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Many companies breaking into the international market underestimate the ever-present barrier posed by cultural differences. Although consumer trends have become more homogeneous around the world, values, language and decision-making methods represent major obstacles for entrepreneurs who try to negotiate with partners in another country.
Foreign negotiations are complicated by factors such as geography, culture, language, background, weather and laws. Follow these tips to reduce the risks and costs associated with negotiations and prepare yourself for constructive talks with a foreign partner.
Your business has to manage both local and global risks associated with currency, credit, intellectual property, transportation, ethics and more. But don't worry—there are a number of tools available to limit the effects of these risks on your business.
An international agreement often entails contracts between a business and its foreign business partners. Make sure your contract clearly spells out the type of business relationship, objectives, partner roles and responsibilities and jurisdiction in order to reduce the risk of misunderstanding.
Before you go global, identify the foreign markets that are most likely to respond to your offer by researching potential export markets.
Breaking into a foreign market takes a tremendous amount of work. To speed up the process and improve your chances of success, it may be a good idea to team up with a foreign partner who is already well established in the market you are targeting.
