The biggest pitfall in market enty: The expectation that a contract ends the negotiation.
Many times, a contract is singed, and then negotiations continue. Business people in India do not place the contract at the end of an agreement. Wow!
1) The assumption that India is homogenous.
India is old, and large. It has geographic, cultural, and religious differences just as any large country does. Not all people from India are alike.
2) The lack of patience.
India does not put the same emphasis in time as we in the west do, particularly the USA. As I have explained to many westerners; negotiating is fun.
3) When outsourcing, firms put technical experts in charge of India projects.
Are your technical experts negotiators? Are they cross cultural specialists? If they possess both of those characteristics in addition to their technical expertise, then use them. Otherwise, supplement them with your business people?
Don’t make these errors. Watch www.internationalbusinessminute.com for more.