Cultivating Success in Myanmar's Diversity

Running a business in Myanmar requires one to possess extensive knowledge of economic, cultural and political aspects which are unique to this country. Different from traditional leadership competencies, the capacity to deal with challenges, as well as to grab opportunities in this highly dynamic environment, requires a particular set of skills and qualities. Leadership in the country of Myanmar has adaptability as the crucial factor. The nation has undergone drastic changes within the political and economic spheres such that there is need to turn strategies and operations as the situation requires. Leaders need to maintain an eye on the constantly changing regulatory environment, economic policies, geopolitical factors which play significant roles in the business environment.

Culture intelligence becomes central matter in Myanmar’s diverse and culturally rich environment, where a number of ethnic groups live. For all the relations with employees, partners, and customers to succeed, it is vital to understand and respect cultural differences. While the importance of the communication that bridges cultural gaps may be emphasized, the mutual and supportive work environment can be built. Myanmar's regulatory system is complicated and requires a well-thought-out approach. Leaders need to be positive in their relationships with the government, understand local laws and regulations, and oversee their operations. Building a strong network within the business community proves to be useful for both gaining insider information and finding support.

Realizing leadership in Myanmar requires a full dedication to corporate social responsibility. Businesses are now required to be incorporated into both local communities and the environment in a positive way. Weaving in sustainable and socially responsible mechanisms into the operational systems is a show of commitment for socially impactful contributions and more than the profits. Building of trust is put first in Myanmar's business attitude. Building trust usually is a function of both creating long-term alliances and orchestrating leaders’ engagement with their stakeholders through time.

Keeping abreast ofthe latest developments in the business landscape of Myanmar, Asia Business Outlook has shortlisted the select few business leaders who haveproved their excellencethrough their innovative approach. In a bid to contribute to the business ecosystem with their result-oriented persistence, these leadersare raising the bar for efficacy.

We look forward to receiving your feedback and suggestions.