Global Business 101

As global business leaders and citizens are able to have an influence on the economy of the world. Your actions, and those of your colleagues, whether in the boardroom or in the garage shape the future of economies and businesses around the world. Global business is a prime illustration of this dynamic as it encompasses both the responsibilities and possibilities for companies that operate across global businesses and outsourcing national boundaries.

A global company is present in a number of countries via direct sales, subsidiaries or joint ventures as well as exports to markets outside of its home country. It also adapts its products and services to fit the cultural context of a specific market. Additionally, it is aware of the laws and policies in different countries that affect its ability to do business there.

In addition to knowing the political and legal aspects of business, companies must be aware of the economics of a specific country. It is crucial to understand how to utilize metrics and data to analyze a country’s economy, its competitiveness and opportunities to grow.

Building trust with local customers is essential to a successful expansion into a new market. This is why it’s important to establish a local presence in the market, for example, having a store or office hiring local employees and developing relationships with local suppliers and partners. Businesses with a local presence have a better understanding of the local culture and business practices. This helps them design strategies to reach their target audience.