Expert Tips: Emerging markets - what goes wrong most often

In this business tv show Stephen Philips, Chief Executive, China-Britain Business Council, Ian Coleman, Partner, Head of emerging markets, PricewaterhouseCoopers UK, Chris Runckel, President, Runckel and Associates, and Tony Dickel, CEO, MRI China, talk about what you can do today to help ensure a smooth move into an emerging market.

Ian Coleman: People do make horrible mistakes. Often I would say those mistakes in a category are about not looking forward and anticipating what might go wrong and having a general expectation that things will be alright on the night.

Tony Dickel: It tends to be in China that people kind of misjudge how difficult it is to get hold of talent. They misjudge the nature of the message that it is they need to make which means a) what do they need to be in front of their employees, it’s not the same as it is in the West, people here have different needs from Westerners.

Ian Coleman: As a category joint venture agreements are extremely difficult to extricate yourself from, joint venture agreements that leak intellectual property to your partner - without any way of protecting them. Joint venture arrangements where the buy back clauses are on such advantageous terms for the partner and you think that’s alright because we’re never going to sell but actually you then discover that there was some business practice you might not have liked and you would like to have been able to sell and suddenly find yourself locked in.

Chris Runckel: Well a lot of times it’s just not being willing to spend the time into doing the do diligence that is required. Often at times companies accept things at face value when really you need to look below the surface and find out what the real facts or the real dynamics are that are going on. It takes longer to establish those relationships to really find out bout the people that you’re dealing with and really establish the sort of bonds that are going to be successful over a long time.

Stephen Philips: If you go in with an understanding ...

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[sverma84]

ohhhh research so important!

[businessadvice]

[Comment from Facebook id: 635374767]

[BusinessExpertLouise]

Absolutely...if you want a business to succeed, it pays to do your homework and eliminate some of the risks.

[businessexpertsalli]

Research can be the difference between a successful business and a business that has failed.

[businesstvdavid]

Can see how important the research must be, some businesses must make some big mistakes, without it.

[BusinessExpertLouise]

Research is very important in anything that involves your time and money!

[jittyslitter]

we never had business in school - its was the 80s... we did social studies and chemistry lol

[businesstvkelsi]

It's definetely essential to research and look below the surface.

[badhorsy2003]

The other rule is if it sounds too good to be true, it probably is. Used to meet these dodgy investment brokers all the time, promising big returns if we'd just pool $20k... and give it to him in a bag. No security, but don't worry - in a week we'll have 150k! Couldn't believe my friends actually considered it.

[businessexpertsdan]

I used to see people doing this alot in Hanoi - getting so excited about the possibility of doing business in market x, that they'll agreee to almost anything. Then a few short weeks later, find themselves in a situation that they can't get out of. Like Stephen Pilips says: it's still business, so make sensible business decisions.