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NEED RESPONSE ORIGINAL TOPIC Assignment 1 Discussion Doing Business Abroad Nancy Baxter and several other small business owners 2023
NEED RESPONSE: ORIGINAL TOPIC: Assignment 1: Discussion—Doing Business Abroad Nancy Baxter and several other small business owners joined a trade mission to China to explore market opportunities there. The group learned that China has a population of 1.3 billion and is the third fastest growing export market for small- and medium-sized US firms. In any given year, the Chinese software market grows by 30% and the number of Internet users quadruples. Furthermore, the demand for management consulting services is increasing, especially information technology consulting. Members of the group were surprised by the number of people who had cell phones and regularly surfed the Internet, especially in large, urban centers. On the downside, they found that counterfeit goods (from clothing and leather goods to software and CDs) were available at a fraction of the cost of legitimate merchandise. In addition, the members found that local merchants expressed an interest in doing business only with vendors with whom they had established relationships. In this assignment, you will review different concepts discussed in the course and critically evaluate how the business venture you are proposing could be successful in a different business culture, such as China. Tasks: Using the Internet or the Argosy University online library resources, research how people do business in China and how the Chinese culture can affect your traditional business thinking. Now, respond to the following questions: What types of businesses would prosper in China? Why? What are the challenges and risks associated with doing business in China? What steps should Baxter take to address these challenges and risks in order to increase a chance of success in the market? STUDENT RESPONSE: Doing Business Abroad Doing business in other countries have the potential of the foreign investors running into some challenges in the absence of making adequate preparations before venturing into these countries. Some of these challenges, if not properly handled by the investors before venturing into these countries, may not be able to be profitable or successful. Considering the population of China, they are many business opportunities that investors from other nations can invest in. The types of businesses would prosper in China Internet business and online trading platform or shops are some of the businesses potential investors can be successfully invest in and be successful. Internet business – Internet business would prosper in China since not everyone has access to internet however everyone has to have access to it since the number of internet users quadruples each year. It doesn’t require multiple licenses or certifications to start and operate (Moser, 2008). Online trading platform or shop – Online trading platform of shop is very viable in China since China has one of the most advanced technologies in the world hence creating a good environment that favors an online trading platform. The other advantage for this business is that one does not have to own all the products that are listed on platform, since one can decide with manufacturers to list their products in the online platform (Moser, 2008). The challenges and risks associated with doing business in China Bureaucracy – most foreigners face the problem of obtaining the required permits, certifications and licenses to operate in China. The process tends to be length, time consuming and laborious. Relationships (guanxi) – relationships play a very vital role in the success of a business in China. Unlike in the western countries where one can effectively make a deal just through the formal business meetings, in China one must spend time to know their counterparts outside the formal meetings. Unique business culture – there are a lot of business practices in China that do not conform to the accepted international standards. Communications – miscommunications between foreigners and Chinese results to cultural misunderstandings which has the potential to harm the success of a business in China (Moser, 2008). The steps to address these challenges To address some of these challenges, she will need to put up a full time administrative team in place which will handle all the lengthy and time consuming administrative tasks. To develop relationships in China, she may decide to hire more local people to take care of deals since they are likely to have relationships or develop relationships quickly. She should be flexible and ensure that she is ready to learn the unique Chinese business culture (Moser, 2008). Reference Moser, M. J. (2008). Doing business in China . Huntington, NY: Juris. NEED FOLLOW-UP RESPONSE…..