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Rough Diamonds: The Four Traits of Successful Breakout Firms in BRIC Countries by Nan Zhou, Gerardo R. Ungson, Seung Ho Park

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Chapter 3

Capitalizing on Late Development

The visionaries in RDs [rough diamonds] have a sense of market niches that are underserved, consumer needs that are evolving, and industry changes that are transformative. While they might be latecomers as leaders in market competition, they exemplify a unique type of entrepreneurship that combines risk taking, creative learning, and bold execution.

Industrial evolution in emerging markets is much subtler in context, more nuanced in scale, and more incremental in growth. Development gives rise to early market leaders, but with accelerating competitive pressures, new opportunities are created for other more efficient firms.

—SKOLKOVO Business School–Ernst & Young Institute for Emerging Market Studies, ...

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