Question

Compose a 2- to 3-page summary of how to conduct business (specifically focus on your current business industry and role) in a country outside the United States. You may choose the country you wish to focus on.

Answer 1

The country choosen is India

Building good business relationships and confidence in India is crucial so you can expect to spend a lot of time with potential business partners at meetings, dinners and social clubs. In a first meeting let the Indian host lead the conversation's initial stages. The Indians like to establish a personal connection first, as in some other Asian cultures. So expect to be asked about the family-and plan to ask your own questions.

It's not usual for middle management to have flexibility in decision-making, depending on the type of Indian company you are dealing with. Ensure that the person with whom you are negotiating is senior enough to commit to company and partnership decisions. Do not start business meetings by going straight to the center of the negotiation. Take a short time to ask personal questions about the family and history of your contact, addressing subjects such as how long they have worked and where they grew up in the business or industry. Make a deliberate effort to be on time for formal business meetings but be mindful that they are not necessarily going to start on time. Time limits on Indians are fewer than on Australians.

Though India is showing promise and moving towards a more open economy with a large well-educated and dedicated workforce, there are several factors that hold India back and create challenges when it comes to doing business. Corrupt officials, weak infrastructure and stringent regulations can all hamper productivity for business. Given the dire need for investment in all sectors in India, the Indian Government's openness to foreign investment has traditionally been below average.

Tipped to be one of the largest economies in the world, but infamous for its complex and unpredictable existence, it is easy to see why those looking to do business in India can be fascinated in equal measure as well as wary. The country's weak ranking of 100 on the easy business index and negative ranking of 130 on the Economic Freedom Index as compared to being the fastest growing G20 economy only underscores the paradoxical nature of doing business in India.