The «Dunning-Kruger» effect and the importance of feasibility studies in business internationalization to the US market

The «Dunning-Kruger» effect and the importance of feasibility studies in business internationalization to the US market

Strategy
By Gonzalo Garcia, Founder and CEO of Markentry USA 1. The Dunning-Kruger effect and other cognitive biases The Argentinian actor Ricardo Darín, in the fabulous film "The secret in their eyes", awarded an Oscar for the best foreign film, defined in an anthological scene two types of idiots: the one who knows he is an idiot and is therefore harmless, and the one who thinks he is a genius and does nothing but generate problems. The truth is that we are all exposed to behaving like both kinds of idiots in many fields, as modern psychology has amply shown. This is the "Dunning-Kruger" effect, discovered by social psychologists David Dunning and Justin Kruger, which is defined as the inability to recognize our own ineptitude. It is a cognitive bias that means that…
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The Conquest of America: 10 Keys to Success in US Market Entry

The Conquest of America: 10 Keys to Success in US Market Entry

Strategy
By Gonzalo García, Founder and CEO of Markentry USA Introduction The US is a market of more than 328 million people that generates about a quarter of the world's gross domestic product. Hispanics are already the largest minority, with 17% of the population, which makes this market even more attractive to companies from Spain and Latin America. Success in this country can be a turning point in the development of any company.The Cosentino Group, producer and distributor of surfaces for architecture and design, was created from a small marble producer company founded in Almería, Spain in the 1940s. Today, more than half of its sales come from the US market, where its workforce exceeds 1,000 employees.After 16 years of work experience in the US, largely leading or advising internationalization projects, I…
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