Do you have the essential skills to launch your international startup Hult Blog

You’ve come up with an idea that you believe can change the world. You’ve identified a hungry market for your idea and now all you need to do is turn your idea into a tangible product or service that can be scaled and sold internationally. The rewards of your venture may seem near, but it will elude you if you fail to equip yourself with the essential skills that you need to overcome the business challenges that you will face on your entrepreneurial journey. Several businesses that have been in a position to succeed end up failing due to their business’s leaders lacking the key entrepreneurial skills that’s required to grow their business. The belief that you will succeed is what all entrepreneurs need, however to catapult your business venture successfully into the market will take more than just willpower alone. Hult MBA graduate Mohamed Abd El Azeem recognized his need to acquire the essential skills for him to successfully launch his cosmetics company LeSoie across the Middle East and Asia. If you are serious about launching a successful international business venture, then you must fill the gaps in your business knowledge and skills otherwise you will risk exposing your venture to immediate failure. Hult International Business School trains entrepreneurs with the essential skills to successfully manage and grow your startup into a thriving international business enterprise. Skills that you need to possess to launch your startup include: sales and marketing risk assessment managing supplies finance and accounting general management managing logistics, supply chain and distribution communication pitching Master the art of sales and marketing. The most important skill that you need to grow a business is sales. You will need to sell your ideas, your products and your brand to potential customers and stakeholders that will give your business money in exchange for its products or services. People that master the art of selling will always attract customers and grow the business. To scale your startup internationally, you must know how to identify your target market and to pitch your business’s proposition so prospects will become customers, as well as advocates for your business. You can learn the exact sales and marketing methods in Hult’s Master of International Marketing. Learn how to manage risk. Successful entrepreneurs know how to take smart risks that will allow their business to grow, while avoiding any potential commercial threats to the business. Since your startup will be exposed to international laws and regulations, political intervention and red tape, financial risks from fluctuations in currency rates, international transactions, and more. Entrepreneurs that are unable to identify and manage risks can jeopardize their business’s operation and expansion efforts. It is essential to learn how to identify and manage business risks. Learn how to source, choose and manage suppliers. To scale your startup quickly, you will need to engage with international service providers such as licensees, agencies or franchisees. The businesses and people that you work with can make or break your business. Should you hire a business to conduct a working project that they fail to deliver on; will your startup be able to take any actions based on the contractual agreements that were made between the parties? Furthermore, if things need to be escalated to the local authorities, which country and jurisdiction will settle any legal or arbitrary claims that have been made by either of the parties?   It is essential that you know how to qualify prospective suppliers that will complement the operations for your business. Learn more about international procurement in Hults International Business Courses. Download a brochure here. Understand and manage international corporate finance and accounting. Will your business’s revenue and costs be affected by international transactions? If your business is exposed to this risk, how much could it potentially cost your business? And if so, will it severely impact the way the business operates? Cash flow management is crucial for businesses, especially for startups that are financing their growth with their own money or through the help of angel investors or venture capitalists. The loss of income and revenue through currency changes and banking fees can also impact the business’s profitability. There are several corporate finance and accounting practices that you can implement in your business. You can learn how to manage these in Hult’s Master of Finance. Understand how to manage an international business In order for your startup to grow in scale with minimal disruption, an organized structure needs to be put in place. Leaders of an international startup must know what job roles are required to develop the sales, products, services and processes within the startup from the concept stage through to delivery. International startups may see their resources spread across the world where their staff will be exposed to different time zones, cultures and business practices, which can greatly impact the success or failure of your startup. The business will have to implement a management structure that will allow the business to operate successfully across international markets. International startups should look at global, international, regional or multi-domestic business models that can be implemented to scale the growth of their business. During Hult’s Global One-Year MBA you can work with your startup over a 7-month period to bring the products or service to market, while learning how to manage and grow the startup internationally. Learn how Hults Global One-year MBA can help you becoming global entrepreneur. Download a brochure here. Learn to orchestrate international business logistics, supply chains and distribution. The supply chain management of your products or services can be exposed to different types of risks depending on what your startup needs to deliver. The business may need to develop an international supply chain system that will expose your startup to international distribution risks such as: Damages to products Product losses Theft Shrinkage Manufacturing errors Labor costs and skills Communication. Communication breakdowns are responsible for several businesses imploding. That’s why it is important for startups to develop a communication process that: Establishes hierarchies Encourages collaboration Resolves conflict Considers cultural issues Successfully relays information to internal or external parties When the goals and directions of the startups leadership aren’t communicated effectively through the management and execution teams, the startup is doomed to fail. Business leaders must implement processes that allow the goals and directions of the business to be filtered down and executed by all of the involved parties that are responsible for delivering the product or service to the customer. When communication breakdown occurs, it affects the end product, service, brand, and customer experience. It is important to learn how to manage these communication issues with advanced business communication strategies. Pitching It is important to learn how to pitch perfectly to your target audience. The way that you come across will greatly impact the amount of success you will have when dealing with other business people, networking and pitching for more business clients. Pitching your startup internationally will expose you to different cultures that will revere different values. The ability to be bold and assertive with profit growth over short and medium-term milestones will trigger more interest with Western cultures compared to the long-term outlook that is common with collective cultures from North and South-East Asia. To succeed internationally, you must have a firm grasp on the motives, needs, desires, and values in businesses that operate in foreign markets. Hult’s Master of International Business will educate business leaders on the different cultural factors that will affect the success of your pitches in foreign markets. Grasp the cultural differences by sharing experience with more than 130 nationalities. Download a brochure here. Hult MBA graduates that have successfully learned and implemented business pitching techniques include: William Peregoy, who successfully launched the mobile app DineMob and secured $25,000 in funds from the Tech Wildcatters accelerator in Dallas. Colin Pyle, who is now the CEO and co-founder of CRU Kafe. He successfully raised $500,000 to launch his business coffee venture by successfully pitching through Kickstarter. The world’s most successful entrepreneurs possess these essential set of business skills that’s allowed them to successfully launch and propel their startup onto the international stage and thrive. If you want your startup to be successful internationally, you must also develop these business skills. Click here to get in touch with Hult International Business School to see how we can help you launch your international startup. Hult offers a range of highly skills-focused and employability-driven business school programs including a range of MBA options and a comprehensive one year Masters in International Business. To find out more, take a look at our blog Building startup talent: an interview with Hult alum Christian Claus of HoloBuilder. Download a brochure or get in touch today to find out how Hult can help you to learn about the business world, the future, and yourself. Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Hult Rotation offers you a chance to study in a truly global way. Our rotation program allows you to study and be immersed in some of the finest cities in the world. 📠¸: @jasminmanzano . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . Each year, Hult seeks to enroll a talented and ambitious incoming class from all over the world. We look for diverse students with a wide range of experiences, perspectives, and interests—students who will thrive in our unique educational atmosphere. Are you ready for a truly global experience? 📠¸: @iambrunadiniz . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . We’re excited to start 2020 on a ranking high! Hult is proud to have been placed #28 in Poets Quants 2020 rankings for Best Undergraduate Business Schools in the US. Taking a huge leap of 32 places from our 2019 position, we’re also very happy to have secured top positions in key categories like: life-changing experience, practicality of the degree, and global immersion. . With five global campuses, a student body of over 130 nationalities, and a learn-by-doing approach—Hult offers a student experience like no other. . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . â€Å"I’m from an engineering background and needed a whole new skill set for the industry I wanted to switch to. I learned a lot about myself and how I deal with being out of my comfort zone. I learned both soft and hard skills, from how to work in very diverse teams to key accounting metrics and strategy. I was surprised by how weak I was at certain tasks in English or how strong I actually was in other areas. Hult gave me opportunities to try new things and meet people from places I never thought I would have friends. . My internship experiences gave me the chance to broaden my view of different cultures and different companies. I had the opportunity to work and live with people whose values differed from people in my home country. I thought that this would be difficult, but it gave me the chance to reflect on my own values and assess if they were a result of my home country environment or if they were intrinsically mine. . Diederick ter Kulve (@diederick.terkulve) Netherlands Masters in International Business . Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021 Say a big hello to our Bachelor of Business Administration program cover star, Elisa Orus Plana âÅ" ¨ . â€Å"I’m excited for the future—especially that I cant predict whats going to happen. Maybe Ill end up in Mexico working for a trading company or maybe in Africa, developing my own business. Everything is possible, and the options are constantly changing. I love the idea that Im never going to be stuck doing the same job until the end of my life if I dont want it to be like this. . Hult really supports me and my ambitions and truly believes that we deserve to be considered as professionals as well as students. Here, I get to express not just my opinions but all elements of myself. From my creative side with the Fashion Society to my finance and business sides in Trading Club and the Management Consulting Club. We get a different type of learning here. Not just essential knowledge and theory, but practical skills and mindset. The school is always evolving. We’re encouraged to innovate and to always look for new ways of doing traditional things. We learn how to be more confident and become aware of how we can impact our environment. The school aims to help you become a better version of yourself and to stand out from the crowd.â€Å" . Elisa Orus Plana French Bachelor of Business Administration Class of 2021"> During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. During the final days of 2019, you probably reflected on what you’ve accomplished this year—and even this decade—and what you’d like to achieve in 2020. Let us know in the comments below. â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"The first time we did group work on the program, I went head-to-head with a colleague. It taught me a lot about how I see people, how people see me, and how conflict can be resolved in a kind and productive way. The best feedback you get, when delivered constructively, is the most critical because it really feeds into how you lead. I’ve completely reversed my leadership style—the result is so much richer and more powerful when you lead from behind and lead with strength. . Studying in tandem with working, whilst challenging, gave me the perfect platform to directly apply learning concepts into my business environment, the competitive landscape, and the real-estate industry as a whole. When I started the program, I was very happy in my corporate role. But my courage and aspirations grew to the point that I took on a whole new direction. Having my career coach, Joanna, as a sounding board allowed me to really be strategic and get to know myself. She coached me thro ugh all the interviews, the research, and the questions. It went in parallel with what I was doing academically and after six months everything just clicked. . I went into the EMBA knowing I had nothing to lose and I’ve come out with everything. Great strength, global friends, amazing learning, mentors from professors, a job I love, and the knowledge that I can set my mind to achieve anything and with the right support and resources I’ll get there.† . Kashani Wijetunga British, New Zealand Sri Lankan Associate Director Senior Strategy Consultant CBRE EMBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . â€Å"It was now or never. I knew that I’d have likely stayed in my neighborhood for years to come if I didn’t take this opportunity. I’d not lived or studied outside of the U.S. before. So I left my job as a global strategist at an advertising agency and moved halfway around the world. I’ve come back a more culturally aware, well-versed person. I’ve realized that everything is a learning experience and an opportunity for growth. Ill definitely carry this mindset with me into the future. Technology and social media allow us to be different people in several places at once. Im excited to see how I can establish myself in whatever city Ill be lucky enough to call home and still maintain deep connections with people all over the world. I’m inspired by my classmates every day. Hearing some of their life stories and how getting this degree fits into their greater mission has been very humbling. My biggest challenge has been finding the ‘right’ path for me. There have been rooms Ive felt like I shouldnt be in, but now Im proud to feel as though I truly belong, wherever I am.† . Dwayne Logan, Jnr. American MBA Class of 2019 . Happy New Year, Hultians! . Happy New Year, Hultians! .