Doing business in China: Five tips for success - NiceNIC.NET

Here are five things you should know before doing business in China.

1. A mosaic of markets
China is the world's most populous nation, with its sprawling 1.3 billion people making up a highly diverse market.
There is no single consumer profile, and analysts suggest companies remain flexible and innovative, while understanding how their company would fit in each specific market. You need people who've been in the market, you talk to trade associations, you talk to trade promotion bodies, you talk to people and bit by bit you get to understand the dynamics.

"If you have something they want, they'll do business with you no matter whether you can hold chopsticks or not." - Stephen Perry, 48 Group Club

2. Business culture and etiquette
Operating in a country with a history of thousands of years -- and ways of doing business that go back as far -- it is valuable to develop insight into China's business culture and social etiquette to avoid misunderstandings that could scuttle deals and harm working relationships.
One key aspect of Chinese culture is the concept of "face", a mix of public perception, social role and self-esteem. A foreign CEO can give face by attending meetings, accepting invitations, providing suitable expensive gifts and showing sensitivity to Chinese culture.

"The most important thing is, whoever you're meeting with or whoever you're dealing with, to treat them with respect." - Jack Perkowski, entrepreneur

3. Taking a market-based approach
Western businesses looking to tap the Chinese market should be aware of local preferences, and adapt accordingly.
For example, Starbucks started serving green tea lattes in a bid to get a traditionally tea-drinking nation hooked on coffee; McDonald's adapted its menu to include items like spicy chicken wings and chicken burgers in an effort to appeal to local tastes.

4. Procedures in China take time, patience and money
It's very important when a western company tries to go to China they have to realize that success in China takes time, it requires patience and it costs a lot of resources.
China is growing in the field of consumer goods and it will grow fast so people have got to find a way to match the future impact of China with the current characteristics of China.

"The only way you are going to ultimately be successful is by putting together a good team." - Jack Perkowski, entrepreneur

5. Build a strong local team
When you're just starting, you've got to recognize there's going to be a limit to what you can do traveling back and forth to China. Surrounding yourself with local talent can help you break deals, understand the culture and the complexities of the market as well as compensate for the language barrier for those who don't speak Mandarin.

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How To Do Business In China - NiceNIC.NET

China is one of the world's largest and most alluring markets, and as it continues to become a more attractive destination for foreign investment, entrepreneurs and investors are flocking to the country to take advantage of the many benefits of doing business here.

In recent years, however, the Chinese business climate and regulatory structure have improved, and experts and business people say that with a little effort and knowledge, launching a venture in China can be easier than ever.

Find a Chinese partner

The first and most important thing anyone hoping to set up a business in China should do is find a local partner. A local partner will most often be an established Chinese-owned company, or a businessperson with good contacts in the country who can navigate the complicated regulations and legal processes and, most importantly, deal with China's government directly.

Understand the business culture

China is a world away from America or Europe, and more than a world away when it comes to doing business there. In America, contracts, deals and other arrangements are fairly transparent between businesses working together. Not so in China.

In China most business gets done over drinks in social settings, as opposed to in America, where it often goes done in the boardroom or on the golf course. And decisions are more often made informally during conversations rather than on paper, a fact that helps keep the country's "old boys network" alive.

Realize unique opportunities

It may sound like doing business in China is quite the nightmare, and it can be in some ways. But if you can deal with the headaches, you can get access to a wide range of unique and lucrative opportunities.
The Chinese government is emphasizing innovation as one of the keys to its future economic success, and as such, it's providing a number of unique incentives that can make doing business there very profitable.

China is no longer the Wild West of business that it once was, but it is still a dynamic place where bold, informed investors and entrepreneurs can trade a little risk and uncertainty for potentially great reward. It's globalization in action, and it's not as difficult or scary as it was even a decade ago.

Visit NiceNIC.NET website to get more practical advice on getting connected with the huge market of China! - See more at: http://nicenic.net/news/messview.php?ID=13321