According to the Global Entrepreneurship Institute, more than 500 million adults around the globe are engaged in some form of entrepreneurial activity each year. Entrepreneurs have been the engine for creating new jobs, generating revenue, advancing innovation, enhancing productivity, and improving business models and processes. In fact, entrepreneurship is the cornerstone of the free enterprise system around the world.
The Harvard Business Review notes that for a century or more, companies generally ventured to expand globally only after establishing themselves at home. By contrast, companies “are being born global today.” Because political, economic and shipping barriers have fallen and access to electronic data is everywhere, today’s entrepreneurs can find the best manufacturing locations, cull the best ingredients, hire the talent that matches needs and find investors from virtually all over the world.
Entrepreneurs expand into other countries to be competitive. Capital sourcing, manufacturing costs, service delivery and human resources may be of a high quality at better rates than domestically. There is also basic concept of supply and demand. Take LifePharm as an example. It only makes sense to expand where there is the greatest demand. So, when the sales leaders in Europe showed their dedication, commitment and potential, LifePharm expanded into 10 European countries in the last two months alone.
With the vast opportunity that comes from global expansion come challenges. These come in the form of “distances” in culture, language, tax and regulatory structures, political systems, and economic development variations. Expansion is conducted when the potential benefits far outweigh the challenges.
In the case of network marketing, the IBOs are always the core of the company, so when the new country’s IBOs are fully onboard, half the battle is already won. In the case of LifePharm, led by Wicky Suyanto who has been successful in each of his entrepreneurial endeavors, the question is not whether the company will be successful. The question is simply, “How big will the success be?”
Learn more about the value about being a LifePharm IBO here.