The seductive promise of easily entering a foreign market by utilizing a new relationship with a foreign venture partner has caused many companies to jump into a commitment to form an international joint venture before fully thinking through the potential pitfalls.
In the beginning, the international joint venture (IJV) often starts out as an answer to a prayer: One company wants or needs to increase its profits by breaking into a foreign market, and a foreign venture partner offers expertise on the local market, including language, regulatory issues, cultural considerations, financial issues and professional networks. But as with any joint venture, issues involving money, management and culture can quickly derail the venture. For international ventures, additional differences such as language, culture and foreign regulations serve to magnify many problems.
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