Getting to know Italian people
In a previous article we talked about German people and their desire for constant work. Now we are taking the opposite direction. Italians do not live for work, they work for a living. Italians are one of the most philosophical people. They like to communicate with strangers and you will never get bored of them. They have a developed human side and they believe that life is pure art.
Eating is one of the most important part of the day. Italians care a lot about their eating time and they treat it properly. Pizza and pasta are some of the main food and they can have it for lunch. Italians are very friendly and they enjoy having company while eating. In many aspects we have similar behaviors. This is why Italy can be a good choice for a Romanian entrepreneur. It is easier to make a fast and strong partnership with someone like you.
Why investing in Italy?
With all the disasters created by the new coronavirus, taking a step into Italian business does not sound too optimistic. Although the economy is affected by the actual situation, we cannot stop thinking about future possibilities. Italy is well known due to its strong economy in the domains of fashion, gastronomy and tourism. When all businesses will start running again, you need to be informed about the strongest areas in Italy.
I will specify the most important factors that can convince you that Italy can be a good choice. Firstly, I will like to mention its strategic location on the map. Italy is close to North Africa and the Middle East and that can bring more external clients.
As you already know, Italy is a strong player in the food, automobile, fashion and tourism sectors. I am going to present some of the regions that have an important role in the growth of Italy’s economy. Emilia Romagna contributes to the improvement of the country. It is one of the places where living standards are high. The mechanical and automotive industries are one of the reasons for the high GDP. Another famous region in Italy is Veneto with its capital Venice. Venice reaches to attract a huge number of tourists every year and that contributes to economic growth. As the last region from my list I am going to talk about Lombardy. Its capital, Milan, is where the art and design are combining. With fashion events every year, Italy became one of the most famous names in the fashion sector.
FIRST THINGS FIRST
Now that we have got to know more about Italians” behavior, we can start talking about business. As we have already talked in the other articles, having a good business idea is not enough. The first impression also plays an important role. Treating your business partner wrong can ruin your whole plan.
Italians like to have open discussions, so do not be afraid to show your opinions and disagreements. Try to treat them like they are your best friends and always be polite and friendly. Being on time is not one of their strengths and you can expect to wait for your business partners. However, if you want to make a good impression you have to respect your time meeting. For Italians, taking fast decisions can be a hard thing. Do not be disappointed if your first meeting finished without any agreement. Stay calm and give them time. Try not to put pressure on your business partners. They can feel you do not have enough trust in them and they can withdraw.
Being relaxed and open-minded is your key to success when dealing with Italians. It can be very easy to make agreements with them as long as you show kindness and patience. If you are a serious person who wants to know the answer immediately, making deals with Italians can be a real challenge. They do not always take things too formal and you need to follow their way.
BUSINESS TIME
Now you have a clearer perspective about how your first business meeting should look like. In the last part of the article, I would like to give you a short view of the first steps into the market. When you decide to make business in Italy, you will have multiple choices, depending on the company structure. Most of Italy’s companies are small to medium. The first best options are an Srl or Spa. SRL would be more attractive if you want to create a company with one shareholder and investing only 1 Euro. If you want to have a minimum paid-up capital of 50.000 Euro, you may be interested in a Spa. Another step is the personal and business taxes that you need to pay to create your company.
After completing the first points on the list, you can start looking for your target group. Knowing your potential clients and the way you need to approach them will be a good start for your business. The beginning is always hard, especially in a foreign country. But do not worry, Italians are very willing to provide you all the information you need to know.
You may consider Italy as a really good choice for your business. The country has much potential and many sectors that are well-known for their success. Italian people are very friendly and willing to guide you. If you are curious about expanding your business in other countries, make sure you are following my series of articles called How to build a strong professional relation with foreign people”.
Bibliography:
Babak Babali (2019) Italy: Top5! URL: https://www.thebusinessyear.com/top-five-regions-of-italy-by-gdp-economy-2019/focus [2020]
Diana Bahrin (2016) Zece lucruri despre viata pe care le putem invata de la italieni URL: https://www.gandul.ro/magazin/zece-lucruri-despre-viata-pe-care-le-putem-invata-de-la-italieni-14980394, [2020]
Hans-Jürgen Schlamp (2020) Italiens Wirtschaft in der Coronakrise URL: https://www.spiegel.de/wirtschaft/soziales/corona-krise-in-italien-wirtschaft-braucht-100-milliarden-euro-im-monat-a-aceb369e-bf1d-4211-b170-a15dd90c21b8 [2020]
Ministry of Economic Development (no date) 10 reasons to invest in Italy URL: https://investorvisa.mise.gov.it/index.php/en/home-en/10-reasons-to-invest-in-italy [2020]
Todaytranslations (no date) Doing business in Italy https://www.todaytranslations.com/consultancy-services/business-culture-and-etiquette/doing-business-in-italy/ [2020]
