Some of the best practices in terms of how to do foreign market entry, also discussed with the 3M example from class, include all of the following, except:
- Initially, focus on one/at most two/ markets
- Enter on a relatively small scale
- Build strong relationships with local partners and hire local personnel
- Go big or go home - ensure a foreign market entry is as large as possible in terms of commitment of resources, in order to capture first mover advantages
- Proactively search for export opportunities