11-19-2008, 03:45 PM
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3 Ways to Kill a Business Deal in India
Entrepreneur.com offers some suggestions to Americans who are looking to do business in India. Here are 3 ways an American can kill a deal in India:
Quote:
The Deal-Breaker: Rushing the business transaction
"Relationships here are based on trust. It takes an investment of time to establish a relationship, and it's that way because it's been that way for thousands of years."
During your first visit, Bagla says that while you may be itching to make a deal, one of the first questions you may hear is, 'When will you be coming back?' And while you may be tempted to say, 'Let's make a deal, and I'll be back as soon as you want,' that's not what an Indian entrepreneur wants to hear. He just wants to know when you'll be back. A deal can be worked out later, maybe.
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Quote:
The Deal-Breaker: Not taking into account the religion, region or background of your counterpart
India has 23 languages and half a dozen major religions, including Hinduism, Christianity, Buddhism, Jainism and Sikhism.
"You must customize your approach," Bagla says. "A Punjabi-speaking Sikh machine shop owner in Delhi may behave very differently from a Gujarati-speaking vegetarian Jain in Mumbai.
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Quote:
The Deal-Breaker: Missing the social nuances
Business people in India, as a general rule, don't like to say no. As S. Elizabeth Foster, a partner at the law firm of Luce, Forward, Hamilton & Scripps in San Diego, who often does business in India, says, "You may think the business person across the table is conceding your point; he or she may just be exercising politeness while thinking it over or even disagreeing with you."
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You can find more tips at:
3 Ways to Kill a Deal in India - Cultural barriers in business - Entrepreneur.com
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