India’s large population make it a favorite destination for doing business because it has a large consumption and a varying demography. There is available labor in any business one would like to venture in. India has a stable financial market, this market has evolved from a highly controlled system to a now liberalized one. However, understanding the values, beliefs, and assumption of the Indian culture is key to doing successful business in India.
Highlighted below are some tips to guide you in conducting business in India. These tips will help you to understand India’s business culture and improve your business venture.
1. Time – Indians are not known to be punctual compared to people from the West. This is just a fallacy. Ensure that you are punctual and expect to start the meeting with a small talk. The topics of discussion could vary from politics , India’s economy, cricket, the taxi service you came over on, films etc. However, you need to check your calendar because India has numerous holidays. This is because it has many religions. It has six main religions and other minor ones.
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Every company dreams of living up to its true potential. When it commences its operations, the company devises a comprehensive business strategy. The strategy that includes a business idea, the types of employees to be hired and the entire details of the products and services to be offered. Regardless of the brilliance and accuracy of the business plan, its implementation and success are two completely different things. At times, even the most professionally and technically sound companies tend to either hit a road block or face difficulties in executing their business plan. This is when the need to acquire business consulting services arises.
With a population of over 1 billion, India is a land of opportunities. Every year thousands of businesses of all shapes and sizes- from wedding dj all the way to car companies and beyond begin their voyage to success. While many do succeed, the majority of them fail. This happens mainly because they had flaws while executing their business plan. Business consulting provides solutions to those shortcomings and flaws.
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It is not easy for outsiders to do business in India as Indians have a different perspective, attitude and understanding about the different strokes of life. You have to be patient and even have a sense of humor to do business with Indians as things can get entertaining and frustrating at times while you try to get instructions across. If you are newcomer to India, and plan to do some business consulting here, these 7 tips should prove worthy to you!
1. Be wary about the Indian standard time where meetings scheduled for 10.30 seldom start till 10.45! Don’t try enforcing discipline about punctuality as 9 out of 10 Indians consider clocks to be decorative pieces! Instead, make your adjustments and schedule meetings based on this delay and not waste your time!
2. Indians don’t like asking questions, so you never know if they had understood whatever you said! Most just sit silently, planning to ask questions when it’s appropriate, which is usually too late. So while you think everything is going fine, they will ask you questions and make objections only at the last minute.
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