Global Business 101
As global citizens and business leaders you have a significant impact on the economics of the world. Your actions, and those of your colleagues whether in the garage or the boardroom shape the future of economies and businesses all over the world. Global business is the best illustration of this dynamic because it encompasses both the potential and responsibilities of companies that operate outside of national borders.
A global corporation is present in numerous countries through direct sales subsidiary or joint ventures and exports to markets outside of its home country. It also adapts products and services to the cultural environment of each market. In addition, it could be aware of the laws, policies and practices in different countries that affect its ability to conduct business there.
A business must also be familiar with the economics of each country. This is in addition to the legal and political aspects of doing business. It is important to understand how to utilize data to study the economics of a country, its competitiveness, and growth opportunities.
Building trust with local customers is essential to a successful expansion into a new marketplace. It is essential to have an presence in the local market. This means having an office or a store, employing locals and establishing relationships with local partners and suppliers. Companies that have a presence in the local area are more aware of the local culture and business practices. This will allow them to come up with strategies to connect with their customers.
