Contributed by Ricardo Ordonez, the CFO of International Rubber Products, Inc.
As an entrepreneur, I have to keep an eye on a lot of things. Whether it’s in America or overseas, tasks can slip through my fingers before I realize they have hit the floor. One of the keys to being a successful international businessperson is to prepare for unexpected surprises. I learned how to do that the hard way.
My company has been conducting business in China for more than six years. Since 2001, our relationship with the Chinese has evolved from outsourcing to joint venture to a wholly owned foreign enterprise. Our international business was going great until we encountered a big—and expensive—surprise.