Publisher: Harvard Business School, 2013, 232 pages
ISBN: 978-1-421-8430-1
Keywords: International Enterprise
India is on the minds of business leaders everywhere. Within a few decades, India will be the world's most populous nation and one of its largest economies. But it is also a complex and challenging market, with a reputation for corruption, uncertainty, and stultifying bureaucracy.
The initial infatuation with India is over and reality has set in. But India is not a market that can be ignored. So why take a chance in this extraordinary and complex region? What does it take to win in India? How do you deal with the chaos — and even prosper from it?
Ravi Venkatesan, the former Chairman of Microsoft India, offers inside advice on how your firm can overcome the unique challenges of the Indian market. he argues that chaotic India is in fact an archetype for most emerging markets, many of which present similar challenges but not the same potential. Succeeding in India therefore becomes a litmus test for your ability to succeed in other emerging markets. If you can win in India, you can win everywhere.
Hard as these markets are, Venkatesan says, for most multinational firms the bigger challenge to success in emerging markets may well be the internal culture and mind-set at headquarters. The unwillingness to make a long-term commitment to the new market or to adequately trust local leadership, combined with the propensity to rigidly replicate the products, business models, and operating systems that have worked at homes drives many companies to a "midway trap" that results in India remaining an irrelevantly small contributor to global growth and profits.
Combining his personal experience with in-depth research and interviews with CEOs and senior leaders at dozens of companies — including Nokia, GE, JCB, Dell, Honeywell, Volvo, Bosch, Deere, Unilever, and Nestlé — Venkatesan shows you how to tackle slowing growth, policy uncertainty, and corruption and enable your firm to thrive in India. He proves that you can break through successfully, but it takes a very different type of leadership, both locally and at headquarters.
If you want to succeed in the twenty-first century, you must succeed in emerging markets. This practical book, written by one of India's most respected CEOs, will give you the keys to win in India, other emerging markets, and beyond.