Japan Is Red Hot With Tourists and Investors

©iStock/DoctorEgg

Japan, declares tourist after tourist, investor after investor, is red hot. The yen is tumbling, the shopping is amazing, the stock market is flying, the sushi is cheap. It is also, perhaps, the only place in the world right now where you can buy a globally successful $20bn company for free.

Like all good tricks, this so-far-hypothetical $20bn great gratis grab takes a bit of setting-up. For a start ...

Today in Global Small Business: ChatGPT Has Thrown a Wrench Into SEO

©iStock/Guilaume

What's affecting me, my clients, my colleagues and other global small business owners:

• When search was king, companies could turn to SEO—and paid ads—to land atop search results. ChatGPT has thrown a wrench into that arrangement.
• Why e-commerce has plenty of room to run, especially global.
• For retailers, will your e-commerce tools survive federal data privacy regulations?
• Quote of the week: “In a few years artificial intelligence virtual assistants will be as common as the smart phone.” – Dave Waters
• Five (5) charts showing what's driving e-commerce growth.
• On Memorial Day 2023, honor the men and women who have served our country, USA, with bravery.

Watching My Cat

©2023 Laurel Delaney.  All rights reserved.

"Just watching my cats can make me happy." –  Paula Cole

What to Choose When Expanding Your Business Globally: Local Entity or PEO?

©iStock/Caiaimage/Martin

You can establish a presence in a new and unfamiliar market yourself by setting up a local entity.  Alternatively, you can partner with a Professional Employer Organization (PEO) to expand into the new market far more quickly with less risk and without needing a full-fledged local presence. 

Here are some tips to help you decide whether a local entity or PEO is right for your business's global expansion. 

Going Global Doesn't Have to be Complicated

©iStock/Dmitry Kovalchuk

To go global, businesses must navigate complex regulatory environments, cultural differences, language barriers, and logistical issues, not to mention the task of finding customers and getting paid.

Given the potential benefits of expanding internationally, the effort is worth it on mastering the above.

How can businesses best prepare for and navigate the inherent challenges of global growth?  Prepare a global strategy and take the time to consider all aspects of going global to ensure success. 

A Blast From the Past: We Are the World (Music Video)

How to Change the World

©iStock/anyaberkut

As Ryan Holiday says for Entrepreneur, "Each of us has the power to contribute to a problem or to be part of the solution. The decision to reform oneself is not an isolated one. It may matter only a tiny bit in the big scheme of things, but it does matter.  All the decisions we make as [global] business owners matter. We have agency, we have a say.  The question we all face, then, is obvious: How will we use it?"

That's how to change the world.  Read on to learn why all business is global business today.

Today in Global Small Business: Making International Shipping Easier For Brands and Retailers

©iStock/Tryaging

What's affecting me, my clients, my colleagues and other global small business owners:

• Making international shipping easier for brands and retailers.
• General e-commerce statistics for 2023 and forward.
• Design thinking was supposed to fix the world. Where did it go wrong?
• Quote of the week: "When ships reduce their speed they use less fuel, resulting in fewer greenhouse gas emissions and other pollutants; the global shipping industry accounts for nearly 3 percent of global greenhouse gas emissions." – Tatiana Schlossberg
• The state of AI in 14 charts.
• Strange maps.

I Must Have Flowers

©2023 Laurel J. Delaney.  All rights reserved.

“I must have flowers, always and always.” – Claude Monet

Georgia Knows How to Break Into Export Markets

©iStock/f11photo

Twenty-seven (27) Georgia companies were honored this week (May 18, 2023) with an annual recognition for their expansion of export sales into new markets over the previous year. 

While some were seasoned exporters that simply found buyers for their goods or services in one additional new country, at least three of the firms sold internationally for the first time ever in 2022. 

There are so many winners!  Check them out here.

Who's Courting Who to France?

©iStock/Oleksil Liskonih

French President Emmanuel Macron and Tesla CEO Elon Musk will be attending the “Choose France” Summit, which is set to not only unveil roughly 13 billion euros of new business investments into the country but also tout France as the market of choice for expanding businesses in Europe.

Meanwhile, they had a little meeting – not sure who's courting who. May the clean-shaven man earn whatever they are going after!

Alongside its dramatic production ramp, Tesla has been growing its global market presence in parallel. This has included founding new facilities outside its home market of the United States and entering countless new markets with its popular Model 3 and Model Y vehicles. 

Create and Customize Quality Trips From A to Z From All Over the World

©iStock/VV Shots

Start creating and customizing quality trips from A to Z all over the world in the blink of an eye with the next generation connected-trip operator Worldia, a B2B2C connected-trip company.

The Paris-based startup plans to continue its mission of “transforming the travel industry” for travel professionals and consumers, said Grégoire Pasquet, the company’s co-founder and CEO. 

A key player in the French market, Worldia has also successfully expanded into the German, Belgian and Spanish markets and has done a first pilot in the US.

The Midwest (USA) Is the Gateway to the World

©iStock/wellesenterprises

With a globally connected location and robust industry supply chain, the Midwest, in particular Michigan, is the gateway to the world.  In fact, $61.1 billion in total goods was exported from Michigan in 2022 alone. 

And while Michigan is home to many global corporations, the state’s small business community is actively involved in contributing to Michigan’s presence in the global market. Case in point: nearly 89 percent of Michigan exporters are small businesses.

Yes, that's right.  Small business exporters are driving growth for Michigan.  Check out how Michigan can help you grow your exports.

Today in Global Small Business: Simple Ideas for Expanding a Business Globally

©iStock/Nuthawut Somsuk

What's affecting me, my clients, my colleagues and other global small business owners:

• Simple ideas for expanding a business globally.
• Going global is an adventure.
• Avoid these 3 mistakes when going global.
• Quote of the week: "America's support for human rights and democracy is our noblest export to the world." – William Bennett
• What's a must for successful companies?  To go global.
• A guide to going global.  And another one that is considered the bible for exporting. 

The Best Thing To Hold Onto

©2023 Laurel J. Delaney.  All rights reserved.

"The best thing to hold onto in life is each other." – Audrey Hepburn 

How To Be Less Dependent on China

©iStock/Oleksii Liskonih

Every manufacturing leader or CEO should be preparing for the worst should things fall apart in China by doing five critically important things. Things that need to happen now – it’s too late once conflict erupts. 

To become more self-reliant and avoid future supply chain storms, invest in these five areas to develop the right strategy.

What Is An Export Trading Company?

©iStock/krblokhin

An export trading company is an independent company that provides support services for firms engaged in exporting. This may include warehousing, shipping, insuring, and billing on behalf of the client.

Find out what else an Export Trading Company can help with.

Learn how Warren Buffet is investing in Japanese Trading Companies.

Prospective Hindsight (TED video)

The Biggest and Best Entrepreneurial Excellence Forum 2023 in Vegas Hosted by the Women Presidents Organization

More than 750 women business owners from around the world have arrived in Las Vegas for their annual Women Presidents Organization Entrepreneurial Excellence Forum 2023 to network, learn and grow together. This is the most amazing program of the year for WPO.   And I [Laurel Delaney] am so honored to have the opportunity to attend.  Full disclosure:  I am serve as the Chicago Chapter Chair for the Women Presidents Organization.

I am really looking forward to connecting with the best and brightest women business owners from all over the world and at the same time have an opportunity to moderate a panel discussion on "Intentional Growth Beyond Borders" with two international stars:  Caroline Tompkins, President and CEO, Forum for International Trade Training (FITT) and Laura Didyk, Vice President, Client Diversity, Business Development Bank of Canada (BDC).

If you are attending, ping me to meetup and if you are not yet a WPO member, learn more here about joining so you can attend next year's Forum.

Today in Global Small Business: AR Translation Glasses Will Widen Your Global Reach

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What's affecting me, my clients, my colleagues and other global small business owners:

• Google AR (augmented reality) translation glasses: why it's finally time for them to become reality.
• Expanding your e-commerce business globally.
• Top 10 10 most in-demand job skills right now, according to the World Economic Forum.
• Quote of the week: "I do think that a significant portion of the population of developed countries, and eventually all countries, will have AR experiences every day, almost like eating three meals a day. It will become that much a part of you." —Tim Cook
• Country guides by DHL.
• The rise of the fandom business, making it a key aspect of the global economy.

Beer Holder

©2023 Laurel J. Delaney.  All rights reserved.

"Beauty is in the eye of the beer holder." –  Kinky Friedman

Robert Herjavec Wasn't Born a Successful Global Entrepreneur

©iStock/Biod

To get what he wanted in life, Robert Herjavec discovered at an early age that he needed to step outside his comfort zone. The world, he said, would not beat a path to his door.

The charming, articulate executive [Robert Herjavec] we see today on ABC’s Emmy Award-winning show “Shark Tank” is a far cry from the shy, uncertain young man who grew up in Canada after fleeing communist Yugoslavia with his parents.

Learn more about Robert Herjavec and how he earned the 2023 Asper Award for Global Entrepreneurship.

Is Your Startup Ready to Go Global?

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While the most successful companies tend to follow the money, that shouldn’t be your sole motivation for going global. 

There are five main indicators for determining if your startup is ready to go global. If one or two of the indicators here apply to your business, you’re definitely headed in the right direction. 

But before you take the leap, you need to be aware of the challenges and risks. Start by asking yourself these questions.

Chewy Eyes International Expansion

©iStock/Liudmila Chernetska

“International expansion has long been a part of our strategy,” said Sumit Singh, Chewy’s CEO, during the [most recent earnings] call. “It was a matter of when, not if Chewy would take our superior value proposition into new geographies.”

Details about which markets Chewy plans to expand to were scarce but Singh said the company is considering “entry markets that possess attractive characteristics for our initial international expansion plans.”  

Making the World a Better Place (wegginar® 5/3/23)

©2023 Women Entrepreneurs Grow Global

Who doesn't want to make the world a better place?  Founder of OMSutra, Jyoti Jaiswal, will be talking about how to get started and weave in positivity and consciously crafted design to make her point.

Join Jyoti and wegg® free of charge on Wednesday, May 3rd at 11 AM CT.  To learn more and to register, visit:  https://bit.ly/3UtqomN.  Or, to move even faster, capture the QR code.  See you there!

Today in Global Small Business: Inspirational Songs For Global Entrepreneurs

©iStock/cienpies

What's affecting me, my clients, my colleagues and other global small business owners:

• Music can benefit your business, as it has for these 50 entrepreneurs. Check out their picks for inspirational songs (hint:  "My Way" by Frank Sinatra).
• Global retail ecommerce forecast 2023.
• ChatGPT as a thinking partner.
• Quote of the week: "One good thing about music, when it hits you, you feel no pain." – Bob Marley
• Developing positive character.
• Charting the global economy:  Inflation in US remains stubborn.

It Was Like a Playground

©2023 Laurel J. Delaney.  All rights reserved.

"When I was little, there were so many people in my house. Everyone was enjoying themselves, rehearsing, having fun. It was like a playground." – Marion Cotillard

ChatGPT for Dummies

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ChatGPT for Dummies.  If there is not a book by that title, there soon will be.  Seriously, how smart is ChatGPT?  

In a technical report released on March 27, 2023, OpenAI provided a comprehensive brief on its most recent model, known as GPT-4.  Included in this report were a set of exam results, which have been visualized in this article.

Trade Makes the World Better Off

©iStock/thitivong

When a firm or an individual buys a good or a service produced more cheaply abroad, living standards in both countries increase.  Nations are almost always better off when they buy and sell from one another

There are other reasons consumers and firms buy abroad that also make them better off—the product may better fit their needs than similar domestic offerings or it may not be available domestically. In any case, the foreign producer also benefits by making more sales than it could selling solely in its own market and by earning foreign exchange (currency) that can be used by itself or others in the country to purchase foreign-made products.

Trade makes the world better off.

The Final Carpool Karaoke: James Corden and Adele

Foreign Trade Zones 101

©iStock/Elena Horrmann

What you need to know about Foreign Trade Zones (FTZs):  how to apply, the FTZ Information System, how to use it, past approvals and information to assist FTZ grantees.  It's all here.  But wait, there's more!

Today in Global Small Business: Success in This World Calls for a New Breed of Data

©iStock/Vitalli Pasichnyk

What's affecting me, my clients, my colleagues and other global small business owners:

• Success in this new world calls for a new breed of data-fuelled, human-led business, able to effortlessly reimagine growth, and endlessly re-engineer themselves to capitalize on it. We call these Future Ready [CPG] Businesses.
• A note from Tom Peters on his retirement and his latest, but not last I suspect, book.
• “Think higher, feel deeper.” Now that’s how you start a movement!  The gospel according to Gary Hamel.
• Quote of the week: "In order to get to the next level of whatever you're doing, you must think and act in a wildly different way than you previously have been. You cannot get to the next phase of a project without a grander mind-set, more acceleration, and extra horsepower." – Grant Cardone, 
• Be 2.0 – Jim Collins's Beyond Entrepreneurship 2.0.
• Why every organization needs an augmented reality strategy – Michael Porter and James Heppelmann

Better, Happier and More Hopeful

©2023 Laurel J. Delaney.  All rights reserved.

"Flowers always make people better, happier, more hopeful." – Luther Burbank

Women Are Fueling the Growth in Global Entrepreneurship

©iStock/uzenzen

Doesn't take much data to understand what's happening with women interested in entrepreneurship.  Visit Women Entrepreneurs Grow Global® to witness first hand the power of women taking on the world with their businesses.

And in the United States, according to The World Economic Forum, many women are fueling the uptick in global entrepreneurship, creating around half of all new businesses in 2022.   

Cravings for financial stability and flexibility were two of the reasons women gave for founding their own companies, data by Gusto indicated.  

Yet at Escape From Corporate America, established in 2004, there are other reasons for women starting their own businesses:  They want freedom, flexibility, recognition, more money, and opportunities to leave a legacy – all the things they once thought they would find within corporations.

Learn more about WEF's report on why more women are starting businesses than ever before.

Show Your Support for Evan Gershkovich

©iStock/Vitalli Barida

The Wall Street Journal is offering resources for people who want to show their support across social media for Journal reporter Evan Gershkovich, who was detained in Russia on March 29 during a reporting trip. He remains in a Moscow prison on espionage charges. The Journal and the U.S. government vehemently deny the allegations and have called for his immediate release.

Download this collection of media assets to surface and share across their personal social-media accounts—from Twitter and Facebook to LinkedIn, Instagram and beyond. They can be added as user profile photos, banners or posts.  Act now.

Let us not forget about Paul Whelan, the ex-US Marine jailed in Russia as well.

Overseas Markets Offer Fantastic Growth Prospects

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While it is true that many businesses can achieve the aim of international expansion, it is still not the simplest of undertakings.  Yet by going global, you can broaden your network of business partners while also enhancing how everyone else around the world views your company. 

Internationalization comes with expenses and risks, but with careful planning and a well-thought-out export strategy, overseas markets offer fantastic growth prospects.

Prohibiting Imports of Goods Made With Forced Labor

©iStock/Stephen Barnes

I [Laurel Delaney] talked about child labor laws and compliance in a January, 2023 wegginar® for Women Entrepreneurs Grow Global®, which you can find here.

Now, according to Sandler, Travis and Rosenberg, P.A., U.S. Customs and Border Protection is being urged to take specific actions to ensure that its forced labor enforcement efforts don’t result in supply chain disruptions.

In a recent letter, Federal Maritime Commission Commissioner Carl Bentzel commended CBP for its work to enforce laws prohibiting imports of goods made with forced labor, including the Uyghur Forced Labor Prevention Act. However, he added that legitimate delays in ensuring compliance with the UFLPA might create cargo back-ups at U.S. marine terminals, leading to operational challenges and potentially congestion at a time when “the supply chain is only now beginning to recover from two years of pandemic-related disruption.”

Read the entire news report from ST&R here.

Today in Global Small Business: Ending Extreme Poverty by 2030

©iStock/Stas_V

What's affecting me, my clients, my colleagues and other global small business owners:

• A purpose-driven fund to end extreme poverty by 2030.
• 10 best states for working from home.
• Grandmothers of the world unite (requires subscription).
• Quote of the week:  "Only together can we keep the promise of the Global Goals for everyone, everywhere.  Join me in the Global Citizen End Poverty NOW — Our Future Can’t Wait campaign, to deliver the Global Goals — our best hope for people, for the planet, for peace, and for prosperity.” – Deputy Secretary-General of the United Nations, Amina J. Mohammed 
• The United States Postal Service (USPS) offers economical and express services to more than 180 countries globally yet disruptions have occurred on international mail shipments.
• "We want the biggest memorial you got," from Bostonians regarding the marathon bombing in June, 2013.

Chicago Lives in the Neighborhood Taverns

©2023 Laurel J. Delaney.  All rights reserved.

“A lot of real Chicago lives in the neighborhood taverns. It is the mixed German and Irish and Polish gift to the city, a bit of the old country grafted into a strong new plant in the new.” – Bill Granger, 1983

Here Comes the Sun (Music)

Australian Wine Profits to China Are Too Big To Ignore

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Australian wine exporters sold $1.3 billion worth of wine a year to China before punishing tariffs were imposed in November 2020, which made it almost pointless to keep selling into that market.

A resumption of trade to China in 2023 would be a plus for the broader Australian wine industry because there was an oversupply of red wine that hadn’t been able to find a home.

Read more how Australian winemakers are gun-shy about China but the profits are too big to ignore.

The Local Economy Is Going Global

©iStock/Andrea Migliarini

Small businesses and solopreneurs have access to tools that enable them to “punch above their weight” like never before. We are in an era of massive growth in creation tools and services—not to mention a booming distribution ecosystem. The creator economy has increased by 119% since 2020, with creators making up 23% of people worldwide.

Find out how global small businesses can reach global audiences.  

Stuck on Hiring and Retaining Talented People? Join wegg's wegginar® 4/12/23 For Solutions

©2023 Women Entrepreneurs Grow Global®.  All rights reserved.

Ever wondered how to start a strategic plan that uses employee benefits to retain and engage employees?Understand how key stakeholders support high performing teams?  How to take control of the employee benefits process and think outside the box?  

Then you are ready for Women Entrepreneurs Grow Global's next wegginar®, Wednesday, 4/12/23 at 11 AM CT:  "Commit to Hiring and Retaining the Most Talented People."

Hear from top experts on this important topic:  Stacy Kahan, Founder and Cara Kahan, CEO, 1706 Advisors and Beka Kohmescher, CEO and Founder, Altair Advisers.

To learn more and to register, visit:  https://bit.ly/41DTS4q.  It's free of charge thanks to generous sponsors as noted in the graphic.

Today in Global Small Business: Will Humans Ever Understand AI?

©iStock/Ilya Lukichev

What's affecting me, my clients, my colleagues and other global small business owners:

• Will humans ever understand AI?
• Small businesses are using tech to go global.
• The AI hordes are coming.
• Quote of the week:  “The key to artificial intelligence has always been the representation." – Jeff Hawkins
• Eight essentials for a successful global rebrand.
• Largest e-commerce markets in the world.

Hope of Today

©iStock/Viktoriia Hrypas

"It is difficult to say what is impossible, for the dream of yesterday is the hope of today and the reality of tomorrow." –  Robert H. Goddard

Global Trade's Big Future: Digital Services

©iStock/Chainarong Prasertthal

According to a new World Trade Organization report, the growth of cross-border digital trade flows — like e-commerce, video streaming, games and apps — increased four-fold since 2005 and are now valued at some $3.8 trillion. That accounts for more than half of all services trade worldwide.

“This gives us a bit of an indication of where world trade is heading,” says WTO Chief Economist Ralph Ossa told Bloomberg in a recent interview. “The future of trade is in services, particularly digitally delivered services.”

Read more to appreciate how the golden age for electronic commerce is already upon us.

Related to this, read research fellow Kati Suominen's report, "Trust in trade:  Challenges to the global convergence on digital standards," for the Hinrich Foundation.

Exporting is a Great Competitive Edge for Women Business Owners

©iStock/Amorn Sarıyan

Zimbabwe businesswomen have been urged to venture into the export market and take advantage of the opportunities provided by the African Continental Free Trade Area (ACFTA), which has a market of more than 1.2 billion people.  This is to boost the country's exports.

The program was designed to empower women entrepreneurs with personalized business mentorship, professional knowledge and skills as well as tools and networks to transform their existing enterprises into successful and sustainable export businesses.

Learn more how Zimbabwe businesswomen are encouraged to venture into exports.  

The nonprofit Women Entrepreneurs Grow Global® has always felt that educating women business owners on how to export creates a competitive edge for them.

Announcing 2023 Export Lender Award Winners by the SBA

©iStock/leekris

The Export Lender of the Year Awards recognize excellence in export financing. These awards highlight the accomplishments of lenders in delivering SBA’s international finance programs to small businesses, designed to help small businesses develop new markets, finance export transactions, and expand capacity to meet overseas demand.

This year, the SBA’s Office of International Trade selected Regions Bank and Amerant Bank as the 2023 Export Lenders of the Year, and Berkshire Bank as the 2023 International Trade Lender of the Year.

Read more here.

How to Practice Cultural Humility

©iStock/Urupong

"When it comes to going global, American associations make a lot of U.S.-centric mistakes," says Mark Athitakis.  

They possess ideas about membership, meetings, partnerships, marketing, and more that make perfect sense in America but may not apply in different countries and regions. And as diversity, equity, and inclusion (DEI) becomes a norm in organizations, it may become another source of potential friction.

If one is on an early path to globalization, Athitakis recommends you practice cultural humility.  You ought to first recognize that any global effort needs to be based on understanding not only the strategic role a new country or region might play in their efforts but also the inherent cultural differences.

Today in Global Small Business: Making Second-Hand Clothing the First Choice Worldwide

©iStock/Iryna Mylinska

What's affecting me, my clients, my colleagues and other global small business owners:

• Making second-hand clothing the first choice worldwide.
• What is Nato and why is Finland joining?
• BRICS emerges as the world's largest GDP bloc, propelled by China's Rapid Expansion.
• Quote of the week: "I'm really interested in fashion but at the same time I find it quite competitive. Second-hand stuff leaves you more open to whatever your own personal style is rather than feeling dictated to by shops." – Sophie Ellis-Bextor
• Dollar General enters international market with first Mi Súper Dollar General store opening in Mexico.
• Research shows that Millennials will increase their online spending in 2023.

Anything Is Possible

©2023 Laurel J. Delaney.  All rights reserved.

"With a doughnut in each hand, anything is possible." – Jameela Jamil

Never, Ever Retreat From Globalization

©iStock/AvigatorPhotographer

Eswar Prasad, a professor of trade policy at Cornell University’s Dyson School and the author of, most recently, The Future of Money, pens an essay for Foreign Policy on how the world will regret its retreat from globalization.

As countries retreat from globalization and begin to look increasingly inward, there could be wide-ranging implications for both economic and geopolitical stability. Just as with the surge in globalization, however, the consequences of this pullback are proving to be unevenly distributed, with low- and middle-income countries bearing the brunt. 

Catch Prasad's essay here.