Global growth takes guts, says Noora Fagerström
Noora Fagerström, founder of Jungle Juice Bar and an advisor in the ”Diili” television series, is a partner of Kasvu Open and Nordea’s SUPERFINNS® program.
Noora Fagerström is passionate about helping other entrepreneurs and sharpening their global growth plans.
Her main reason for partnering up with the program is to set growth companies, especially in the consumer business, on the right track.
– I have the desire to help. Entrepreneurs are often quite alone, even if they have a good team besides them. Some are perhaps a bit stuck in their heads. It can be crucial to get some sparring and I’m here to help. For example, I’m happy to help companies with marketing measures. I also have many contacts that I can share, says Fagerström.
Go global with consideration
When thinking about internationalization, it’s important to do your homework and research the market properly. The product-market fit has to be tested before making any final decisions.
According to Fageström’s experience, it’s good that the business already has a stable footing in the home-markets, as internationalization will most likely be expensive. For her many lessons have come the hard way.
– When expanding to Spain, for example, and the product is not tested it may happen that it doesn’t suit the Spanish taste. I must admit that I also have experience with too tight a schedule and unexpected expenses.
Fagerström emphasizes the importance of target market selection and proceeding with caution.
It’s crucial to familiarize yourself with the market specific peculiarities in your industry and survey the competition.
Going abroad takes guts and proactivity
According to Fagerström, networking with local entrepreneurs is vital for growth. Networking can open the right doors and give market insights, and also increase the awareness of your products or services.
– You make things a lot easier for your company when you get to know new people and save their contact information. You never know whose contact information you may need three years from now.
Some entrepreneurs rely too heavily on the success gained in the home market and automatically trusts that a company that succeeds in Finland will also be successful abroad.
– For some reason, many expect the new market and customers to know about the company. But you have to create a buzz abroad the same way as in Finland. It requires a lot of work, Fagerström points out.
Local knowledge is key to success
According to Fagerström’s experience, you can make a successful market entry when the company has local knowledge and expertise and the target country’s language and legislation are well known.
– For example, it is important to build the organization in a way that all country managers report to the operational manager or CEO. In this way the parent company in Finland stays informed and always has the general view of operations, says Fagerström.
According to Fagerström, the biggest threat to companies is expanding too quickly in international markets. This common mistake usually causes a lot of expenses because it is not possible to take everything into account in a hurry.
SUPERFINNS sparring program is for scalable Finnish SMEs that have proven their market potential and have the ability to do an international breakthrough.
The program has several partners whose representatives are committed to providing the companies with the best recipes for international success.