Thursday, October 4, 2007

A Global Mindset creates business opportunites

A comment by Dr. Cindy Corritore at Creighton University, relative to "Global Mindset", suggests a link between having a global mindset with the ability to innovate as a global entrepreneur. In the United States, the manufacturing sector is hard put to compete with other international competition. It costs us too much. This means that in order to be competitive in global markets we have to figure out new areas to be creative and to innovate. Entrepreneurs in India have this well figured out and they profit by providing low cost manufacturing and service centers. In order to do this they had to be thinking “globally”, they were aware of what was going on in our world. Their mindset was that of a “global entrepreneur”

The Japanese had already showed us how to make money by fine-tuning and improving products that they did not invent. I recently read an idea on how to make lots of money, not by launching a brand-new product or service but rather by adapting and improving a service or process that already exists.

An example is a company in Utah called “” They jumped on the “livestrong” wristband craze started by Tour de France winner Lance Armstrong. Prior to their innovation, the silicone wristband industry was driven by bulk orders of 10,000 or more bands which took weeks to manufacture and ship. Reminderband saw a niche in the custom wristband market that they could exploit if they could develop a way to cost effectively produce low quantities of custom silicone wristbands. Thanks to their ability to think globally, through their contacts they located a factory in Hong Kong to produce custom bands at a much lower cost. The company has prospered and is now known for delivering an excellent custom-made product to the customer’s doorstep in just days. Customers can order as few as 10 bands and have them in a matter of days. This is a good example of how the ability to think globally produces profits and keeps American companies in business.

Keogh & Associates Consulting , LLC has many services to help your company compete by developing a global mindset.

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