Steve VarsanoFounder at The Jet Business

Adapting when doing business with different cultures!

Name: Adapting when doing business with different cultures!
Uploaded: 2023-09-20T17:08:40+00:00
Duration: 58 s
Channel: Steve Varsano
Description: Private jet ownership and Western business practices were once concentrated in the US and Europe. Over the last 30 years, Africa, Asia, and former Soviet…

20 Sept 2023 · 1 min

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Private jet ownership and Western business practices were once concentrated in the US and Europe. Over the last 30 years, Africa, Asia, and former Soviet countries opened their markets, and local leaders adopted capitalist practices while keeping their own cultural approaches to commerce. Cross-cultural friction isn't stubbornness, it's different business norms finally starting to overlap.

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In the old days, when 80% of the jets were owned by US corporations and 19% of the worldwide jet ownership was in Europe, it was 1% all around the rest of the world. And most of the people in the US or in Europe are used to Western way of doing business in a capitalistic environment. But as of late, in the last 20, 30 years, there's been a lot of markets that have come that never were in the capitalist marketplace. So whether it's in African continent, in Asia, whether it's in the ex- Soviet bloc, these places never really dealt with the Western ways of doing business. So when all these places opened up and the emerging markets and the frontier markets started evolving and all the money was starting to be built there and companies were being built, these kind of people were sort of evolving also and learning how to do business in this capitalist world. So it's very, very difficult because it's not that some of these people are trying to be difficult. The problem is, is they do business differently than Westerners. And now over time, obviously, that has merged and overlapped a lot, but there's still a lot