Successful entrepreneurs and billionaires such as Aliko Dangote, Bill Gates, and Elon Musk recognise the value of focusing their efforts locally before expanding globally. Aliko Dangote began in Nigeria, while Bill Gates and Elon Musk began in the United States. Despite their global business ventures, their roots in their home regions are undeniable. They recognised the benefit of capitalizing on their local geography and establishing a strong presence before expanding into international markets. The success stories of these billionaires highlight the importance of understanding and utilizing the power of having a local base.
The benefit of location extends beyond just consumption or sales. It includes production capabilities as well. China and the Chinese people have harnessed the power of concentration to transform the country into a global manufacturing powerhouse. Their ability to concentrate their efforts and specialize in specific industries, becoming synonymous with production while improving quality and efficiency over time, is the key to their success. The lesson here is that by concentrating on a specific geographical area and excelling in your chosen field, you can lay a solid foundation for future growth.
If your goal is to build a company with a global footprint, you must first establish a strong local presence. While it may appear that starting a new small business is easier than scaling an existing one, the benefits of focusing your efforts and establishing a strong presence in your local market cannot be overstated. Locally nurturing and growing your business lays the groundwork for future expansion, establishing a brand, expertise, and a loyal customer base. This solid foundation allows you to confidently enter new markets and expand your business globally.