(Note: You need to be a WSJ.com online subscriber to log in to read the full article. If you're not, I've highlighted the main points here.)
Hymowitz cites a few missteps made by large US companies that share some good lessons, e.g., Procter & Gamble's push to sell solid stick deodorant to a European market that mostly uses aerosol, and its push to sell premium Pamper diapers to Germans who mainly shop at discount stores. In both cases, P&G had to rethink their strategy after having entered the market.
Other bits of advice from European executives: hire and promote local employees to establish better connections with overseas customers and constantly reassess the markets you're in, just in case there might be bigger opportunities elsewhere.