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HOCHIMINH CITY UNIVERSITY OF FOREIGN LANGUAGES AND INFORMATION TECHNOLOGY DEPARTMENT OF INTERNATIONAL BUSINESS ADMINISTRATION ---------***--------- REPORT INFORMATION HOW TO FORM A BUSINESS
Student’s name: Nguyễn Hồng Đức - 22DH123613 Class: KQ2206 NOVEMBER 5, 2022 Course: 221141012213 hcm Instructor: Ngô Văn Bình Table of Contents
Table of Contents........................................................................................................................................ 1 I.
What is a business?............................................................................................................................. 3 II.
Step toward business collaboration..................................................................................................... 3 1.
Conduct market research.............................................................................................................. 3 2.
Write your business plan............................................................................................................... 3 3.
Fund your business........................................................................................................................ 3 4.
Pick your business location........................................................................................................... 3 5.
Choose a business structure.......................................................................................................... 4 6.
Choose your business name........................................................................................................... 4 7.
Register your business................................................................................................................... 4 8.
Get federal and state tax IDs.........................................................................................................4 9.
Apply for licenses and permits......................................................................................................4 10.
Open a business bank account..................................................................................................4 III.
An overview of the worldwide market research procedure............................................................4 1.
What is global market research?..................................................................................................5 2.
Why is global market research important?.................................................................................5 3.
The challenges of global market research....................................................................................5 a.
Cultural.......................................................................................................................................5 b.
Linguistic....................................................................................................................................6 c.
Logistical..................................................................................................................................... 6 d.
Legal............................................................................................................................................ 6 4.
The right way to do global market research................................................................................6 a.
Learn as much as possible about the regions you’re targeting..................................................6 b.
Design an effective research approach, rooted in your understanding of the market...............6 c.
Collect the data and analyse the results, bringing cultural understanding to bear...................7 d.
Looking to embark on a global market research project?..........................................................7 IV.
Factors that influence business success...........................................................................................8 1.
Make a business objective.............................................................................................................8 2.
Understand Your Customer Needs...............................................................................................8 3.
Research your competition............................................................................................................8 4.
Attract and retain the right talent................................................................................................9 5.
Be transparent with your team.....................................................................................................9 6.
Become a decisive leader...............................................................................................................9 7.
Learn to be patient....................................................................................................................... 10 8.
Keep business documents............................................................................................................10 9.
Build strong business relationships............................................................................................10 10.
Be resilient................................................................................................................................ 10 V.
Strategies for taking your company worldwide.................................................................................11 VI.
Conclusion..................................................................................................................................... 11 VII.
Reference......................................................................................................................................12 I. What is a business?
A business is a company or organization that engages in commercial, industrial, or
professional activity. A business's objective is to arrange some type of economic output
(of goods or services). Businesses can be for-profit corporations or non-profit
organizations with a charity aim or a social cause. From individual proprietorships to
massive worldwide enterprises, businesses differ in size and scope. The act of starting a
business involves a large number of factors, which the article below explains and analyzes in depth. II.
Step toward business collaboration
1. Conduct market research
Market research will tell you if there’s an opportunity to turn your idea into a successful
business. It’s a way to gather information about potential customers and businesses
already operating in your area. Use that information to find a competitive advantage for your business.
2. Write your business plan
Your business plan is the foundation of your business. It’s a roadmap for how to
structure, run, and grow your new business. You’ll use it to convince people that working
with you — or investing in your company — is a smart choice. 3. Fund your business
Your business plan will help you figure out how much money you’ll need to start your
business. If you don’t have that amount on hand, you’ll need to either raise or borrow the
capital. Fortunately, there are more ways than ever to find the capital you need.
4. Pick your business location
Your business location is one of the most important decisions you’ll make. Whether
you’re setting up a brick-and-mortar business or launching an online store, the choices
you make could affect your taxes, legal requirements, and revenue.
5. Choose a business structure
The legal structure you choose for your business will impact your business registration
requirements, how much you pay in taxes, and your personal liability.
6. Choose your business name
It’s not easy to pick the perfect name. You’ll want one that reflects your brand and
captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.
7. Register your business
Once you’ve picked the perfect business name, it’s time to make it legal and protect your
brand. If you’re doing business under a name different than your own, you’ll need to
register with the federal government, and maybe your state government, too.
8. Get federal and state tax IDs
You’ll use your employer identification number (EIN) for important steps to start and
grow your business, like opening a bank account and paying taxes. It’s like a social
security number for your business. Some — but not all — states require you to get a tax ID as well.
9. Apply for licenses and permits
Keep your business running smoothly by staying legally compliant. The licenses and
permits you need for your business will vary by industry, state, location, and other factors. 10.
Open a business bank account
A small business checking account can help you handle legal, tax, and day-to-day issues.
The good news is it’s easy to set one up if you have the right registrations and paperwork ready. III.
An overview of the worldwide market research procedure
Market research is essential for propelling growth. It may help you succeed by
informing strategy creation, product development, and marketing. But it's much
more crucial when it comes to expanding your firm outside of your local market.
The global market research method differs from domestic market research and
necessitates a distinct technique to achieve the best results. In this post, we'll discuss
why global market research is so essential, the obstacles that come with it, and how
to conduct it as efficiently as possible.
1. What is global market research?
Global market research is an umbrella phrase for the collecting and analysis of
information that businesses conduct in countries outside than their home market. This
involves anything from consumer understanding to product development research, and
includes creating the study, doing the fieldwork, analyzing the data, and reporting the
results. It varies from domestic market research in that a knowledge of cultural variations
is critical to its successful execution.
2. Why is global market research important?
Global market research serves several key functions. It assists businesses in
understanding their present or prospective clients in foreign marketplaces. These
marketplaces — and the people who inhabit them — are frequently markedly different
from your own market in a variety of ways.
Failure to appreciate the many subtle characteristics between different worldwide markets
and have a good understanding of them before launching a product may be a costly mistake.
3. The challenges of global market research
Global market research may be considerably more difficult than domestic market
research since there are many more components and variables to examine. Much of your
market research will include communicating with consumers in markets other than your
own. This can be challenging for a variety of reasons: a. Cultural
Some international markets will be home to a vastly different culture from your domestic
market. This can make research difficult. It’s important to respect cultural norms and take
these differences into account both when designing your research approach and analysing your results. b. Linguistic
Customer surveys, focus groups, and anything else that involves interviews and questions
creates evident linguistic obstacles in international markets. This makes worldwide
research extremely difficult. You must be able to communicate with respondents and
comprehend their perspectives in the local language. Understanding subtleties and
ensuring essential facts are not lost in translation are critical, thus working with native
speakers to assist you manage these challenges is beneficial. c. Logistical
Finding appropriate facilities to conduct research in a different market can be tough,
particularly if you’re working on logistically challenging projects such as central location
tests or taste tests, where you also need to factor in transporting products for consumers
to test in person. For this, it’s important to plan ahead so you can anticipate problems and
delays that might not exist in your home market. d. Legal
In many parts of the world, there are laws and regulations in place that you’ll need to
consider when designing your research approach. For example, Europe’s GDPR or Singapore’s PDPA.
4. The right way to do global market research
a. Learn as much as possible about the regions you’re targeting
Before you begin chatting with individuals and performing market research, you must
first obtain a solid grasp of the location in which you will be operating. This helps to
prevent or lessen many of the above-mentioned cultural and language issues.
Learn as much as you can about your selected region's demographics, legislation, culture,
language, and so on. This is something that public resources can help with. You may be
able to obtain government statistics or publications that provide an insightful perspective
of the business environment for companies in your sector in your selected market, as well
as what other organizations are doing. This can offer you with a good foundation for your
study before ever speaking with your target audience.
b. Design an effective research approach, rooted in your
understanding of the market
You must devise a research strategy that works in the context of the market. Every part of
the world is distinct from your home market, often in shocking ways. It is critical to
ensure that your study is designed in this manner.
This is important when you’re considering what methodology to use.
It’s also important when thinking about sampling.
Working with an organization that has boots on the ground and offices in the place you
wish to explore is one of the finest ways to truly immerse oneself. This enables you to
develop a research approach tailored to your new market, allowing you to get vital insights.
c. Collect the data and analyse the results, bringing cultural
understanding to bear
After you've developed your strategy, you're ready to begin your research.
There are several approaches you may take here, including: Personal interviews Online polls Group discussions Mobile or online research
Each strategy has advantages and disadvantages, and the greatest research plans will
combine numerous ways. Again, cultural awareness is critical here.
This can impact the way you approach every element of your research.
The next phase is analysis, which requires a thorough grasp of the market in order to
appropriately interpret the data and compare them across nations.
To guarantee success, remember to account for translation or dealing with native speakers at this stage.
d. Looking to embark on a global market research project?
Global market research is a critical step for any firm trying to expand into new foreign
markets or strengthen their position in existing ones. It enables you to maximize your
chances of success while attempting new ventures in areas that may be vastly different
from your home market in a variety of ways. It also allows you to better understand those
markets and service your consumers there.
There are several aspects that might complicate the research process for global market
research assignments. Before you begin your study, it is critical that you first grasp your new market.
Global market research, on the other hand, may be a vital aspect in mounting a successful
market entrance effort, marketing campaign, or product launch, allowing you to develop
your brand throughout the globe and achieve totally new levels of growth.
IV. Factors that influence business success
It's one thing to say what makes a company successful. It's another thing entirely to
realize that success. As a business owner or entrepreneur, you must try to
understand the aspects that will contribute to your company's long-term health and prosperity.
1. Make a business objective.
What is the main goal of your company - the ultimate goal that you're aiming for? Every
company should have a quantitative idea of where they want to go in five or ten years. It's possible that:
You wish to be the market leader in your industry.
You wish to sell your goods or services all across the county or the world.
You wish to expand your staff to a particular size.
You want to run a completely sustainable company with a low carbon impact.
You may manage your firm in accordance with your objective once you've properly stated it.
2. Understand Your Customer Needs
Successful businesses meet the needs and wants of customers. They identify a pain point
or a gap in the market, they conduct deep research on what people are looking for, and
they offer a solution to suit. While it’s true that some companies have successfully
created demand – fashion labels, tech companies, supercar manufacturers – they are the exception, not the rule.
Such a customer-focused approach to development can also lead to a more customer-
focused approach to sales and service. In an ever more digital and automated world,
human touch is becoming a real point of difference.
3. Research your competition
Some markets are more competitive than others. If you’re trying to enter a saturated
market, you’ll soon find yourself racing to the bottom to secure business. It’s difficult to
grow when you’re fighting for every morsel of food. Again, work to identify demand before committing to a path.
But no matter how innovative or left of centre your business is, you’ll always have some
form of competition. It’s critical that you conduct competitive research to avoid being left
behind or caught off-guard. You always want to be proactive, not reactive, in business.
4. Attract and retain the right talent
People are a company’s most important asset – clichés are usually clichés for a reason.
Attracting and retaining the right people can have a greater effect on your business
success than perhaps any other activity.
Do all that you can to get the best possible people on board initially, then take a
structured approach to treating these first employees well. In doing so you’ll begin to
develop your employer brand – your reputation as a place to work. If you paint a positive
picture, you’ll find it far easier to attract and retain great people into the future.
5. Be transparent with your team
Gone are the days of autocratic, dictatorial leadership, where bosses barked orders
without explanation. The most successful modern businesses work to build a culture of
trust by being perfectly transparent:
Clearly outline your values and live by them.
Consult your team when you need to make important decisions. Follow through on promises.
Own up to mistakes and commit to being better.
6. Become a decisive leader
But even in the most consultative and transparent of company cultures, leaders will still
need to make the tough decisions when necessary. There are often times when business
success is dependent on prompt and confident decision making, often without the luxury
of all the information you might want or need.
An imperfect decision early is usually better than a perfect decision that comes too late.
Business success is about using experience and gut feel in these moments, and committing to your call. 7. Learn to be patient
Don’t be distracted by a big and flashy sale, nor a particularly bad week, as these events
only serve to distract you from your overall trajectory. Business success is an incremental
process, one that demands quiet and consistent effort over the course of months or years.
By taking the tortoise’s approach to growth, rather than the hare’s, you’ll minimise risk
and build real confidence in your team.
8. Keep business documents
Record everything. It’s been said before that data is the oil of the 21st century, and it’s
true. Between internal company and external market information, the answers to almost
all of your business questions will be hidden within the zeroes and ones. And you no
longer need to be a data scientist to make the most of this resource – smart tools
like Square Analytics allow you to gain deep insights with a single click.
Documenting everything also allows your business to preserve ideas, establish credibility and resolve disputes.
9. Build strong business relationships
Your professional network can be an incredibly valuable thing. The relationships you
build with mentors, thought leaders, suppliers, customers and other industry players can
be a source of business, talent, ideas and advice. Make yourself known in your industry:
get active on LinkedIn and attend in-person events. 10. Be resilient
No business has ever experienced pure and unadulterated success. There are always
missteps, knockbacks and bits of bad luck. Success or failure isn’t shaped by these events
themselves, but rather by how you respond to them.
Resilience is perhaps the most abstract factor on this list, but it’s one that a business
owner or entrepreneur must work on if they are to succeed. Recognise that you learn
more from failing than you do from smooth sailing, and try to see setbacks for the
opportunities they are and the lessons they provide.
What is business success? At the end of the day, your definition can be whatever you
want it to be. Realising that success is then a matter of breaking your definition down into actionable parts.
V. Strategies for taking your company worldwide
Globalization may be both intimidating and profitable. Here are the actions to
follow, errors to avoid, and the fundamentals of exporting and importing.
The American market for practically everything is massive, yet it is insufficient for many
businesses. The rest of the globe is their oyster for these forward-thinking business
entrepreneurs. Seeking worldwide expansion as an importer-exporter provides several
opportunities. Some of the unique benefits of effectively expanding worldwide include:
Finding new markets to sell current items and services in might help to extend their sales life.
You can lessen your reliance on the markets you have established in the United States.
If your organization is afflicted by unstable market variations caused by seasonal
shifts or demand cycles, you can level out your sales by entering markets with
differing or even countercyclical movements.
You may take use of company technologies and know-how.
Finally, by joining the global economy, you will learn how to compete with
international companies—and even take the fight to them on their home turf.
Of course, the main reason to go worldwide is to increase your chances of expansion and
growth. And there are far too many foreign chances to list here—or even in a much
longer book than this one. Markets in Canada, Mexico, Europe, and Japan provide clear
prospects. However, these are simply the tip of the iceberg. There are also other rapidly
rising, less competitive markets.