Author: Martin Seppala
How to fail international expansion?
There are multiple obstacles to tackle when expanding internationally. International growth requires planning and resources among other things. At the same time, you need to take care of your everyday business in your home market. It might be a lot to handle and during the 10 years, we have witnessed different methods of tackling challenges related to international expansion. As we know, making mistakes and failing is an efficient way to learn. For your benefit, we collected the six most common ways to fail international expansion if you wish to do so.
1. Forget planning. Just run. Failing fast is nowadays cool.
2. Over plan. Do a 500-slide analysis. Don’t test it in the target market.
3. Jump on opportunities really far away. Trust that your expat friend’s wife who just moved to Mongolia will do wonders for you there.
4. Don’t match ambition level and resources. Demand both fast growth and high profitability. With no investment.
5. Underestimate management time needed. Key people can handle this on the side of their other 50h/week duties.
6. Be 100% certain your competitive edge will be exactly the same in the home and target market.
Did we forget something?
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If you rather read some success stories, you might want to take a look at our references.