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Lecture 7

GMS 200 Lecture 7: GMS 200 Lecture 7 notes Ado Abdoulkadre

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Ryerson University
Global Management Studies
GMS 200
Ado Abdoulkadre

GMS 200 1 Lecture 7 – Class Notes 1. New Venture Creation Important issues in new venture creation: - Does the entrepreneur have good ideas and the courage to give them a chance? - Is the entrepreneur prepared to meet and master the test of strategy and competitive advantage? - Can the entrepreneur identify a market niche that is being missed by other established firms? o A niche market is not the same as a new market - Can the entrepreneur generate first-mover advantage by exploiting a niche or entering a market before competitors? o Aircraft companies, only 4 in the world have this advantage o Reason we have so many monopolies today is due to first-mover advantage 2. Being an entrepreneur in China 3. - Short stayless than 6 months - Long stay more than 6 months - Resisting staying Canadian even if you live in China, same attitudes, following same culture, language etc. - Adjusting basically becoming Chinese, adopting culture, attitudes, language etc. - Assimilator have adopted Chinese culture, marry Chinese - Conservative everything they do is still based on the values of their home country, foreign attitudes, rather marry a foreigner - Adventurer accept every invitation, try everything, follow instincts easily, looked at as early assimilators that eventually move up - Cautious everything they do, they’re careful, don’t get involved in local activities unless they’re completely sure, don’t really engage with adventurers, restricted of certain attitudes 4. Success factors and challenges in China GMS 200 2 - Language Positive to understand the language of the country - Cash money Sometimes only cash is acceptable, some barriers/rules, but also risks - Local networks ranking system to know which companies/partners are reliable identify the best partners etc. - Immigration status having a stable long term status is good - Loyal local partner--> have strong connections with one local partner understanding about what you need in the market - Multiple suppliers ability to switch - Lucky numbers #8 is likable number - “Chin-glish” mixing English and Chinese - Mistrust don’t trust if you have no cash, both sides, foreigners and suppliers and vice versa - Poor communication cannot speak English etc. ex. Translator or calculator - Legal restrictions having a lot of land, converting money, government restrictions 5
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