As the utility-scale solar market continues to expand and globalise, project developers and engineering, procurement and construction (EPC) contractors increasingly find themselves considering unfamiliar jurisdictions. A new project or new business opportunity is exciting – but successful entrepreneurs will measure this excitement with thorough analysis of all aspects of the opportunity, including accounting for the diverse and unknown risks of operating in foreign markets.
First and foremost, a company considering this type of expansion must build a foundation for operation in the new jurisdiction. The underlying principle for achieving success in new markets is to develop an understanding for and respect of local culture and customs. Understanding and accommodation of a new culture communicates a company’s good faith and motivation to partner with that culture in mutually beneficial, long-term business relationships within that jurisdiction. Conversely, lack of understanding of cultural norms in foreign markets may lead to significant friction, loss of productivity and, ultimately, hostility that could prevent continuing successful business relationships in foreign markets.
Originally Published in PV-Tech Power in October 2014.
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