Source: Insead Knowledge | Loic Sadoulet, INSEAD Affiliate Professor of Economics, and Swaady Martin, founder and CEO, YSWARA | August 3, 2016
After an 11-year career at GE, Swaady Martin adopted many of the strategies and tactics instrumental to its successful African expansion to launch YSWARA, an African, global luxury brand.
Swaady Martin, founder of Yswara
It is expected when entering new markets that things will be different. Strategies which made sense at home will not necessarily fit with the new environment, people will not necessarily act in the same way and regulations can require a completely different understanding. When entering emerging markets these differences reach a whole new level. But for companies that are prepared to open their minds and eyes to a different way of doing business, surprising opportunities are out there.
Whether you enter the emerging market as a corporate executive or an entrepreneur, you need an entrepreneurial spirit. It doesn’t matter how sophisticated your corporate environment, operating in developing communities requires an open and problem-solving mind-set that doesn’t abide by stereotypes, embraces changes positively and adapts swiftly. Never take no for an answer and be solution-oriented, constantly.
Perspectives need to be reassessed, you have to seek out new markets, create them if necessary, innovate in every area, whether it’s product creation or finding ways to get things done. Success in emerging markets depends on your willingness to be very hands-on. Not only is the environment extremely challenging, but you need to be aware that it can change suddenly and if you are not there watching as it happens you could get left behind.
Read the full article here.
Read Swaady Martin's 100 Lionesses profile here.