Bringing a product to market in China can be one of the most exciting business challenges a Western company can undertake: The markets there are massive and diverse, the government is increasingly welcoming of foreign investment, and the Chinese business community is very eager to work with foreign partners.

However, you have to do your homework before plunging in, and you have to stay on top of an array of complicated factors – regulatory, cultural, political – in order to succeed.

• Due diligence for entering China includes sussing out the best market for your product and the best region in which to do business, but also careful assessment of potential partners. It's worth truly getting to know your partners in the traditional ways – meals and entertainment out are, of course, very common in China in this context. But you also have to invest in research that will uncover any past history, current activities or partner relationships that are incompatible with your business practices. 
  
• It's crucial to understand that the government and the Communist Party both play roles in business there that are unfamiliar to Westerners. In order to succeed, you need a local team that not only understands your product, but the written and unwritten "rules of the game."
• Moreover, the standards and practices for intellectual property (IP) in China are different, and you need to be very aware of the local and national precedents in order to protect your products.
  
• Finally, building a great local team and treating them well will dramatically bolster your business and chances of success. Your local Chinese employees will know important things about the market and how things are done that a foreigner simply can't know or intuit. Trusting your local team's expertise, experience and judgment is every bit as important as having a great product.