- It is important to know the local market and how to do business there.
- There is great value in having local partners who are well-connected.
- Never underestimate the difficulties of understanding another culture.
- Cultural differences manifest themselves as difficulties in communication.
Key ingredients for success:
- Understand what each partner wants to obtain from the collaboration, and ensure that objectives are aligned.
- Getting a signed contract is key to doing a deal in an emerging market – don’t put too much emphasis on trust.
- Don’t put too much credence in cultural differences, and don’t sacrifice good business practice because of them.
- Strive for clarity in communication and negotiations.
(Source: The Open University, 2012).