In the not too distant future, U.S. businesses will be placed into one of two categories: those that skilfully entered into the global marketplace and those that sheepishly exited out of business. A wait and see mindset is nothing short of organizational suicide. On the other hand, a reactionary, ill-conceived global expansion is no improvement. That too spells disaster. What’s needed? Start with a mindset overhaul, fuel it with 100 percent commitment and do your homework – none of which should be any secret to entrepreneurs who’ve launched successful domestic businesses.
As Bill Gates reminds us though, “success is a lousy teacher; it seduces smart people into thinking they can’t lose.” Consequently, many “smart” business people approach global expansion as just that, an expansion of their existing business. Instead, it is important for U.S. businesses to approach globalization as an entirely new enterprise: an enterprise worthy of all the money, time and sweat equity dedicated to getting domestic start-ups running successfully. At the same time, globalization needs to be fully incorporated into the overall corporate strategy and not treated as a disjointed side business. No short-cuts, no resting on past laurels and no more excuses.