Each group will select a potential business opportunity related to an assigned country from around the globe. The business can be fictitious or an actual entrepreneurial idea. You will be required to research AS MANY aspects associated with doing the selected business AS POSSIBLE as it relates to the selected country. Groups will request their selected country along with a second choice during a class session in the second month of the semester. The idea is to make this as “real world” as possible. You will need to decide upon the business you will “create” for your project. For example, you will need to decide whether it is an Import or an Export and whether it is a Goods or Service. You will need to research what it will take to do this business in the chosen country. Those most successful in this endeavor usually incorporate some specific knowledge they have in their group, whether, technical or geographical.
For the country assigned, your group should research the most important aspects of doing business in that country. Some of the areas that CAN be researched include: geography, business customs, demographics, visa requirements and other regulations, political, economic, legal, cultural, trade, and monetary environment. In addition, each group is expected to outline the challenges and opportunities of conducting business in the country and provide relevant guidelines for successful international business ventures in the country based on their research about the country as well as international business. Some of the key areas to think about how your business could be affected are:
1. Differences in Time Zone
2. Travel to travel to factories/corporate office
3. Culture Differences
4. Transportation of product
5. Visa requirements
6. Any legal or governmental regulations (e.g., FDA? Quotas?)
it is group paper and my parts are these 2 which i need you to do only.
1.Travel to travel to factories/corporate office
2.Culture Differences
Answer:
Setting up a Business in China
Travel to travel to factories in China
Setting up a business venture in China will require visiting various factories and industries as potential suppliers. The maiden meeting with the potential supplier is a very critical determinant of successful business relationships especially in China (Li et al, 2013). The first step will involve creating a shortlist of all the factories you would like to tour. Afterwards, the individual should inform the factory of the intentions of visiting beforehand. Chinese industries value effective communication prior to the initial visit. Such correspondence may happen via email or Skype with a representative of the industry such as a sales representative. The communication will have to elaborate the purpose of the visit, the documentation you may want to review, sites of the factory that you would like to tour, duration of stay in China, convenient time for the tour, and the exact number of people who shall be accompanying you, if any.
Setting up a travel itinerary for the tour is a very important tip that encourages efficient management of time. Factories in China are mainly found way out of the cities and locating them can be a daunting task even with the Chinese directions. The itinerary should be arranged in chronological order as per the agreement with various industries. Seeking accommodation near the factory of interest is prudent as this will save time spent on the road. Many factories in China do not mind helping potential clients with accommodation or transportation. Thus, it is vital to indicate to the factory if the desire for some assistance to this respect.
China has a very wide variety of transport options and is considered to have the largest high-speed rail network in the world. Travelling from one factory to another in a different city using this rail network may be the best option. It is vital to consider planning and deciding on the means of transport early enough. Confirmation of the details of the potential supplier including the physical address and phone contacts is crucial in case you may need to ask for directions or inform the factory that you are running late. Important to note is that Chinese factories do not take it kindly when potential clients miss their appointments. Preparation for the meeting will have a huge bearing on future business deals. All intended questions ought to be prepared and asked appropriately and exhaustively. Expectations will need to be exhaustively expressed because suppliers value openness and the need to know exactly what the partnership entails.
Culture differences
Chinese business culture has some different aspects when compared to the West. One important aspect of the society in China is its interdependent nature (Ardichvili et al., 2012). Individuals tend to seek identity by belonging to certain groups of society and always have a desire to fit in. In contrast, Western culture is endowed with a lot of emphasis on individuality and human rights. This consideration is important in business during negotiation meetings. Whereas other people will come out strongly to voice their opinions about certain issues, Chinese people will tend to sit quietly and process all the information presented. Business people in China will relatively keep time for meetings and appointments. More often than not, the Chinese will be at the meeting place very early.
The Chinese do not openly critic or disagree with senior managers or bosses. The situation is informed by the hierarchical nature of their culture. An understanding of this culture is important especially in business negotiations to avoid offending potential business partners and severing relationships. Finding a solution to a problem when working with the Chinese can be a daunting task. Chinese people seldom ask questions during meetings and only speak up when asked to. They fear antagonizing and confrontational situations as this is seen as a disruption of the peace and quiet. Thus, responding to a pressing matter or finalizing a deal with Chinese people may sometimes be frustrating especially for the people from the west.
Business etiquette regarding advertisement and personal branding in China is unique. Showing off achievements, accomplishments, and personalities with the intent of impressing the Chinese counterparts is deemed unattractive by the Chinese people (Jiang, 2013). A modest approach in presenting a business idea or project is preferred by potential Chinese partners. Forms of address for the Chinese are different from Western culture. It is important to note that typical Chinese names consist of the surname first, followed by the first name, to avoid unnecessary discomfort. Chinese deem eye contact as inappropriate and will tend to avoid it especially at the first meeting. This should not be misunderstood for anything else, it has a cultural bearing. Greeting of an older person in the Chinese culture requires a slight bend of the upper body and a lowering of the head. It is a sign of respect and creates a good impression when observed even in business ventures…