It is quite essential for businesses to look into growth and development. This can be achieved through proper management and assurance that there are progress and expansion. It can be quite challenging but successfully managing a business creates an impact on how a particular strategy is going to the company. Having a business is definitely a risk but working on towards effective path results to a positive outcome. It takes a team to fully work on the different aspects of a business and coordination must be expected. Furthermore, factors to consider aside from the goals are costs, budget and having the right investors among others.
Recently, the more countries have been watching out for China’s move in the market since the country is performing well in terms of expansion. Given that China is a large consumer in the world, it has potential following a number of consumers present. Also, it corresponds to the consumer decisions where more people are willing to spend and have less debt. Furthermore, a business strategy from the US is implemented where they partner with Chinese companies to provide product to a bigger market.
However, there are differences when it comes to interacting with China due to cultural differences and logistics. It requires more effort to reach their market and to operate well as a partner. Having long-term goals is expected to gain the trust of Chinese businesses. It limits the barrier standing as outsiders to each other to becoming investors and partners who collaborate to succeed. Also, Westerners generally have no dependence to calendars, unlike the Chinese who consider the Lunar calendar.
Additionally, Chinese culture has a different perspective of the world. Chinese locals experience a communist rule with collectivism while the US is more on individualism style. Consequently, Chinese businesses are tied to politics wherein the government have a hand in everything. Whereas American business owners have the freedom to operate almost freely. There is minimal intervention from the various government agencies in the US. Selling a product requires marketing and sending information to people about functionality and the actual need to purchase.
One must be able to convince the consumer that it can help improve their lives. Same is true with business partnerships with China; it would require learning their language and adapting to their values to be aware of the culture of the consumers. The market is towards Western items that are on the luxury side for the Chinese consumers although, in the US, it does not necessarily signify a high-end product.
China and the US have quite a different culture and it shows in how businesses are handled individually. Where the two nations stand now is the result of historical events. Particularly China, the country experienced a downfall during the Rape of Nanking that affected its locals and tourists. It took them years to revive their economy and the living condition in China. Numerous improvements were done and the generation now has been reaping all the benefits from the turnaround of events. China has been stronger than it ever was and it has attracted even the other most powerful nations.
The move to expand cross border businesses is a strategy that could hopefully impact the economy of the country. Although there are key factors to consider between two nations such as China and the US, communication would be key to overcome a foreign market and attract success. Introducing a business to a different market can be quite challenging but with taking into consideration the values, cultures, and beliefs, businesses can defeat differences. Owning a business is generally having a good strategy and proper execution which both applies whether the country of origin differs.