1. Know the GLOCAL aspects of the corresponding market.
2. Know the rules. Formal and Informal. Using creative solutions does not mean to go against the law.
3. Know the risks. Do a thorough risk analysis. Search for problems before they materialize. If you can't find any you are not looking hard enough.
4. Make certain the project is economically viable (market sources). Promises are easy. Profits vs prophets. Subsidies are not enough (they should augment profit not create it). Local partners can not assure national level incentives.
5. Know the people. Choose the right people, the right partner. Know your counterparty, know your partner, know who you are talking to, know who you should talk to, know his/her related parties, know how to approach him/her, know how to follow up.
6. Understand relationships. The notion of “relationship” in a Chinese context. Different levels, cultural and even spiritual gap.
7. Get independent and experienced advice. Use advisors, with local and international background.
8. Prepare to negotiate. Practice, practice, practice.
9. Look for continuous balance in structures and contracts.
10. Be aware of constant change. Adjust to a fast paced changing environment. Be willing to make changes, and look for innovation. Replication will happen!!
11. Permanent Follow up on the business. Mind the store.
12. Expect virulent competition and pricing pressure.
13. Do not expect a level playing field.
14. Keep proximity to Market and Customers.
15. Protect your "property rights" including your IP rights. Understand your rights. Duly protect them through any available means.
16. Have clear contract terms, through all the business chain. Do not think you know it all. Make sure that in most respects the interests of both parties are fully aligned.
17. Get paid. Never agree to unsecured payments after delivery.
18. Prepare your case. Prepare for potential disputes. Leave a record of relevant communications. Do no accept communications that contradict the contracts.