For over four decades after independence in 1947, India was a socialist country that had largely shut itself off to foreign businesses. So how to make business with partners in India? India’s economic liberalization of 1991 was a significant event that broke apart the shackles imposed by obscurantist socialist policies, woke up Indian businesses from their deep slumber, and created a new class of young Indian entrepreneurs. The decades after independence were seen as “lost decades”, a period of slow economic growth and technological backwardness. It’s hardly surprising that the people of India were in a hurry to catch up with the rest of the world and get started on the road to development.
The last twenty years have also seen a great change in how the world does business, because of the advent of the Internet and the phenomenal increase in processing power. The culmination of these technology trends led to the acceptance of outsourcing as a great way to do business, cut costs and expand the bottom line. Indians weren’t slow to catch up with this either, as the tremendous rise of Indian IT services companies such as TCS, Infosys, Wipro and so on, shows so clearly. Giant multinationals such as IBM, GE, Accenture too have set up major offices in India, hiring hundreds of thousands of young, educated Indian engineers.
India is today known as the IT outsourcing hub of the world. Also, the fact that India has such a vast number of middle class people – estimated to be around 250-350 million people – makes it one of the biggest markets in the world. This is evidenced by the fact India is one of the biggest markets in the world for smartphone makers such as Samsung, Nokia and Apple, which makes it all the more critical for business managers to find a business partner in India or an entrepreneur in India to do business with. Companies can also take advantage of India’s large pool of educated graduates to find freelancer India, to do anything from web development, animation and design, SEO, web research and so on.
Doing Business in India
Doing business in India is an art in its own right, can get somebody who is not knowledgeable about the culture and traditions of the country frustrated very easily. First, Indians take business very personally, and business is never strictly business for them. Establishing a personal connection and friendly rapport is very important for Indian businessmen and so this must be kept in mind when you wish to find business partner India.
Also, patience and flexibility are wonderful qualities to have for a Western manager looking to find entrepreneur in India to do business with, as Indians are notorious for their flexibility when it comes to deadlines. One big issue Westerners face is that Indians never say “no” to anything, even if they don’t personally agree to something. It is only later, when your business partner in India doesn’t do something that you’d have thought that he had agreed on, that you find out about his disagreement. It’s important if you want to know how to make business with partners in India. That is why it is extremely important to encourage your Indian business partners at the outset to be very open with you, and tell them to clearly say “no” if it’s something that they cannot do. Also, assure them that your feelings wouldn’t be hurt by a “no”. This is very important to them.
English is the official business language in India, so, when you wish to find freelancer India or entrepreneur in India, you shouldn’t worry about the language, although it would help if you could get a hang of the Indian accent, which is sometimes impossible to follow. As you interact more with Indians, the accent won’t be a problem as you’ll get used to it. This is something you need to know if you ask the question: how to make business with partners in India?
Indians are highly conscious of their hierarchy in an organization and their titles, so you’d do well to respect that. Plan your business meetings with your Indian business partner well in advance and be punctual. Always start the meeting with small talk – as Indians expect that. Don’t get perturbed if your Indian colleagues ask you any personal questions, as that is the tradition in India. Establishing a personal connection is often more important to Indians than purely financial talk. There are other things that you should keep in mind, such as handing over a check or a business card always with the right hand, not the left.
Finally, you should keep in mind that Indians take a long time to arrive at a business decision, as any business decision is discussed at various levels in the organization. So, don’t get frustrated, accept this to be a part of doing business in India. Doing business in India has great advantages for your organization. While this may not appear to be so easy in the beginning, with time and experience, you’ll get used to it and profit immensely. Finally you know: how to make business with partners in India.