What are the challenges and risks associated with doing business in China?
Assignment 1: Discussion—Doing Business AbroadNancy Baxter and several other small business owners joined a trade mission to China to explore market opportunities there. The group learned that China has a population of 1.3 billion and is the third fastest growing export market for small- and medium-sized US firms.In any given year, the Chinese software market grows by 30% and the number of Internet users quadruples. Furthermore, the demand for management consulting services is increasing, especially information technology consulting.Members of the group were surprised by the number of people who had cell phones and regularly surfed the Internet, especially in large, urban centers. On the downside, they found that counterfeit goods (from clothing and leather goods to software and CDs) were available at a fraction of the cost of legitimate merchandise. In addition, the members found that local merchants expressed an interest in doing business only with vendors with whom they had established relationships.In this assignment, you will review different concepts discussed in the course and critically evaluate how the business venture you are proposing could be successful in a different business culture, such as China.Tasks:Using the Internet or the Argosy University online library resources, research how people do business in China and how the Chinese culture can affect your traditional business thinking.Now, respond to the following questions: What types of businesses would prosper in China? Why?What are the challenges and risks associated with doing business in China?What steps should Baxter take to address these challenges and risks in order to increase a chance of success in the market?Submission Details: By the due date assigned, in about 300 words, post your responses to this Discussion Area.Through the end of module, respond to at least two of your classmates’ posts who chose terms different from yours. While responding, address issues brought up in your classmates’ posts and compare them with yours.Write your initial response in 300–500 words. Your response should be thorough and address all components of the discussion question in detail, include citations of all sources, where needed, according to the APA Style, and demonstrate accurate spelling, grammar, and punctuation