When considering market expansion, leaders must evaluate several factors:
1. Market Research: Conduct thorough research to understand market dynamics, customer preferences, and competitive landscape. 2. Cultural Awareness: Be aware of and sensitive to cultural differences that could impact product acceptance and business operations. 3. Regulatory Environment: Understand local regulations, legal requirements, and compliance issues. 4. Financial Viability: Assess the financial costs and potential return on investment. 5. Risk Management: Identify potential risks and develop strategies to mitigate them.