Welcome to Grit & Growth’s masterclass on going global - a guide for expanding your business beyond borders. Steve Ciesinski, Stanford Graduate School of Business lecturer in entrepreneurship, walks you through the pitfalls and possibilities of making the move from local venture to global enterprise.
It goes without saying that having an outstanding product or service is key to business success. But that’s just the tip of the iceberg when you want to expand your business - regionally and/or globally. According to Steve Ciesinski, scaling introduces additional challenges, including cultural and regulatory differences, economic and political risks, language barriers, supply chain struggles, and more. However, he believes that entrepreneurs who plan carefully and execute flawlessly can create value on a global scale.
Steve Ciesinski has had plenty of experience advising entrepreneurs on global expansion. He’s a Stanford GSB lecturer in entrepreneurship, past president of SRI International and other Silicon Valley firms, and an investor and board member of growth-oriented tech companies and mission-based organizations.
Three Key Takeaways for Going Global
Your product market fit might not fit in a different market
“Things are very, very different and very subtle sometimes as you get into a marketplace. You have to be very agile. You have to be super flexible.”
Find the right person for the right place
“If you’re going to go to another country and you’re not going to be there personally as the founder, then who’s going to run that country for you? You have to have somebody there that you completely, 100 percent trust, because things will go wrong.”
Regulatory compliance is a tricky business
“You have to be very, very careful. You have a choice. When you have a new thing, do you try to cooperate with the government? How long will that government be in place? You have some choices early on as to what you do in whatever country. You may be successful in Nigeria, but in Kenya, or if you were trying to go across the pond to Mexico, you may not be so successful with your product.”
Listen to Steve Ciesinski’s advice on what to keep in mind when entering new markets so you can scale with less friction and more success.