Anyone starting a small business knows that being open to trading to the widest possible markets is an essential part of having an all-encompassing view of the future for the venture. With so many emerging markets around the world and the ability to reach out and connect with them online, it would be senseless for a new concern to constrict itself to more limited operations.
The idea of tapping into emerging markets might be something that a start-up should embrace, but how exactly should you go about doing it as a new entrepreneur?
There are a number of countries and regions around the world that have “come through the ranks” to take their place as important members of the global trading economy in recent years. China and India are perhaps the most significant examples, but Brazil, Russia and various African countries have all made their mark too. Although large companies will be building power plants, roads and other major projects in these locations, small businesses can provide goods and services that a region’s developing economy also needs.
Focus: Middle East
Calling the Middle East an emerging economy may sound strange to anyone who knows how much money the oil industry has made over the past 50 years or more, but in many ways, the region is actually one of the most important when it comes to new markets on a worldwide scale. It is only in recent years that both governments and wealthy individuals in the region have realized that investment in infrastructure and massive construction and technological investment programs has been needed to ensure a future as a central player on the world economic stage.
With a growing and increasingly younger demographic, the Middle East has much in common with most other emerging markets. However, it also has a long tradition of trade with other nations as well as having highly developed social and business interactions that can seem to some outsiders to be confusing and difficult to navigate.
There is no doubt that the massive rise of online commerce over the past decade has changed the way the world does business. One of the most revolutionary forms this has taken is the way in which it has given even the smallest start-up the chance to compete on an international scale, and the ability to access new markets.
Even so, language barriers, shipping costs, international trade legalities, and even cultural issues can all be difficult to overcome for even the most ambitious small trader. However, online tools such as Twitter and LinkedIn can be a great way to make connections with business leaders such as Fahad Al-Rajaan in the Middle East and many other influential individuals in every other emerging market.
If your small business can find a foothold in an emerging market economy, you can become part of a system that is still in its early stages and grow along with it. A small business that becomes active at the ground level at the right time can build long-lasting relationships and make its mark with a view to having a very successful future.