As global citizens and business leaders you have a significant influence on the economy of the world. Your actions, as well as the actions of your colleagues in the garage or in the boardroom will determine the future read this of the economy and businesses globally. Global business is a prime example of this dynamic, since it encompasses both potential and responsibilities of companies that operate across national borders.
A global business has a presence in many countries through direct sales or subsidiaries, joint ventures or partnerships and exports to foreign markets. It also adapts products and services to the particular cultural context of each market. Additionally, it is aware of the laws, policies and practices of different countries that affect its ability to do business there.
In addition to understanding the legal and political aspects of business, companies must be aware of the economics of a certain country. It’s important to learn how to utilize metrics and data to evaluate the country’s economy as well as its competitiveness and potential for growth.
The key to succeeding in expanding into a different market is establishing trust with local customers. It is essential to have a presence in the local market. This could mean having a business office or store, hiring locals, and building relationships with local partners and suppliers. Companies that have a local presence within the market also have an understanding of the regional business culture and the local business practices and are able to devise strategies to reach their targeted audience.