President Obama's historic visit to Puerto Rico next week will partly focus on how to generate economic growth in the small, four million person island that is so close to the mainland US market, yet so far from economic prosperity. The only way for Puerto Rico, and other smaller countries, to create sustained prosperity and sustainable growth is to generate a large number of export-driven enterprises. And to accomplish that, and to realize the ambitions of the upcoming generations of entrepreneurs, it is absolutely essential to get your ventures ready for global markets a lot sooner than you might think. In fact, it's best to start with a global entrepreneurship "DNA" from the very conception. Here are a few reasons why:
Although there are many examples of ventures that grow to scale in domestic markets (e.g. Russia's Yandex and China's Baidu), even in large markets such as China, Brazil or India, it is a risky bet to rely on language barriers, cultural idiosyncrasies, or special connections to protect you from competition from the big global players. When the GEs, Ciscos, and Wal-Marts of the world eventually enter your market, they will be resourceful, rich and ruthless. They play to win, not to be nice. Basking in the comfort of a small, cozy market is an illusion, and when it ends, it ends painfully, as many small retailers have learned when powerful chains came along.
To read the full, original article click on this link: Daniel Isenberg: Entrepreneurs, Be Tough, Be Global -- Export Now
Author:
Daniel Isenberg
