Business Advice – Common problems in emerging markets

In this business tv show, the experts tell why anticipating issues early is the smart move. find out what to look out for from Stephen Philips, Chief Executive, China-Britain Business Council, Ian Coleman, Partner, Head of emerging markets, PricewaterhouseCoopers UK, Chris Runckel, President, Runckel and Associates, Chee Weng Lee, Tax Partner, Deloitte, and Tony Dickel, CEO, MRI China.

Stephen Philips: China offers huge opportunity but it remains one of the most challenging places to do business in the world.

Chris Runckel: I think on the surface things can often look very similar but when you although get into the actual agreement and how things really work in practice instead of theory I think you really find that business is still quite different in many respects.

Tony Dickel: In China, particularly in the mainland contracts are less important than relationships so it’s a Guanxi basis idea. Guanxi means connections in Chinese and the culture is really driven by connections and the culture really kind of… the moral code that exists between someone’s extended connections replaces the contractual code that tends to govern what goes on in the West.

Chris Runckel: Dealing with Chinese is very different than dealing with Vietnamese or dealing with Thai’s or Koreans, Malaysians, each one of them has differences. Also in many of these countries you’re dealing with not only say in the case of Thailand you’re dealing with Thai’s but so much of the business was originally started and has been monopolised to some extent by Chinese Thai’s so you’re dealing with a sub set really of the larger population and you have to keep that in mind when you’re dealing with them.

Chee Weng Lee: Think globally but you should act locally and the reason I say that is as a foreign investor coming in and you are new to the culture, when you ask one of your employees or your joint venture partners, in the way you talk with them, in the way you interact with them, you have to sometimes be careful with …

8 Comments

  1. businesstvmark

    Exactly. That’s why you need experts alongside you, or trailblazing in
    front!

    Reply
  2. businesstvAndie

    Another great reason to visit more countries and learn their ways of life
    🙂 The more we learn the better we will be at making businesses grow in
    such places.

    Reply
  3. James Kirk

    I’ve found it to be very important in the UK as well – much more so that
    the US

    Reply
  4. businesstvkelsi

    I think its a very important idea, anywhere in the world, to form
    relationships with your customers etc…

    Reply
  5. BusinessExpertLouise

    I fully agree businesstvKelsi.

    Reply
  6. businessexpertsalli

    I find it interesting that relationships are more important there than
    contracts.

    Reply
  7. BusinessExpertLouise

    Don’t get contracts without building a relationship first surely?

    Reply
  8. felpaluche

    All was laid down quite well.

    Reply

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