India is already the 12th largest economy and still growing, it has over 16% of the world’s population.
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We have tried to show below some tips which should help form the basis for being successful for the long term
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Do not come in with any pre-conceived notions.
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Many times, what may have worked in other markets (including China) might not work in India.
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Have an India specific strategy.
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Do not link India as part of a so-called "Asia strategy".
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Have a medium (3 years) to long term (5 year) view of the market.
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Do not come in expecting overnight gains. Consider linking with strong local partners, who can fast track you through the learning curve
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Understand the culture and way of doing business
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Show patience - as nothing gets done at a click of your finger.
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Do not expect to get the best price first, second or third time!
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Be ready to entertain and be entertained, be prepared to eat the local food- it is part of doing business
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Expect a long drawn out period of negotiations before concluding business.
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Get yourself a good accountant and legal firm
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Use an Independent company to conduct QC on your behalf, if you do not have the capability locally
Good luck and great business!
Top tips on doing business in India
