Launching New Ventures in Latin America
Latin countries are a fast developing market with a lot of potential for growth. A big mistake business people make during this move is trying to apply the business rule from back home onto this new venture. There is rapid development in the nations of Latin America, and this pulls typically each business that is hoping to expand their business into this region that is by all accounts favorable for business development. Most people forget that Latin America is made up of very many different countries. If you treat it as if it is one big country, this will probably backfire on you because the different countries are so diverse and may not respond the same way to some things. Some strategies may be very successful in Chile but may not work in Venezuela, or even Brazil. A massive amount of research is required to be able to differentiate between each country and learning about all the different cultures so you can know what will work for what area. Before choosing a strategy make sure you understand the diversity.
Latin Americans put personal relationships above all when handling any matter. The people that you are looking to develop contacts with there will try their very best to learn about you as a person. This will decide whether they will trust you or not so try your best to get in their good graces. The process takes time, so patience is vital. If you don’t go through this process willingly and patiently, you will most likely not close any deal successfully. After the trust is established, the deal is as good as closed. Despite this, try and ensure you have a business contract supported by reputable lawyers. Almost all Latin Americans feel like anyone who comes to start new ventures on their turf think they are better than them. This is very important to them. You should not force what you were used to back home on them. You have to adapt to how they do things there, as the saying goes when you go to Rome, do what the Romans do.
Cost also determines whether the venture will be successful or not. Maintaining the same price in every country is difficult because local costs affect everything. Because of this, do your research on an area before extending your business there so you know what prices to set. Take in the dialect most talked in the zone where you will work. Diverse nations speak distinctive dialects in Latin America. Though most of them speak Spanish, some regions like Brazil use Portuguese. Have a go at the dialect that is talked where you’re going to be working. The Latin Americans will appreciate this gesture as they will feel like you took your time to learn more about them in order to interact successfully with them. Lastly, study the actions that business that came before, then pick the ones that will work best for you.