7. Small talk is important--don't leave it out. The length of time for small talk depends on many factors. If you are in presence of famous or very rich people and not in a social setting, then small talk, if any, is going to be quick and short. It could be as short as one or two sentences. People who know how much their time is worth, or who are doing you a favor by being there, also fall into this category.

8. Aha, who picks up tab? If you did inviting, you are responsible for check. No matter how more well-off they are. If a joint meeting, ask at beginning or when scheduling lunch on check splitting. Waiting until check arrives to state check splitting is a sign of professional weakness. If you are meeting with someone who is giving you valuable advice, you must pick up tab. A personal handwritten follow-up note is also appropriate. If they have saved or helped you make more money, send them a gift or gift certificate. If you don't you will never get any more of their time again. This has occurred to me, and person never gets any time again.

9. Where does napkin go? Immediately after sitting, place napkin in your lap. If you notice napkin is in goblet, this is usually a signal from restaurant that server will place napkin into your lap. If you excuse yourself during meal, place napkin on left hand side of your plate or on chair. This signals server that you aren't done. When done, place napkin on right of plate and your fork and knife horizontally across plate to signal server.

10. What to eat and use first? Which glass or which fork can be confusing. Bread and salad plates always to left, drinking glasses to right. Utensils start from outside in and dessert fork is by dessert plate. Lay your fork and knife across your plate to signal server you're finished.

PRINCIPLE TWO: Keep an Open Mind. Assume Nothing.

Doing business in an emerging market means taking nothing for granted. I have a mantra for my own legal work in these countries that translates well to business world: "Assume nothing, but assume that you are assuming things without even realizing you are doing so."

Things will be different. Very different. Things you take for granted in your home country might not exist in emerging market country. Things you take for granted in your home country might be exact opposite in emerging market country. Things you think will be totally different in emerging market country may be exactly same. Things you thought you knew about emerging market countries based on what you know from another emerging market country may be completely different in a neighboring country, or even in another region within same country.

The principle, one more time: Keep an open mind, and assume nothing.

PRINCIPLE THREE: Participate in Everything.

In many emerging market countries, local businesses take advantage of corruption to avoid complying with laws. This may work for locals, but it won't work for you. The easiest way for a local rival to drive you out is for you to do something illegal. Neither you nor your government will have good grounds to complain if your rival gets your business closed down due to your illegal activity. It might even be your own partner who reports you so he can assume full ownership and control of your business.

You must have your own people on ground, leading, training, and instructing on business methods, business ethics, efficiency, and quality control, among other things.

We have a saying in our law office that one day of face-to-face meetings with local counsel is equivalent to one month of telephone calls and e-mails in terms of getting things done. This is equally true on business front.

PRINCIPLE FOUR: Exercise Extreme Patience.

This principle stems from maxim that everything takes twice as long as you think it will. If it takes twice as long in West, triple that in emerging market countries. You'll go in both as a businessperson and a teacher—and in both roles, learning curve of your partner will almost certainly take way more time to deal with than you think.

For example, many emerging market countries have a history where "bad business" meant "thinking long-term." A year or two after fall of Soviet communism, I was involved in a matter where an investor put $250,000 into a Russian joint venture. The business very quickly was making good money and all indicators pointed towards steadily increasing profitability. But, quite quickly, Russian company stole $250,000. Was it so irrational for him to think so short term in a country where government and tax systems had such a history of unpredictability?

Remember: It takes patience to encourage change of mindset. Extreme patience.

EMERGING MARKET SUCCESS

Emerging markets cannot be approached with a quick-kill mentality. Above all else, emerging market success demands a good partner, an open mind, a high degree of participation, and extreme patience.

It is certainly risky. It can also be very profitable.