Along with the fast growth of emerging markets over the last couple of decades, there has been a surge in a new breed of global players from these countries. Their entry into the global market has disrupted the competitive landscape and presented a threat to traditional global leaders from developed countries. The sources of competitive advantage and unique capabilities of these newly emerging global challengers and leaders have been well documented in academic research and consulting reports. So far, most research on EMNCs has focused on how they differ from incumbent advanced-economy global players, especially in terms of their direction of global growth and modes of entry into selected countries. However, scant attention has been paid to the operational issues these new players face at all stages of their global expansion, from country selection to managing local growth.

Based on in-depth case studies of a large pool of EMNCs from various emerging markets, we have examined factors relating to the operational difficulties EMNCs face when they invest overseas. While there are differences specific to certain sectors and countries, we have been able to identify common elements of these operational challenges. In Chapter 2, we presented our findings in a process-oriented framework that provided the structure for our discussion of issues related to the operational challenges occurring at different stages of EMNC development. We divided these challenges into two broad sets – challenges EMNCs face as they seek to enter and start operating in a foreign country and challenges managers face once the firm has established operations overseas. In Chapters 3 to 8, we systematically reviewed these issues with the aim of producing more operationally successful EMNCs. In this concluding chapter, we summarize some key lessons and our final thoughts on managing successful EMNC operations. Each of the companies we have discussed experienced particular challenges in moving abroad, some of which detracted from their ability to benefit from the perceived advantages and opportunities of internationalization, due to resource, capability, and environmental issues. Nevertheless, we can distill some lessons from the analysis of these firms that will be useful to managers of emerging market firms that are considering taking their companies abroad.

First, it is important to consider the country of origin. Operating in emerging markets provides many comparative advantages, including lower labor costs, underdeveloped natural resources, and new, young consumers, which provide a base for continuous growth.