I have seen enough essential similarities between such diverse countries as Russia, Korea (ten years ago when it was still an emerging market country), Vietnam, and even Gambia and Papua New Guinea, to believe certain core generalizations hold true for all or nearly all emerging market nations. Just as a good concept, a strong market, and good execution are necessary in all countries, so too are these four simple principles keys to success in emerging market nations.

PRINCIPLE ONE: A Good Partner is sine qua non of Success.

The quality of local partner is indispensable element for emerging market success. So where do you begin?

Start with due diligence. Before doing business with anyone, you must first determine what you need from your partner in particular country in which you will be conducting business. In my experience, foreign companies need a local partner who is effective, cooperative, and (most important of all) trustworthy.

Emerging market countries almost always have less-than-fully-formed legal systems. Their laws are oftentimes slanted towards government and away from free markets. Their courts are slow and often corrupt. Form takes precedence over substance in ways completely unfamiliar to Westerners. One small technical miscue on your part might eliminate your right to sue your partner for having stolen all of your money. It might even lead to you and your company being kicked out of country, while your assets remain.

Of course you should do your best to avoid technical miscues, but better strategy is to pick your partner well.

So what should you look for in a local partner? Political connections? Yes and no:

Yes, because you probably will need someone with sufficient dexterity to maneuver around often-suffocating business laws and a bureaucracy that may try to cut in on your business at every turn. No, if you think that is all you will need. Just as in West, politically connected are usually more a "government type" than a business person. Partnering with someone in an emerging country with whom you would never consider partnering back home is a mistake. Political clout in emerging market countries is often more effective for avoiding legal responsibility for something like a debt than it is in generating business revenues. I have seen countless instances where a foreign company partners with someone because he "is tight with governor," only to see business crushed by new governor as part of his house cleaning. The best partner is politically connected only to extent necessary for business success.

Your partner's character and reputation are your protection in countries where court system is not. Do not partner in any sense of that term without having conducted thorough due diligence.

Get to know your potential partner. If he is legitimate and wants to work with you for long term, he will expect you to want to get to know him better and think nothing of your wanting multiple meetings before signing any deal.

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There are advantages and disadvantages to renting properties you own or doing lease options.

The typical person who purchases a home using a lease option, does so because they cannot figure out a way to purchase any other way. This means that they probably have credit issues, time on job issues, income issues or no down payment.

A typical renter, on other hand, can be found with good credit and a stable job.

The quality of tenant that you get is only real advantage that I see with renters. Lease Options have some other real benefits.

First of all, you can get more monthly rent for a home than when you sell with a Lease Option. (typically 10% more than market). This 10% is what you would apply to Seller's down payment if they do buy, so you haven't lost anything by giving them excellent terms.

Instead of getting a refundable deposit (like you would get from a renter), you get non-refundable option money. I suggest charging about same as you would charge for deposit... typically, 1 month's rent. Check out what is customary in your area. Some areas are getting as much as 5% down on a lease option! Since it is likely that tenant will never exercise their option, being able to keep option fee will cover most of costs of getting property re-rented or leased after current tenant moves out.