By: Leah Jones
“Penetrating and developing an international market requires an entrepreneurial philosophy and drive—the same kind of philosophy and drive behind every successful start-up business” – Mona Pearl
Increasing global connectivity is allowing businesses of all sizes to expand into the global market. The need for flexibility and forward thinking make this growth highly suited to entrepreneurs, but breaking into this lucrative market can be daunting and often requires guidance. This month’s Growing Your Business seminar focuses on providing entrepreneurs with an insight into models for global growth. In a Q&A with Corporate LiveWire, global business expansion expert Mona Pearl reveals some key tactics to accelerate your business into the global market.
Define Your Competitive Edge
Entering the global market means a drastic increase in possible competitors. Pearl suggests competitive prices are not enough; it is essential to formulate an approach customized to the unique qualities of both your company and new target audience.
Know the Market Options
Each segment of the global market has its own unique economic trends, cultural values and industry leaders. Carefully formulate your decision of where to expand by finding the market that best fit the strengths and goals of your company.
Consider a Corporate Development Strategy Expert
Day-to-day operations do not usually leave companies with enough time to research and develop the long-term action plan necessary to go global. An expert provides the experience essential to identifying the markets that are right for your company.
Leah is completing her final year of the Visual Culture and Communications specialist program at the University of Toronto Mississauga and Sheridan College. She is interning at the RIC centre, bringing her experience in digital, print and website design. Leah is eager to begin a career in corporate communications after her graduation in June.
The RIC blog is designed as a showcase for entrepreneurs and innovation. Our guest bloggers provide a wealth of information based on their personal & professional experiences. Visit RIC Centre for more information on how RIC can accelerate your ideas to market.