4Ps: Key to Unlocking the China Market
Chinese philosopher Laozi said, “A journey of one thousand miles begins with one step.” The first step towards success for businesses in China is taking the time to form an appropriate strategy. China is a huge market with great potential but can also be very complex and expensive. From my experience, when people ask me how to be successful in China, I mention 4 ‘Ps’ – Planning, People, Patience, Profits. Another old proverb says, “Good planning is halfway to success”, and many business failures have been due to lack of planning and poor execution. Regardless of a companies’ size, asking ‘How would you want your business to grow in the next 5 years?’ and ‘What is the objective of your China strategy?’ are the guiding principles for businesses planning to enter the Chinese market. When I was working in Beijing, I met the General Manager of a large overseas company that was trying to set up a franchise chain of wester...