By Ravi Venkatesan, Harvard Business Press Books, 2013

India is on the minds of business leaders everywhere. Within a few decades, India will be the world’s most populous nation and one of its largest economies. But it is also a complex market, with a reputation for corruption, uncertainty, and bureaucracy. The initial infatuation with India is over and reality has set in. But India is not a market that can be ignored. So why take a chance in this extraordinary and complex region? Ravi Venkatesan, the former Chairman of Microsoft India, offers inside advice on how your firm can overcome the unique challenges of the Indian market.

He argues that chaotic India is in fact an archetype for most emerging markets, many of which present similar challenges but not the same potential. Succeeding in India therefore becomes a litmus test for your ability to succeed in other emerging markets. If you can win in India, you can win everywhere. Hard as these markets are, Venkatesan says, for most multinational firms the bigger challenge to success in emerging markets may well be the internal culture and mind-set at headquarters.