NEWS AND EVENTS

WHAT'S HAPPENING?                                     Saturday, August 30, 2008

Business in China: 10 things to remember

There are at least 1.3 billion reasons to do business in China, but don't be intoxicated by the size of the market. Entering China isn't cheap or easy. It can, however, be lucrative, if you have the right product and partners.

"You need to become a student again," said Kevin O'Connell, an attorney who works with companies entering the Chinese market.

Read English-language Chinese newspapers and books on Chinese history. You need to know what China is like before you can begin to determine if your vision fits in. The U.S. government's China Business Information Center (www.export.gov/china)is a good place to start, but be prepared to spend money on outside expertise.

Also, do the numbers. Don't be blinded by China's potential -- make sure you can reach profitability in the near future. Same goes for risk analysis -- be realistic about how much risk you're willing to accept, limit your exposure and have an exit strategy for each step of the way.