Global Business 101

As global business leaders and citizens, you have an influence on the economy of the world. Your actions and the actions of your colleagues in the boardroom or in the garage will determine the future of economics and businesses worldwide. There is no field that demonstrates this phenomenon more than global commerce which covers the potential and responsibilities of businesses which operate across borders.

A global company has a presence in multiple countries through direct sales, subsidiaries as well as joint ventures and partnerships and exports to foreign markets. It also adjusts its products and services to the culture of a specific market. It could also be acquainted with the laws as well as policies and practices of other countries that impact its ability to do businesses there.

A company must be knowledgeable about global business and crossborder entrepreneurship the economics of every country. This is in addition to the legal and political aspects of business. It is essential to understand how to utilize data to analyze the economy of a country as well as its competitiveness and growth opportunities.

The most important factor in successful expansion into a new market is building trust with local customers. It is important to have an presence in the local market. This can be achieved by having a physical office or store, hiring locals, and building relationships with local suppliers and partners. Companies that have an established local presence in the market also have a better understanding of the community and local business practices and can help devise strategies to reach their target audience.