Recently I was sharing with you hopes and fears about my coming trip to Persia. My different personas – the business person, the writer, the woman – had a diverse array of expectations but the same desire to observe and understand.
This was a discovery trip, and in order to gain the most complete vision of the business landscape I made a conscious effort to meet companies and conglomerates but also high-net-worth individuals and private interests. What did I uncover and more importantly experience? A complex mix of needs in a society generally looking for new meaning is what came first, and second a very intense and emotion-driven society.
Iran, the sleeping giant of the Middle East revealed an unalterable pride in its economy and achievements. The past and the future colliding at all times, Iranians clearly aspire to open to the outside world, but on their own terms. There is a strong sense of protectionism and an immense sense of pride – pride in what they have been able to make of the country despite 40 years of isolation. A lot of somewhat delusional comments, to my western ears anyway, were systematically made about the wealth of the country. The diversity of the economy was also praised, from natural resources, but also services, engineering and pharmaceuticals – everything seems to start from Iran. Iranians are endearing with their conviction about being one of the driving forces in tomorrow’s global economy. But they demonstrate limited interest in complying with the western way of doing things.
Rebuilding their country is at the top of their priority list. Surprisingly, getting more firmly into the capitalist and consumerism mindset is also of paramount importance. Regardless of the isolation and being a highly religious state, the consumerism and capitalistic mindsets are well engrained in their psyche. People want to consume more and more. Tehran is like any other metropolis, with the same Prada, Versace and Nuxe products available. More than half the population is aged between 15 and 44 – they are the post-revolution’ generation, the ones wanting to take part in the bigger world while feeling Iranian. They want to live and move forward.
Rebuilding the country is of importance. Every business person I met had a strong interest in bringing products to Iran, or developing infrastructures to facilitate products’ arrival into the market. They have little interest in investing in the outside world. There is growing appetite for foreign direct investment but with a preferred mix of capital, expertise and technology.
They are secretive in many ways – borderline paranoid, some might say. From one day to the next, meeting the same people over and over, again, we felt assessed and vetted. Trust seems to be the cornerstone in business dealings, paired with a strong sense of moral value. Secrecy is also a feature of the decision-making process. As in an ancient kingdom, a flurry of advisers surrounds the decision-maker. It is hard to gauge the ability to act, follow through and deliver.
Iranians are first and foremost traders. Bazaar mentality is engrained in their blood – wheeling, dealing, haggling. Their levels of interest always peak when engaging with real and tangible products– food, cars, spare parts or even infrastructure. When it comes to financial services or savviness, it is a different story. Value from work is still where they stand. Value from capital or value from wealth appear at infancy stage.
Relationships matter. Business is preferably conducted through exclusive partnership. Emotions always run high – you can expect to be loved, favoured and disgraced all in the same day.
Perhaps the most striking feature is the existence of independent spheres – the government and military on one side and private business on the other. These worlds are highly segregated, with somewhat limited interaction, leaving a burning open question – are these worlds exclusive for foreigners trying to break into Iran, or is this something only locals have to experience and live with?
But where does this leave anyone interested in cracking one of the last frontier markets and doing business in Iran? It leaves me with two words – patience and humility.
Patience because it will be a long journey, with effort and time spent in the country, as the decision-making process is long, and doing business with the west is not that common yet. Talks are there, but what about action? Do not allow the paranoia distract you. Follow your internal compass.
Humility is important, and the ability to learn and choose carefully which sphere to plug into. This a highly network-based society and things do not mix easily.
Patience and humility are the take of this business person. Iran is like the dance of the seven veils – intoxicating and addictive. The writer? She is still pondering how to transcribe the richness, good and bad, of the total experience. The woman? The woman would rather not say.