India is a diverse country where there is an exception to every generalization. With its pluralistic structure of a multilingual, multicultural, multiracial and multi-religious society, India is a huge and complex market. Understanding what happens in the Indian market when observing it from afar is difficult. Information is not always available in a clear and timely manner. Seeing and feeling India and Indian business has no substitute. Markets in India often develop extremely fast and in unusual ways. The mobile phone revolution is a good example. One need to spend adequate time in India or visit several times to comprehend the dynamics of the Indian business environment.
Like any emerging market, doing business in India comes with its share of risks and challenges. Indian businessmen come in all stripes ranging from self-confident; work smart, reliable to opportunists and better thinkers than doers.
Remember that things might not evolve as quickly as you might expect in India - you need to have oodles of patience.
To succeed in India, besides great products and services, you should be aware of local customs and business practices, inherent Indian beliefs such as Karma and mindsets such as Jugaad (workaround). You should inculcate your capability to communicate and negotiate effectively with Indians. What is more important for you is to have ‘connections’ in India that would get your business rolling. Indian business is very much relationship-based. There's a very tight network at the top of Indian business, and you need to get access to that network to succeed.
One fast track approach to enhancing your knowledge about Indian business and building connections is working with local partners. A strong local partner could give you quick access to information, projects or customers could provide funding, complementary products or local manufacturing expertise. However, given the huge number of inexperienced and opportunistic market players in India, it is not easy to find and develop win-win partnerships that involve a high degree of mutual trust and shared goals.
We can be your trusted advisors in helping you to decipher the right go-to-market strategy and assist you in finding reliable and suitable partners in India to achieve a successful market entry.