Asia and Europe are now leading trade partners, with $1.5 trillion of annual merchandise trade, overtaking each continent’s trade with the United States. A new study gathering an unprecedented range of bilateral data between country pairs pinpoints the economic, social and political ties between 51 Asian and European countries.
While the eyes of the world are on the US-China trade war, Asia and Europe are working to deepen their relationship. The two continents have made mutual connectivity between people, businesses and institutions a top political priority, and are moving quickly to build and strengthen ties, with a firm commitment to work towards the Sustainable Development Goals (SDGs).
Shifting business from one region to another is not easy. You must unlearn certain things in your region to learn new ones. Many of us stick to one routine and are afraid of taking risks. The more you take risks in the business, the more you grow. For instance, you will not get delicious street food if you shift your business from Asia to Europe. But probably, you will get better facilities like good infrastructure and technology. Moreover, stable governments also support you. Do you want to know what makes entrepreneurs successful? It is their adaptability towards change. Are you ready to take a risk and want to shift your business from Korea to Germany? The first thing you must do is speak with the target market in their native language. For example, if you are opening a subsidiary of your Korean company in Germany, then you must go for German translation services.
Impact of Globalization
Giant economies of the world adapt to changes drastically because of globalization. If they don’t keep up with the changes, they will lag. Shifting a business from one region to another or opening a subsidiary in another country is a very big decision. Entrepreneurs take these steps because of different reasons. It might be that another country is lucrative or taxation policies in another region are not so strict. Let’s have a look at how entrepreneurs can shift their business successfully from one region to another.
Do you know that people living in Asia are very sweet in communication? They are not straightforward. When they have a difference of opinions with others, they give space to others and try to fill the conversation with fillers. On the contrary, people living in Europe are straightforward, and they don’t use fillers to prolong the conversation and to deviate from the topic. So, as a Korean, you should take the assistance of a professional company. They have a team of native translators that knows the conversation style of German and Korean people and provides you with impeccable professional translation services accordingly.
Having a Family Business is a Matter of Pride
One thing common between Asian and European entrepreneurs is that they give importance to their family business. Moreover, they are proud of it. They work hard to expand it and to pass it on to their future generations. Especially in Asian markets, children of entrepreneurs get higher education and prefer to take hold of their family business. They came up with innovative ideas to promote their business. I suppose your family business is in Korea and your subsidiary is in Germany. The young generation will not go for German translation services only, but they also take the assistance of Korean translation services so that their stakeholders can understand the business strategies well without any ambiguities. One important thing to note is that business in Asia is more prone to risk than business in Europe.
Entrepreneurs always have a feeling of uncertainty. This is because of fear of failure and hope for success. It is easy to cover losses if you are in a European country as compared to Asian countries. This is because, in European countries, insurance coverage gives them security. So if you want to understand the insurance policies that are given to businesses in Germany, then you must go for German translation services.
Systematic and Organized Processes
European countries follow rules and regulations in their business. Due to technology intervention, they are systematic and organized processes. Therefore, there are fewer chances of fraudulent activities. Asian countries don’t follow rules and regulations strictly, so their processes are not coordinated. If your subsidiary in Germany wants to know the process that is developed in head office, then they must take the assistance of Korean translation services, so they can work cohesively towards attaining the business objective.
Initial Cost is high in European Countries
The Standard of living is higher in European countries than in Asian countries. Whether it is manpower, technology, or infrastructure of the business. You must make more investments in European countries than Asian stakeholders.
The traditions and norms of doing business in every region are different. Whether it is written conversation or verbal conversation, it will impact the way of doing business. As we come across a diverse workforce, it is very important to understand the languages and behavior of people with whom you are working. Sometimes a loud voice of a boss doesn’t bother an Asian employer, but it is considered against business ethics in European countries. European countries give more importance to human rights and work-life balance.
European countries are individualistic, while Asian people are community beings. Networking is very important if you are starting a business in a new region. If you want to start a business in Germany, then you will face a great problem in developing a network. What is the solution to it? You can take the assistance of professional translation services so that you can communicate with them in their native language and build a good relationship with them.
In today’s global market, businesses have to stop thinking about the risks of doing business in Asia and start thinking about the risks of not doing business in Asia. As cultural knowledge stems from experience, there’s no substitute for expert local advice. Surround yourself with insiders who have deep experience in your target markets, who can help you navigate the landscape and who can stop you from making preventable mistakes.
It is a very big decision to expand or shift your business to another region. You must invest your time, money, and effort. Uncertainty and risk are there, so you should be clear about your business goals and consider the above-mentioned points to make a feasible decision.