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A Detailed Business Venture Proposal by:
Katarina Raicevic
Sandi Boyington
Brian Brunk
Karlie Maniscalco
Benjamin Rahtey
Leopoldo Decardenas
International Management
University of North Florida
Spring 2016

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WHY GREECE?
It could be easily and wrongly assumed that entering this nation for the purposes of
corporate expansion would be a non-starter. The Greeks, currently experiencing economic
problems and on the verge of monetary stagnation, might appear to be in a vortex of chaos from
which there is no financial escape. While, there are some industries which have been hit hard
during this severe economic downturn and while Germany might have saved face for Greece,
one of the world’s oldest nations, it is still very difficult to see light at the end of the tunnel. Yet,
indeed there is a tunnel, which means there is something on the other side.
Throughout human history there have been plenty of economic catastrophes. However, in
today’s society of trade, most nations recover due to the symbiotic nature of exports and imports.
When the only place you have to really go is up, then things start to become more profitable.
Regardless of the bad fiscal practices of the last decade, Greece still remains one half of the gate
way to the Middle East. Along with Turkey, they are at the door step to a 1/8th
of the world’s
population that is just starting to realize the value of a market society. While the governments
might have reservations to losing power to the people, the people themselves are responding
through buying and selling goods both locally and abroad.
Greece is the key to a bigger world of trade. In this proposal, we will explore the many
facets of Greek society which will undoubtedly need to be addressed as we move forward with
expansion into Greece. The views, traditions, and values of a people influence every aspect of
relations with business.

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POLITICAL CLIMATE
Greece is the birthplace of politics as an art as well as democracy as a form of
government. The present Greek Constitution voted in 1975, amended in 1986 and 2001, defines
the country’s political system as a Parliamentary Democracy. The president is elected by
Parliament every five years as the head of state, while the Prime Minister is the head of
government. The Ministerial Council, consisting of the Prime Minister, Ministers, Deputy
Ministers and Ministers without portfolio is the collective decision-making body that constitutes
the Government of Greece.
Parliament and the President of the Republic exercise legislative power. The President of
the Republic and the Government exercises executive power. Judicial power is vested in the
courts of law, whose decisions are executed in the name of the people. Although the President of
the Republic has limited political power, as most power lies with the government, his duties
include formally appointing the Prime Minister, on whose recommendation he also appoints or
dismisses other members of government, he/she represents the State in its relations to other
States, proclaims referendums, etc.
In general, people’s sovereignty is the foundation of government and all powers derive
from the people. They exist for the people and the nation. General elections are normally held
every four years unless the Parliament is dissolved earlier. The electorate consists of all Greek
citizens who are 18 years of age. Each new government, after a general election or after the
previous government’s resignation, has to appear before Parliament and request a vote of
confidence.

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Foreign relations of the Hellenic Republic are the Greek government's external relations
with the outside world. As one of the oldest Euro-Atlantic member states in the region of
Southeast Europe, Greece enjoys a prominent geopolitical role as a middle power due to its
geographical proximity Asia, the Middle East, and Africa. Its main allies are France, Italy,
Bulgaria, the US, the other NATO countries like Albania and the European Union.
Greece also maintains strong diplomatic relations with Cyprus, Russia, Serbia, Armenia,
and Israel while at the same time focuses at improving further the good relations with Egypt and
the Arab World, Caucasus, and China. As a member of both the European Union and the Union
for the Mediterranean, Greece is a key player in the Eastern Mediterranean region. It encouraged
the collaboration between neighbors for gas exports to Europe, such as well as promoting the
Energy Triangle. Greece also has the largest economy in the Balkans where it is an important
regional investor. Prominent issues in Hellenic foreign policy include the claims in the Aegean Sea and
Eastern Mediterranean by Turkey, the Turkish occupation of Cyprus, and the dispute over the name of the
Republic of Macedonia (recognized under the provisional denomination of "former Yugoslav Republic of
Macedonia").

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GREEK CULTURE
Greeks believe hierarchy should be respected and inequalities between people are
accepted. In the Greek culture it is important to show respect and take care of the elderly. In
business there is one boss who takes complete responsibility and controls who gets divided
portions of the power and responsibility within the organization. Power distance is a distribution
of power that benefits those in society with more than others. They include status symbols and
social positions which communicate respect. Greece’s power distance index is slightly above the
median at 60.
Uncertainty avoidance is the apprehensive interpretation of future events and the risk
analysis associated with uncertainty. Greece ranks #1 in uncertainty avoidance with a score of
112. It has the highest score, meaning Greece tries to avoid all ambiguous situations. Safety to
them is built upon strict adherence to laws and rules. Greek culture reflects the need for positive
moments in everyday life; like enjoying a long meal or dancing with friends. They express a
great deal of emotion through body language and facial expressions.
Individualism is the degree of interdependence a society maintains. Greece scores a 35
and ranks low compared to other countries because they maintains a collectivist culture. This
means from day one people are integrated into a strong, cohesive in-group that protects its
members in exchange for loyalty. Greeks work on building long-lasting and trustworthy
relationships. In Greece, they still show individualism by how many restaurants and businesses
are family owned.

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Masculinity can drive a society through competition and success orientation. Feminine
society is dominated by values, the caring for others, and the quality of life. Greece falls in the
middle of the two with a score of 57 in masculine. The traditional man in Greece works outside
of the home, bringing an income, while most women work at home, caring for the family and
raising the next generation of Greece society.
Long-term orientation describes how society has to maintain links from the past while
dealing with challenges of the present and future. A society focused on long-term shows
persistence and orders relationships by status. Their society has existed for over 2 millennium,
thus continuing traditions to help make future decisions. Greece scores a 60 on this dimension,
while scoring low on short-term orientation, which focuses on personal stability and tradition.
Indulgence is defined as people having weak control over their desire. Restraint is the
second category which delineates strong control over urges and impulses. Greek people score a
50, giving no preference to either category. They also have a propensity for “control of life”
situations and determine their choices through the indulgence/restraint spectrum.
Universalism societies apply standards equally to the whole universe, while particularism
societies focus on obligations towards relationships and unique circumstances. Greeks show
particularism in business when employers want to know more about their applicants. They rank
high when it comes to expressing emotion in appropriate situations, but retain low scores in
situations that require no or less emotion. Greeks are constantly revealing feeling through
gestures and body language; having no issue with openly communicating feelings. When it

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comes to business, Greeks value face-to-face contact and building personal relationships. They
find first impressions and eye contact extremely important. In business, a firm handshake is
appropriate while goods friends embrace each other and kiss on both cheeks. When it comes to
nonverbal communication Greeks stand apart, giving more personal distance to strangers. When
they feel friendlier, they close that distance and come in closer. However, Greeks at times can
take it offensively if others start to move away.
In specific-oriented cultures, people tend to keep private and public aspects of life
separate while diffuse-oriented cultures tend to reflect social life in work life. Greece tends to
lean more towards being diffused by looking at everything as a whole and breaking components
down individually. They show this through the inclusion of family businesses with a community
feel. Restaurants are operated on the ground levels of homes of the families that run them.
Greece holds ascribed status very high to their culture valuing birth-right over
performance. For Greeks, having status such as seniority gives society order and a sense of
security. In daily life they see being awarded as a fond gesture, but not as important as the
concept of hierarchy. They show their ability to multitask by accomplishing many different
projects concurrently instead of in series. Greeks do not separate the importance of different
time periods from each other. Traditions are continuously shaping everyday life, while planning
for the future also plays a pivotal role.
When it comes to culture environment, Greece are inner-directed. They believe in
controlling outcomes rather than allowing outsiders to shape the future (outer-directed). Greece

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thrives on being stable. Although they are a collectivist country they succeed in this dimension
by people are self-oriented in the means of aggressiveness. Greeks embrace this by making any
weak argument into a stronger one.
Greece, officially known since ancient times as Hellas, is a country that has one of the
longest histories of society. It is considered the frame of Western civilization, the birthplace of
democracy, Western philosophy, Olympic Games, Western literature, historiography, political
science, major scientific and mathematical principles, and Western drama including both tragedy
and comedy. From the eighth century BC, colonization has taken Grecian principles all over the
Mediterranean from the Black Sea, to the Atlantic Coast of Europe and Africa; “frogs around a
pond” as Plato famously stated. By the fifth century BC, Greek society had organized
themselves into independent citizen states (known as polis, from which comes our word
“political”) such as Athens, Sparta, Ephesus, Byzantion and Marseilles. Each polis had its own
laws, dialect, currency and government.
Strongly independent, they fought among themselves for domination and internally over
different styles of constitution. In fourth century BC, direct democracy died and in the second
century BC the land-mass of Hellas became part of the Roman Empire but language and polis
life continued under close Roman supervision. Roman expansion through the conquest of
Alexander the Great helped introduce Greek culture as far as Afghanistan. Romans embraced
Greek culture and they made it a central feature of their education system, ensuring that Greek
achievement would not be lost. The collapse of the western empire led to some turmoil in the
east, until the Byzantines gradually regained control over Greece with the attack on

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Constantinople. For nearly 400 years Greece was under Ottoman control. By the 19th
century,
the empire was economically on its last legs, and on 25 March 1821, Greece declared its
independence.
German occupation of Greece in the Second World War ended in 1944. Violent and
complicated civil war broke out between communist and western-backed government forces,
resulting in a Greek government inclined to the west. With significant anti-western sentiment
still in force, the Grecian culture rejected this movement. In 1967 a military junta ("the
colonels") overthrew the government and ended the monarchy. In 1974, the regime imploded and
since 1975 Greece has been a democratic republic. It joined the EU in 1981 and adopted the euro
in 2001.

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LEGAL ENVIRONMENT
Greece is officially known as “Hellenic Republic” and was a founding member of the
United Nations. The country is based on the principle of the separation of powers and has 3
branches. The legislature is a unicameral system with the parliament and the president of the
republic. The parliament consists of 300 members that serve four year terms and must be 25
years old to join. To be the president of the republic, you must be 40 years old to be eligible. The
president is also elected every five years and is the head of state. You must be over the age of
eighteen to vote.
The parliament is the one who votes bills to become laws. Once they make their decision,
the parliament sends the bill to the president of the democracy to publish it. Laws can also be
changed to codes that are very common in civil law systems. All laws may be found online in the
National Gazette making it easier for the Greek people to know their rights. The executive
branch consists of a government with a prime minister and other ministers that are each assigned
to a different department. On the side of the judicial branch, the courts are split up into civil,
criminal, and administrative. Administrative disputes are under jurisdiction of the Council of
State. The court of cassation, however, is the Supreme Court for civil and criminal cases. Greek
law has been around for 3000 years and is mixed with nature and religious beliefs. It is based on
the ideas of equality before the law and freedom. The Ecclesia Tou Demou consists of Athenian
born men over the age of 20 and makes decisions on bigger issues such as the declaration of war
and accession or exit from alliances.

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There are public and private trials that have different procedures. With private trials, the
defendant has the option to settle and there are court fees. If they decide to settle, the fine is
100€. With public trials, there are no court fees or an option to settle. The main source of laws
governing the people is the Constitution which has been amended three times, with the most
recent being in 2001. The civil code for the private law has five chapters for general, contract,
property, family and hereditary law. The general principles focus on Greek private international
law while also regulating who has a legal capacity, info on identity, and contract issues. Contract
law is all about contracts, whether they are general or special. Property law is structured on four
types of property rights, one of them being possession. Family law spreads out topics of divorce
such as who is related, who is financially responsible. Inheritance law consists of wills and
everything that goes along with them. There are 13 regions in Greece and 325 municipalities that
follow the Kallikratis plan. This plan is to minimize municipalities and create unification. Each
municipality will have a mayor and council. Each region has a governor and council.
The Kallikratis reforms support innovation and the use of new technologies while also
ensuring financial autonomy of local authorities. Greece also has funds that it puts money into
and consists of blue fund, car parking revenues, legislation on illegal buildings, etc. This all
makes up the green fund, which used to be exclusively environmental projects and plans.
Overall, Greece has a traditional view on military and finance, while also aiding the people in
making decisions by making the law readily available in the National Gazette and having the
Ecclesia Tou Demou that allows young men of the country to make major decisions.

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ECONOMIC STATE
When you think of Greece, especially those of us that live in the United States, you think
of beauty or history or vacations. The economy does not really become part of the conversation
unless you are looking at the currency rates or how much goods and services will cost while you
visit. Fortunately for Greece, that is the way a lot of the world views them. Over fifteen million
people visit Greece every year. Mainly because of this fact, over 72% of the labor force is in the
service sector. Businesses that focus on this tourism are still thriving in Greece compared to the
ones that focus on Greek people.
Greece is a capitalist economy which means it is an economy based on private
ownership. Each person has the right to invest money, work in a business or own one and to buy
and sell goods. In the early days of Greece, the main source of income and economy was
agriculture. During the 19th
century, shipping was the main source of economic prosperity. The
shipping business was the strongest in the world for many years. In more recent times, tourism
has made up a big portion of the economy. About 40% of the Gross Domestic Profit (GDP) of
Greece is from the public sector and Tourism accounts for 18% of the total GDP.
Greece has been in the news a lot in recent history and for good reason. Their economy
has taken a big downturn over the last six to seven years. It was not always this way though.
Between 2003 and 2007, Greece averaged an economic growth rate of approximately 4% per
year, mostly attributed to the foreign capital flowing into the country since it was backed by the
Euro. However, in 2009, due to the world financial crisis, tightening credit conditions, and
Athens’s failure to address the budget deficits the economy went into recession. This caused the

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European Union as well as the world to stand up and take a good look. Greece is not a big
economic country or one of the world’s large financial hubs. In fact, the Greek economy is only
about 2% of the Eurozone’s total. The potential for a domino effect was the main reason for
Germany’s bailout of the Greek debt.
If Greece fails, they would not be able to pay back the debt they have acquired from other
countries. Other country banks would fail and cause an avalanche of global financial crisis.
Also, if Greece decided to leave the Eurozone that would push up borrowing costs for other
nations. Some of the smaller ones would start to fail and this could spread to larger European
economies. Why would Greece want to leave the Eurozone when it was so profitable for them at
the beginning? One way for a country to alleviate some of their issues is to take their currency,
print more which would depreciate it and pay off loans.
This is a reason that the Greek economy has become the poster child of what not to do.
There are quite a few reasons that the economy would fail, and when put all together, failure was
inevitable. Due to poor fiscal policy and debt accumulation in the 80’s, by the early 90’s the
interest payments on Greece’s debt had reached almost 12% of the GDP. Much of the expansion
in the 80’s, which appeared on the outside as prosperity, was financed, and not through taxes but
through loans mainly from the EU and Germany. Greece used loans to prop up the economy and
government which made them look stable. While they appeared to be profitable and financially
secure, it was only a facade with a hollow core of unbacked currency. Corruption, not reporting
accurate numbers, and using loans to finance operations made them look strong on the outside
but it finally caught up to them.

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The Greek economy has been in turmoil since the world financial crisis of 2009. In late 2009,
the major credit rating agencies downgraded Greece’s international debt rating due to
deteriorating finances. The following year, Greece received a bailout from euro-zone
governments and the International Monetary Fund worth $147 billion. The European Union’s
statistical office determined the figures Greece had provided were inaccurate and the deficit was
worse than reported.
This caused less investment into Greece from the world and made it even harder for them
to recover. Since the downgrade, Greece has struggled to keep the country running. They have
attempted to significantly reduce government spending in an effort to control public sector debt.
While at 177% of GDP it has still prolonged Greece’s recovery. As of 2014, revenues were
81.36 billion€, while expenditures were 88.37 billion€. Even though Greece has started the
recovery process, the growth rate projections are still not positive; Greece has a long way to go.
So where are we now? By the end of 2013, investor confidence started to show signs of
strengthening and, in 2014, they finally balanced their budget. Greece started to issue
government debt again and posted its first quarter of positive growth since 2008, with an annual
growth rate of .8%. 2016 is projected to have its first positive real GDP annual growth rate
percent since 2007. However, due to widespread discontent with austerity measures the people
wanted a change in government. This gave the Coalition of the Radical Left (SYRIZA) party the
office during national legislative elections in January of 2015. This change in government led to
complications with Greece’s EU and IMF creditors over the implementation of bailout measures
and disbursement of funds. Then after becoming the first developed nation to miss a loan

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payment to the IMF, the TSIPRAS government accepted a third bailout to cover its former debts.
The TSIPRAS government was the former political party in charge and retook office in
September 2015. A number of economic problems exist because of deteriorating public
finances, misreported statistics, government overspending, and tax evasion. The instability in
government along with corruption has weakened the economy making Greece a risky potential
market.
In 2015, Greece had a Gross Domestic Product of 281.6 billion $USD and the GDP per
capita was 25,600 $USD. The main source of production is from services at over 82% of the
GDP; 18% of that comes from tourism. CIA FactBook states that services include government
activities, communications, transportation, finance and all other economic activities that do not
produce material goods. The main source of spending in the economy is done by the households
at just under 72% of the GDP. This consists of expenditures made by resident households on
foreign or domestic goods and services that are consumed by individuals. The labor force is
approximately 4.75 million citizens with 73% employed in services. Unemployment rate was just
under 26%, so approximately 1.2 million working age people don’t have steady incomes.

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TECHNOLOGY
Greece currently resides in the “catching-up” phase of improving research innovation is
working its way up to developing a knowledge-based economy. Their new outlook definitely
builds upon past experiences, needs for their society, and international trends. Greece is
ultimately aiming for a goal to have the best quality of life for its citizens and most-promising
future.
Greece currently ranks number 26 out of the 28 EU Member States, but compared to past
years they have grown in terms of connectivity even though they perform much worse than other
EU countries. They face a challenge in needing to increase the number of broadband subscribers.
Only 66% of households subscribe to fixed broadband and there are only 44 mobile broadband
subscriptions per 100 citizens. This limits their performance of getting the most benefit from the
digital economy. Their society also faces a dilemma in needing to improve coverage of fast
networks. For instance, Next-Generation Access Networks provides at least 30 MBPS which is
about half of the average EU level.
To reach a high level in the digital economy Greece needs to engage its citizens in using
the Internet. They currently stand in one of the lowest positions for users in the EU at 63%.
Shockingly, 30% of the population has never even used the Internet, conversely on average, EU
countries, 16.4% of the population have not used the Internet. Ultimately, this leads to a large
number of consumers missing on the opportunities the Internet has to offer. Only 44% of Greeks
obtain at least a basic level of internet skills, which creates a barrier for their economy being able

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to progress. Greeks hinder their connectivity with other countries by not building upon their
digital skills contributing to their stagnation in the globalization.
Ancient Greeks are known for their discoveries and excellence in science and
mathematics, but what is most shocking are their advances in technology behind all that in order
to reach those achievements. Greeks were inspired by art and theater, which made them get
involved into developing technology for entertainment purposes. They developed small
automatic theaters with self-opening doors. Scenes showed at these theaters had moving
panorama, animated characters, special effects, and sound effects. They changed the architecture
of these theaters by equipping stage machinery that expanded on special effects, the descent of
characters from the sky, instantaneous scenery changes, and moveable carts.
While technology is important to the Greeks, it also cannot be achieved or understood
without a modern and evolving education system. Along with the International Educational
Classification System that was developed in 1997, Greek children and teens go through a level
system from 0 to 3, equivalent to high school here in the US. Then onto levels 4, 5, and 6 which
include University through post Graduate studies much like traditional college that we are
familiar with. However, at very early ages, Greek students specialize into fields of study in level
3 so that they may enter a trade field with the educational tools necessary to begin work. The
society we are trying to enter uses education to their fullest advantage and their younger work
force is very well trained from an early age. Innovation and creativity often comes from this
type of disciplined learning early in life.

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BUSINESS ENGAGEMENT
With all of the knowledge we have built regarding the past and present state of affairs in
this rich and traditional society, we now are faced with determining our future business
prospects. Establishing what types of industries have been successful in Greece are the basic
keys to knowing what will work for more immediate business entry. From that point, we can
then delve further into the product or services we can deliver to the people having a better chance
of success.
One established market is manufacturing. Assos, a producer and distributor of industrial,
commercial, and residential boilers (hot water heaters) that utilize solar energy for thermal
generation, is just one example. They are a division of Solarnet S.A. which is the parent
company, also Greece based. They engage over 70 countries worldwide, distributing a full line
of products. This means that they already have a great market with a vast number of trading
partners. They are just one of many manufacturing businesses that have enjoyed prosperity.
Helioakmi, another producer of solar-powered heating products is based in Attiki, Greece.
Manufacturing in Greece is not just profitable, but it is also competitive.
Competitive markets are a sign of business strength. One of the most competitive arenas
in which to enter through is in the production of Greece’s most famous spirit, Ouzo. An anise-
flavored, colorless liqueur, ouzo is the most popular alcoholic beverage in Greece and has far
reaching popularity in the Mediterranean world. Here in the US, ouzo does not share in quite the
popularity, but with a little marketing magic, it could find its way into the American scene. The
key is getting to the source, and in Greece, ouzo has many sources. There are over 12 notable

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distilleries of the licorice flavored spirit, with around 20 lesser known modest producers who
share a much smaller percentage of the market. While messing with a nation’s tradition might
not be very feasible for an outsider, perhaps with the right marketing and business strategy, there
might be a way to make serious dough from a humble drink.
FEG Lubricants produces greases and oils for engines and machinery. Started in 1972,
this organization has grown dramatically and enjoys net sales of nearly 22 million $USD. Not
bad for a company that started with only 5 employees 44 years ago. Again, manufacturing is a
key industry in Greece and the Greek people, who pride themselves on hard work, provide a
steady stream of willing and able employees to fill positions in these types of businesses.
However, services are just as important and looking for those types of industries can also open
new doors of opportunity.
Tourism and travel bring in huge amounts of revenue for the Greeks. From cruise ships
to airlines, inland tours of ancient buildings to wandering through beautiful Mediterranean
towns, Greece offers a surreal and transcendent experience for millions of travelers each year.
There are 230 inhabited islands boarding the coastline in some of the aquatically richest
environments anywhere in the world. Ignoring this market would be unwise, as an enormous
opportunity is available. Since there has been a steady downward economic trend due to some
poor economic government practices, these businesses are actually booming due to people’s
desire to take advantage of low prices when traveling in Europe, particularly this eastern
Mediterranean area. While the Euro crisis grips some of the potential for Greek business
expansion, this one seems to have avoided much of the concern.

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Greece was the 64th
largest export economy in 2013 with 35.5 billion $USD. Their
largest exports are refined petroleum products, packaged medicinal products, and olive oil.
While they trade with many nations, Turkey, Germany, and Italy top the list which is not
surprising given their geography. As they are the 50th
largest importer in the world with 58.8
billion $USD they are in a trade deficit. Promoting a business to the Greeks which will help
mitigate any amount of deficit should look appealing to the government, but the Greek people
are who will decide if we belong. So we must find out how to advertise our ideas to them.
A great article written on Expat Focus (online media source) gives excellent tips for
engaging with the Greeks for establishing new business minded connections. Here is an excerpt
from that publication to get a sense of what we will be dealing with from another perspective:
“Business relationships in Greece are built on familiarity and trust, and Greeks prefer to do
business face to face. Greek society is very family-oriented; many companies are family-run and
nepotism is acceptable here. The culture is hierarchical and you should be particularly
respectful to anyone older or more senior.
Much relationship-building takes place outside the formal business setting, over lunch,
dinners or excursions. However, it is considered discourteous to behave too informally in
business until a relationship is well-established. Always use personal titles (Keereeoss for Mr
and Keereeah for Mrs) with surnames unless invited to use first names.” As we can see there are
important ideas to be considered as they are conveyed in this article.

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It continues: “Appointments should be made around two weeks in advance, but can
sometimes be arranged at short notice. Being a little late for a meeting is acceptable. Working
hours vary depending on the time of year; there is a 2-3 hour siesta in the middle of the day in
summer.
Business dress is formal, with business suits for men and suits or smart dresses for
women. The usual business greeting is a handshake with good eye contact, but close friends
usually embrace. Business cards are exchanged at the initial meeting. Although many Greek
businesspeople speak English, it may be necessary to arrange for an interpreter. Written
materials and business cards should be translated into Greek.
Business is conducted slowly in Greece, and initial meetings are usually just for the
purpose of getting to know one another; formal business discussions do not generally take place
until at least the third meeting. The Greeks are skilled negotiators, hard bargaining is normal
here and discussions will be lively, often with several people talking at once. You should present
them with hard facts and evidence of how they will benefit from doing business with you.
Decisions are made at the top of the hierarchy, but take account of the views of others. Contracts
usually build in flexibility for change, should circumstances require it.
Honor and respect are very important in Greece, and you should take care not to
embarrass anyone or make them lose face, for example by questioning or disputing something
they have said. You should never hold your hand up to someone's face with the palm open as this

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is offensive. It is acceptable to give small business gifts to your hosts, but inappropriate to give
anything with your company logo.
As we can see there are several rules that must be followed to ensure that we can even get
to the point of discussing possible business ventures into the country. With the family-oriented
society and traditions held on to by so many in the Greek culture, integration will prove to be a
challenge. The evolution of a people over thousands of years is what makes Greece such a
special market to enter from a purely non-business view. From a management and economic
perspective caution must be used to ensure profitability and success for the stakeholders and
everyone touched by the prospect of abroad business ventures in Greece. No doubt, organized
and detailed fact-finding analysis will need to be done on the ground there to ensure we know
exactly what we are getting into for integration. Since the pride of the Greek people is evident
through this study and in the products and services they produce, it would be prudent to use
domestic employees for a majority of both the skilled labor force as well as key management
positions.
There is great potential in Greece for the expansion of business and the merging of two
cultures, one old and one new, for economic prosperity on both sides. Market testing of ideas in
both the US and in Greece will ensure that whatever product or service we introduce in to the
market can be maximized through data analysis and metrics capture. Greece is a stepping stone
to Turkey and the new and emerging markets of the Middle East. So success in Greece can
likely promote future expansion into parts of the world once closed off of capitalistic ways.

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While we try to educate ourselves so we may integrate into different cultures and promote our
goods and services, we must honor those with whom we wish to do business.

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REFERENCES
What about Greece? (n.d.). Retrieved April 01, 2016, from https://geert-
hofstede.com/greece.html
Greece. (n.d.). Retrieved March 22, 2016, from http://atlas.media.mit.edu/en/profile/country/grc/
Assos Boilers - Hot Water Storage Tanks. (n.d.). Retrieved March 22, 2016, from
http://www.assosboilers.com/en/
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