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. The economy in these countries is growing at a staggering rate, and most organization are looking to change their strategies to fit this new market in those countries. 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. Different parts of a country also have different cultures, so much research is needed to know how to treat each region. Before picking a procedure ensure you understand how different they are.
Latin Americans put personal relationships above all when handling any matter. The business contacts will, therefore, want to know you as a person before carrying on with the venture. 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. Any sign of a trait they do not like and the negotiations will be over before you even know it. After the trust is established, the deal is as good as closed. As necessary as the trust is, make sure you put the business on paper drafted by good lawyers to avoid any complications along the way. 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 may not like how business is conducted in Latin America, but trying to change their ways to suit your own is a terrible idea.
Cost also determines whether the venture will be successful or not. Local costs differ from country to country so it is not wise to set a constant price for the whole region. Due to this, really analyze how every region will affect your pricing before extending to that area. Try your best to know which language is dominant in the region you are working on. Diverse nations speak distinctive dialects in Latin America. Though Spanish is dominant, some places like Brazil speak 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. At long last, follow in the strides of the organizations that preceded you and was successful.