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There has been a lot of attention paid to ethics in business lately. Of course, most of that focus has been on the lack of ethics in business.
Doing business in the rough-and-tumble arena of underdeveloped countries involves adhering to global business basics, such as researching markets thoroughly, while coping with surprises, writes a veteran international entrepreneur who first took his company overseas three decades ago. In entering the "emerging markets," entrepreneurs need to keep close tabs on how (and if) they will be paid, as well as on local managers overly eager to make sales.
Here are five big issues you should consider if you want your company to be able to evolve and grow to the next stage of development.
In today's extremely tight labor market, small-company employers must approach hiring just as they approach selling. To lure able and enthusiastic candidates, the author writes, a CEO should consider such steps as contacting reluctant candidates personally, offering equity compensation to augment salaries, and sending welcoming gifts like fruit baskets. Of particular note is a discussion of factors the author says "count" in the sales-whoops!-the hiring process.
Giving back to the community-and engaging one-on-one with charitable operatives, the press, and other local constituencies-enables small businesses to increase exposure at little cost, says the founder of a national moving franchiser.
If you think hiring is tough in today's tight labor market, you should figure that retaining people is even tougher. To keep employees, small-company owners must provide more than just competitive compensation packages, the author writes. What really makes the difference is a CEO's ability to communicate an organizational vision and to recognize the people who translate that vision into revenue and profit.
You can not be creative in a vacuum. Understanding your industry and marketplace requires consistent study habits.
Hiring the disabled allows entrepreneurs greater productivity, lower labor costs, and lucrative tax benefits, in addition to engendering goodwill, says a company founder who employs brain-injured workers.
Global growth is essential for entrepreneurial companies but must be managed to overcome challenges such as language barriers and tax-related paperwork, says the founder of a Harley-Davidson licensee.
Larry Levy believes entrepreneurship education is important for the future of our country, and his involvement with Northwestern University's Kellogg Graduate School of Management, demonstrates the commitment behind his beliefs.
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