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It is so rightly said that no company is too small to go global. All it takes to dream to be a million dollar owner omitting the ethic of deserving minimum wage. Entering global markets has undoubtedly and historically been a wise way for small-scale businesses to increase their size and market share. But then there are some misconceptions holding these businesses back to conquer the promising international markets. Let’s learn few of them:
Myth number 1 is defining your firm to be too small to go global. Nevertheless in reality, these small businesses are already competing against the foreign companies locally because nationalism has always topped a common man’s choice of buying. And also, there are some buyers with the mind-set that international products are superior in quality regardless of its origin. In both the cases, one only needs to learn the fact of knowing the efficiencies and potency international markets have been offering over the ages.
Myth number 2 is going international takes a great deal of effort and organization. The language problem, the currency conversion, the cultural difference and different business and product practices are the issues that haunt the mind of a novice entrepreneur that deters him reaching out to the universe. Since we all know nothing is impossible and impossible is nothing, every of the above and all issues can be overcome or at least be conciliated. The solution is to consult a wise-man in this field and get things sorted out.
Myth number 3 is international payments are irregular or almost negligible. No doubt there is this perception of not getting paid on a global sale. But again, there are number of ways to safe-guard against the risk and fear of non-payment. There are many helpful tools you can access at your fingertips mitigate the risk involved like credit reports, trade credit insurance, letters of credit, documentary collections, etc. They can all at the end cut down on the risk and hike up the sales.
Myth number 4 is only an atypical product can break through the global market. You do not necessarily need a distinct product to trade with perhaps a good research about the product needs in a particular targeted market is inevitable. And even services are far and away as exportable as products.
Myth number 5 is unbeatable competition that can never let a newcomer make a good hit. Based on the evident experience of the former and successful exporters, a big number of international markets are still unconquered making it a much easy pathway for small firms to build a niche. And also to never forget, diversification is fascinated by all leaving ample room for foreign products.
And lastly, shows up the myth number 6 which happen to be the question as to how to reach and influence the foreign customers? Internet being a lifesaver these days, this question by default gets obliterated. It is not anymore needed to travel abroad and build a customer base or find the buyer door to door. On your fingertips you can foreign importers willing to buy your goods.
On the infer note, since every myth is whipped into shape now, all that is left to be done is a right guidance and a word from the wise to start up with your dream career.
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