Fears that brokers face when expanding their business abroad
It is natural that when faced with a new situation, a challenge or a change, certain doubts and concerns arise. In this sense, some fears that brokers face, when expanding their business abroad, may be similar to those of other types of businesses or ventures.
Among these are the fear of failing, the fear of the barriers they may face, due to the policies or laws of other countries, and the lack of acceptance or little receptivity of potential clients, among others. Let’s see this in more detail.
Barriers to internationalization
According to an article published on the portal Iberglobal, there are different types of obstacles that companies aspiring to internationalize their activities may face.
Among these we have:
- Limitations of financial resources
- Poor preparation of human resources
- Difficulty in identifying business opportunities
- Difficulty in obtaining information about new markets
- Political risk (instability)
- Fluctuation of the economy
Knowing them can mean two things: knowing what we are facing and preparing for it; or believing that we will not be able to overcome them and then entering into a conflict that could paralyze us, leaving us in suspense with the famous “what if…?”
Brokers’ fears when expanding their business abroad
Each of the aforementioned obstacles can translate into possible fears, which brokers could face when expanding their business abroad; even, some of these fears overlap with each other, as we will see below.
We will review them as we comment on them and propose a way to refocus the fear so that it does not paralyze us. It should be remembered that every negative feeling has its optimistic counterpart. That is, there are always two options: the desirable and the undesirable. That’s why, instead of what we don’t want, let’s see or think about what we do.
And if we don’t have enough money…
Investing to expand into the international market means money, more money. And we certainly have limited resources financially, but let’s think calmly. Let’s think about this:
- Are we financially prepared, right now, to take that leap? If we are not sure, it is better to look for a little more financing.
- Remember that when it comes to investing, you can’t run out of anything, and you should wait for a little before you start getting dividends. Therefore, keep something to be able to survive, while the fruits are beginning to be seen.
- If you don’t have too many resources, think about investing first in a market where costs are not so high, although the profits are also modest. Even so, you will have experience when going to more complex markets.
One day at a time, one market at a time; you don’t have to open operations simultaneously in a hundred countries.
And if we are wrong about the estimates…
Returning to the obstacles we talked about at the beginning, instead of talking about: “Difficulty obtaining information about new markets or finding business opportunities,” let’s focus our gaze and efforts on: “how to obtain information about new markets or how to identify business opportunities.”
And with regard to this, we should not settle only for what we find on the Internet. If possible, get in touch with people who live in that country, to know how the economy is doing. Even make surveys, and market research. It’s good to play it safe.
And if the economy takes a turn…
Well, that can happen anywhere in the world. The economy may fluctuate, and the political situation may take a turn and affect our potential investment; but, there could also be a positive change and make us grow. If we withdraw because of fear, we would be perhaps missing the opportunity of our lives. He who does not risk, does not win.
And if we are not prepared…
If we consider that our human resources are not prepared to internationalize; then let’s think about how to prepare them. With the information obtained, let’s organize a training plan, depending on the needs of the organization for the new challenges.
Again, we are going calmly and well-prepared. In this way, we will have a good team, who will help us in the best way. Of course, let’s trust them and their abilities. Trust is better than fear.
But there is something very important, we must not only think about the staff, but about who we are and what we do as an organization. Preparing also means adapting. We have to adapt processes and innovate in what we do. Working in a new market also means a new way of doing things. “We invent or we err, we innovate or we fail,” said Simón Rodríguez, the great master of El Libertador.
And if there are many legal obstacles…
Again, we must draw on the best resource: information. Know the facts before taking the first step. Investigate, inquire, get in touch with people who know the laws, and get good advice.
The biggest obstacle
Fear is a natural feeling in living beings. According to behavioral experts, it is our oldest emotion. It arises in the presence of a threat. We usually respond by running away.
Although in some cases the adaptive response is not to escape but to remain immobile. True, we can’t help but feel it, but we shouldn’t let it paralyze us, nor should we ignore or despise it, because overconfidence could also be harmful.
And, in spite of everything, fear can be positive, because it helps us to stay alert, so it is vital for survival. We have to use it for what it is: a mechanism that should lead us to better observe what exists around us and to detect threats.
Henry Ford once said that obstacles are what we see when we stop seeing the goal. In this sense, the main recommendation to keep in mind, when fear begins to invade us, is to refocus on the objective.
If we can turn every problem or every fear into goals, as we have seen, or even into concrete actions, then we will be activated and fear will not be able to paralyze us.
Remember what Federico of Prussia said: “The man who puts his heart into what he does gets resources where the incapable give up.” And with this sentence we say goodbye. All the best in everything you undertake.