Where the Money is?
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Source: Merrill Lynch and Capgemini |
The fastest growing regions for high-net-worth individuals (HNWI’s) are emerging economies. Are you ready to deal with Middle Eastern and Asian HNWI’s?
Do you believe you know their cultural behaviors? Do you know their norms and customs of doing business? Do you know how to approach them?
By way of examples, a US high power person after months of trying finally got a meeting with a high ranking individual in Asia. The meeting only lasted a few minutes. From the Asian perspective, it was a disaster. The US individual had no clue that it was a disaster from the get go…
What happened was the US person did not understand the culture and did not follow the appropriate protocol upon entering the meeting. The Asian person, who was very insulted, came up with an excuse and postponed the meeting which never happened again. The US person lost the opportunity for raising millions of dollars without even having a clue as to why.
Another example is a meeting with a high net worth Middle Eastern investor. The meeting was very cordial, polite and hospitable. The meeting lasted over an hour. From the vantage point of the Middle Eastern investor, he was not interested in the investment proposition; while the US executive was under the strong impression that the meeting went well and the deal was in the bag…months later, the US executive continues to invest time and money on this investor, losing other opportunities.
Have you heard of similar scenarios before? Are you prepared for these situations?
If you do not develop a “Mental Edge” it is going to cost you:
- Time – In the example above, the US person was waiting and expecting another meeting, which never happened.
- Loss of opportunity – While he was waiting for this deal to go through, he was not pursing other deals.
- Money – Because the deal never went through, they lost millions.
- Reputation of the company – Word’s spread fast. They warn others of not granting you any meetings or worst, not taking you seriously. Having meetings with you for the purpose of education with no intention of ever doing business with you.
These situations easily could be prevented if you are prepared and develop your “Mental Edge”. By doing so, you know:
- What are the proper protocols from the beginning.
- How to read their body language and manage expectations.
- When they do business and when they do not.
- How to increase productively, and not waste your time, money and energy.
When raising capital from emerging market regions, preparing and developing your “Mental Edge” is the differentiator to your success.
In order to enhance your "Mental Edge" or if you have questions, please call (212) 585-2804 or send us an email.
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