Case | HBS Case Collection | September 2012 (Revised September 2014)

Doing Business in Brazil

by Aldo Musacchio, Gustavo A. Herrero, Ricardo Reisen de Pinho, Cintra Scott and Jill Avery


This case examines the challenges and opportunities of doing business in Brazil. It highlights Brazil's ongoing economic transformation in the decades leading up to 2014 in the context of its historical, political, and cultural background. The case summarizes some of the main obstacles faced by businesses operating in the country—lots of red tape, high taxes, and a lack of transparency that baffled many outsiders—contrasting these with the benefits of operating in a market that provides access to a young population, abundant natural resources, and social and political stability. Some of these challenges are illustrated through the discussion of a decision that must be made by a U.S. private equity firm of whether to enter Brazil, one of the most attractive rising countries in the world, pondering the risks and opportunities that characterize it.

Keywords: emerging market finance; emergent countries; strategy; business history; Economic History; Emerging Markets; Business Ventures; Strategy; Brazil;


Musacchio, Aldo, Gustavo A. Herrero, Ricardo Reisen de Pinho, Cintra Scott, and Jill Avery. "Doing Business in Brazil." Harvard Business School Case 713-426, September 2012. (Revised September 2014.)