Global Business 101

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As business leaders and global citizens, you have a direct influence on the global economy. Your actions, and those of your colleagues whether in the boardroom or in the garage determine the future of nations and businesses worldwide. Global business is the most effective example of this dynamic because it encompasses both potential and responsibilities of companies that operate outside of national borders.

A global company is present in numerous countries via direct sales, joint ventures or subsidiaries, as well as exports to foreign markets. It also adapts products and services to the specific cultural environment of each market. It is also likely to be familiar with the laws as well as policies and practices of other nations that affect its ability to conduct business there.

Alongside understanding the political and legal aspects of business, a company must be aware of the economics of a particular country. It is crucial to know how to utilize data to assess the economy of a nation and its competitiveness as well as growth opportunities.

Building trust with local customers is the most important factor to a successful expansion into a new market. That's why it's essential to establish an established presence in the local market, such as having an office or store hiring local staff and establishing relationships with local suppliers and partners. Companies that establish local presence in the market also have an understanding of the regional business culture and the local business practices and are able to create strategies to reach their target customers.