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Why companies fail in emerging markets: Recognize that a worldly business requires worldly people

The senior managers who are making the overall decisions about emerging-market investments must feel comfortable in these places. They need to have a sufficiently international perspective, to have travelled and had experience of operating internationally. The closer to the market a manager is operating, the more important it is that he has a good understanding of the local market, culture and language. It is still fairly common for a company’s emerging-markets business to be run by people who had never even been outside the developed world before their appointment to run an emerging-market business. Such people start with a handicap that is not easy to overcome.

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