Introduction to Global Business Assignment Example | Topics and Well Written Essays - 1250 words

Introduction to Global Business - Assignment Example two decades, China has become an attractive option for foreign entrepreneurs to invest because of the low wages on offer and access to cheap materials. However, just because China has a lot of economic potential does not mean that it is easy for foreign investors to succeed there. The number one determining factor of whether a foreign entrepreneur is successful or not largely comes down to culture. Chinese culture has a long history that is steeped in traditional, yet it is becoming more open to the west as Chinese leaders realize that economic growth can benefit the masses. This paper will discuss in detail about what to do when setting up business in China and what should not be done. The stories of three British entrepreneurs (Tony, Peter, and Vance) will provide examples that show the good and the bad of conducting business in China. When doing business in China, it is important to have respect for the local people and cultural customs. It was not until recently that China was opened up to the world, so the country naturally has a very low opinion of foreigners and expects them to make every effort to do business the Chinese way. Because of the obvious cultural differences, such as in language and communication techniques, it is a must to get some inside local knowledge on how to conduct business there. In â€Å"Brits get rich in China,† Tony was the only one to realize this before he opened business there; he managed to find a Chinese business partner, Miss Dy (Akmadakmal 2012). Tony even admitted that if he was going to do well in China, then it is a must to find a local Chinese business partner. Also, Peter eventually chose to work with a Chinese business partner, Cecil P., but only after failing to succeed by himself (Akmadakmal 2012). Unlike the other two entrepreneurs, Peter had never visited China before he decided to make the move there to sell his air conditioning energy saving units; he is also 70 years old, which shows maybe that he was unwilling to