Globe

In today’s global economy, digital innovation and increasing interconnectivity have made doing business from anywhere in the world simpler and more viable than ever before.

This entrepreneurial internationalism is embodied by Global Entrepreneurship Week. Taking place from 14-20 November, the week-long international event brings together 10 million participants and potential investors in 35,000 events across 160 countries to introduce entrepreneurship to the next generation of leaders and influencers.

As part of our commitment to connecting with global business opportunities, we’ve outlined five top tips for the next generation of entrepreneurs to succeed in the global marketplace.

  1. Adapt and react
Flexibility and adaptability are key assets for all entrepreneurs, particularly when dealing with international marketplaces and global supply chains. All markets are different so any potential new market should be thoroughly researched before launching a business overseas. This preparation and forward-thinking attitude combined with a tailored approach to individual markets will pay dividends during future trade and commerce.
  1. Nurture your team
Overseas trade relies on a network of staff, suppliers, partners and local contacts – often operating across several countries and communicating simultaneously. The best staff are an invaluable asset for any company and should be nurtured to retain the top talent. Taking the time to appreciate your workforce improves cohesiveness, productivity, engagement and dependability – an important factor in sustained growth and expansion overseas.
  1. Don’t overlook the infrastructure
Amid the normal undertakings for any would-be international entrepreneur looking to go global, business infrastructure is crucial and should be a key priority. For exports, transportation providers or distribution networks should be fully equipped and prepared for international orders. Likewise, understanding the dispatch, transport and delivery processes will strengthen the supply chain – as well as keeping customers informed and satisfied.
  1. Value first-hand experience
Improved interconnectivity, communication channels and transport routes have made global business opportunities more accessible than ever. However advanced our technological progress, face-to-face interaction still reigns supreme when it comes to building long-term relationships with clients, suppliers, distributors and other key contacts. Visiting business destinations and setting up face-to-face meetings not only strengthens business relationships but also allows entrepreneurs to make informed business decisions on the ground.
  1. Think globally
Embracing a truly global mindset is essential for ambitious entrepreneurs to take their businesses to the next level and reach dynamic international markets. Successful business models are increasingly driven by innovation and creativity – inherently entrepreneurial qualities, which are valued all over the world and can maximise the chances of achieving global success.

With a wealth of information and resources out there, entrepreneurs are set to benefit from this year’s Global Entrepreneurship Week to guide them towards the best support. For some additional inspiration, the next generation of entrepreneurs can also learn from the countless companies across the country already hard at work. The Great British Entrepreneur Awards acknowledge and celebrate these inspiring stories and help others on the way to success, so keep your eyes peeled – the winners will be announced at an illustrious ceremony next week. In the meantime, we hope the above tips will help you get off to a flying start.

By David Poole, managing director sales, UK South at FedEx Express