gE Blog Series: Global Entrepreneurship Week Part 2 - Small Business Growth Abroad
With increased globalization, small businesses led by entrepreneurs can play an important role in global growth. In today’s world of interconnected markets and easy technological access, entrepreneurs have increased opportunities to expand their business abroad. Many entrepreneurs around the world have already expanded their small business overseas providing economic success and new jobs for many. In light of Global Entrepreneurship Week, we will take a look at one of these global start-up stories where a small business driven by an entrepreneurial spirit found success in markets abroad.
One of the most important aspects of entrepreneurship is recognizing market potential where your business model can thrive and grow. This is exactly what a young entrepreneur in China accomplished. Ning Li discovered how the French and Chinese markets could benefit each other and used this perspective for his start-up business. After leaving his investment banking career, Ning Li realized business potential in France where designer brand furniture was being sold at extremely high prices. Ning Li saw a major opportunity in the French furniture market as it was a large market loaded with potential.
Using manufacturing bases in China and the United Kingdom, Ning Li decided he could sell designer furniture to the French market at much more affordable prices. He also implemented an innovative idea to modernize his business. Ning Li exclusively used a website to sell furniture online allowing the easy renewal of catalogues while also minimizing the risk of having unsold inventory. The speed of offering your customers new products is very important when it comes to marketing in the modern age and Ning Li’s business emphasized this importance.
The online furniture retail business of Ning Li has been successful thus far and has already expanded into the British market. Ning Li’s story is not the only successful start-up story from around the globe. Entrepreneurs in other countries have found success abroad using their talents, skills, and determination to create business opportunities in new markets. Global Entrepreneurship Week is a time to celebrate the success of these international small businesses and also encourage the entrepreneurial spirit worldwide.