Entrepreneurs must think on global level to compete

I just returned from a trip to Austin, Texas, with a team of young entrepreneurs who are launching a company in the fitness/exercise industry. Their product offering includes a personal electronic measurement device, a Web site that can be customized for the client and a docking station that serves as the interface between the personal device and the computer.

As we met with various groups of investors and business leaders, it was interesting to track the issues that these professionals considered to be most important to the success of this new business venture.

One recurring assumption was that the manufacturing of the device and docking station would be done offshore. One of the first questions of the team was: "In what foreign country will you manufacture your product?" It made no sense to these people that this new company would not consider itself to be a "global" player from Day One.

Thankfully, the entrepreneurial management team had arranged for a Malaysian company to build the product. Throughout the two days I could see that any answer to the manufacturing question other than foreign would have been an indication to these investment professionals that this team was not on top of the key drivers of their business. Company size, time in business or location no longer limit how a business should be strategically positioned in today’s world.

By Gary Williams
Brigham Young University

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