Hungary’s economy has suffered a fate of
immense unpredictability since the global recession. This has contributed to a
less-than-flattering business development record, especially with regards to
direct foreign investment and worries are growing within the halls of government
that damaging stagnation could be just
around the corner. People still enjoy a pleasant way of life in the country but this can act as a distraction – pulling focus away from the issues which bubble underneath the surface. Many European political commentators are posing the question: is the worrying developmental stunting due to poor business licensing strategy implemented by the Hungarian government? A great deal of those commentators would stipulate that poor government planning is indeed the reason for declining growth. However, I would offer another proposal – I would suggest that a lack of understanding and cultural awareness on the part of British and American investors with regards to Hungary, its people and its language is a far more pressing reason for diminishing business opportunity.
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around the corner. People still enjoy a pleasant way of life in the country but this can act as a distraction – pulling focus away from the issues which bubble underneath the surface. Many European political commentators are posing the question: is the worrying developmental stunting due to poor business licensing strategy implemented by the Hungarian government? A great deal of those commentators would stipulate that poor government planning is indeed the reason for declining growth. However, I would offer another proposal – I would suggest that a lack of understanding and cultural awareness on the part of British and American investors with regards to Hungary, its people and its language is a far more pressing reason for diminishing business opportunity.
What can be done to improve this? Well, for
a start, businesses in the Anglophone West need to shape up their appreciation
of all things Hungarian. Budapest is a cultural marketing hub waiting to be
exploited and it is a crying shame that so few businesses take the leap of
faith required to breach the Hungarian market. If you are a small start-up or a
budding entrepreneur then you can lead the way for the rest of the
English-speaking business world to follow. Here are the three key steps to
ensure that you enjoy successful business trailblazing in Hungary:
1.Culture
is the King– Hungary, more so than any other
European nation, requires a supremely culturally aware approach from those
looking to invest. Everything from the ethnicity of the people, the food and
the architecture to the language, the politics and the art is quintessentially
Hungarian. This is a nation remarkably devoid of visible influence imprinted by
its neighbours and if you treat it like the unique and original country it is,
then you will be on a road to success.
2. The
Government Requires Appeasement – Local authorities
in Hungary maintain an almost unhealthy interest in foreign investment plans.
Whilst this can be incredibly frustrating (indeed, it drives some important
investors away) it shouldn’t be scoffed at needlessly because the people in
charge do have the nation’s interests at heart. Try and make friends quickly
and develop council contacts to ensure a smooth business transition into the Hungarian
market.
3.There
is Only One Tongue – Hungarian, as a language, is
the one main business concern for any investor. Whilst many people speak
English, the Anglophonic sentiment doesn’t pervade the most important business
rituals. Invest properly in Hungarian translation services for all aspects of your company activity to ensure
that every step you take is a meticulous and accurate step to success.
Read more about Hungarian translation services.
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