Rein in capital spending on new factories and acquisitions. Look for smaller, more focused projects.BROADENING THE MARKET
Look beyond upscale consumers to the 4 billion people earning the equivalent of $1,500 or less a year.LOCAL LEVERAGE
Where possible, use existing distribution networks and underutilized factories, rather than build from scratch.CO-OPT THE LOCALS
Don't wait for a backlash. Involve local nonprofits, entrepreneurs, and officials in your project.DON'T RUSH IN
Most emerging markets are liberalizing investment rules: So wait until the terms are right.