The «Dunning-Kruger» effect and the importance of feasibility studies in business internationalization to the US market

The «Dunning-Kruger» effect and the importance of feasibility studies in business internationalization to the US market

Strategy
By Gonzalo Garcia, Founder and CEO of Markentry USA 1. The Dunning-Kruger effect and other cognitive biases The Argentinian actor Ricardo Darín, in the fabulous film "The secret in their eyes", awarded an Oscar for the best foreign film, defined in an anthological scene two types of idiots: the one who knows he is an idiot and is therefore harmless, and the one who thinks he is a genius and does nothing but generate problems. The truth is that we are all exposed to behaving like both kinds of idiots in many fields, as modern psychology has amply shown. This is the "Dunning-Kruger" effect, discovered by social psychologists David Dunning and Justin Kruger, which is defined as the inability to recognize our own ineptitude. It is a cognitive bias that means that…
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The KICS Principle (Keep It Competitive Stupid): an antidote to the “myopia” that slows down competitiveness

The KICS Principle (Keep It Competitive Stupid): an antidote to the “myopia” that slows down competitiveness

Competitive Assessment
By Raul Peralba, Markentry USA Partner Introduction This article is an adaptation made by the author from the introduction of his book, of the same title, written with Ralph Whitestone. It is currently available in Spanish via Amazon and will be published in English soon. The aeronautical engineer Clarence “Kelly” Leonard Johnson was a true innovator in the aerospace industry. He worked for many years at Lockheed Martin Skunk Works (secret projects department) and was highly regarded for his organizational skills and for dealing with highly complex matters. One of his biggest skills was the ability to break problems down and simplify them so that everybody involved in his projects was very clear about it all. I.e.: he recommended simple and understandable developments which could only cause errors that were…
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How to open a company bank account in the US as a non-resident?

How to open a company bank account in the US as a non-resident?

Business
One of the first steps that foreign companies must take when launching their business in the US market is to open a bank account. This can be complicated when the company does not have employees residing in the country or does not have a permanent physical address, something that happens frequently at the beginning of an internationalization project and even in later phases. Many foreign-owned US companies are permanently managed by non-resident staff, with occasional support from a local representative.  The availability of a US bank account is of great importance for multiple reasons: It will make it easier to get local services and be paid for sales. For example, some online markets require the availability of a bank account in the US.It is an essential element when trying to…
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Trump vs Biden: impact on international trade

Trump vs Biden: impact on international trade

International Trade
By Gonzalo Garcia, Founder and CEO of Markentry USA CONTENTS 1. Introduction  2. Trump 3. Biden 4.Who is going to win? 5. Conclusions 5. Conclusions 1. Introduction Biden or Trump, Trump or Biden. We are just over two months away from the US presidential election. Its result will have a huge impact in all areas and will directly affect the plans of international companies and entrepreneurs with interests in the US market. Very few times in the history of presidential elections have we seen two candidates with such disparate visions of how the country should be led. This is especially relevant when the nation is in the largest recession since the Great Depression 90 years ago and in the middle of a serious health and social crisis caused worldwide by…
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COVID-19: Why enter the US market now?

COVID-19: Why enter the US market now?

Business
By Gonzalo Garcia, Founder and CEO of Markentry USA Distribution of confirmed COVID-19 cases in the US (Johns Hopkins University) CONTENTS Introduction: Why now?State of the US economy, the most powerful and resilientGeographical and sectoral differences: the US, a different and diverse worldImpact on US international trade: open for businessStatus and forecast of travel restrictions: changes coming up soonImmigration restrictions: obstacle and opportunityBusiness opportunities: plentiful if you look carefullyConclusions 1. Introduction: Why now? The famous US scientist Carl Sagan once said:  Extinction is the rule. Survival is the exceptionThis idea, related to the species that populate the Earth, can be extrapolated to the business world. Under normal conditions, in developed economies more than two thirds of companies disappear before reaching the age of 10. Half of SMEs do not reach 5 years.…
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The Conquest of America: 10 Keys to Success in US Market Entry

The Conquest of America: 10 Keys to Success in US Market Entry

Strategy
By Gonzalo García, Founder and CEO of Markentry USA Introduction The US is a market of more than 328 million people that generates about a quarter of the world's gross domestic product. Hispanics are already the largest minority, with 17% of the population, which makes this market even more attractive to companies from Spain and Latin America. Success in this country can be a turning point in the development of any company.The Cosentino Group, producer and distributor of surfaces for architecture and design, was created from a small marble producer company founded in Almería, Spain in the 1940s. Today, more than half of its sales come from the US market, where its workforce exceeds 1,000 employees.After 16 years of work experience in the US, largely leading or advising internationalization projects, I…
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