in mind that Asia is culturally very different than the West and that they pay a lot of attention to things that might not even be considered when doing business in Western countries. In Asia, respect and courtesy matter, so you need to have an open relationship with people.
When someone is aggressive and overly ambitious here, they are considered to be inexperienced. Learn some local expressions if you cannot comprehend the language, as this shows that you respect the country you are in. Also, make sure that your business incentives don’t clash with the religious beliefs in the country you are in.
4. Luxurious brands are well-received in Asia
Luxurious western brands which sell “cool” stuff are usually accepted quite readily by the Asian people. Asia is becoming more and more connected to the West, and people there love adopting Western culture and gadgets, as they find them incredibly cool. Still, it’s important that your products deliver the user experience that is promised or your audience will quickly turn on you.
Remember that Asia is a growing market and that there are many business opportunities lurking in this part of the world. In the end, make sure that you respect the country that you want to do business in, and that you never think of Asia as one big country, as there are many differences between all the different countries.