“The world has now been flat for more than a decade, and our worldwide market continues bringing people and countries closer and closer. Competition and opportunity increases as technology travels across the globe in milliseconds,” notes Ed Sappin, CEO of Sappin Global Technologies. An understanding of this has huge implications for entrepreneurs thinking to start their businesses with a global outlook.
However, there are two perspectives that must change if you are thinking of starting global.
- Re-dimension the Landscape of your Operations
Building a global business changes the landscape of your operations. Perhaps the most important change will be an understanding of your market spectrum. This ought to come with a proportionate increase in understanding the demographics and psychographics of current market spectrum. The focus is no longer just your local market but also on the international market. Cultural influences in those markets and how your product can be positioned in those markets must be clearly defined.
- Understand the changing Landscape of competition
The competition landscape also changes. Building a global business requires that you factor in the competitors in your local environment and those outside but within the same market. The structure of your new markets may change the profile of the competitors from what you will typically have in a single market business. This will affect product & service price points, marketing strategy, sales and distribution network for your business.
This article is part of a series of conversations around helping entrepreneurs in Nigeria start businesses that cater to a more global audience. This will help improve Nigeria’s export base and create sustainable trade surplus for the country. These issues will also be discussed more extensively at the SMW 2017 event, themed, Leveraging Digital to Build Global Startups from Nigeria. To learn more about Leveraging Digital to Build the Global Startup from Nigeria or SMW Lagos 2017 and register to attend visit click here. For the latest news and updates follow Startit.ng on Twitter via @StartitNG or on Facebook via www.facebook.com/StartitNigeria