One of the most important economic trends due to the growth of globalization in recent decades is the explosion of international business. It is not a secret that the advancement of technology, transportation, and communications, the removal of international business restrictions by governments, the economic international cooperation and competition, and of course, consumer’s desire to access foreign goods and services are all facilitating this explosion. Are you developing your ability to advance within an international business environment?
If you or your organization are planning to venture or continue growing in the international business arena, it will be required that you develop your ability to have a multifaceted approach.
The complexity of international business is evident and is driving global business leaders to develop a global mindset as well as to handle several elements that will allow them to connect complex scenarios, make decisions, and act appropriately in different scenarios in this arena.
There are several elements that shape the international business context that make it easier for global leaders to develop a multifaceted approach within a business environment:
1. Learning about specific key aspects of the country. Each country has its own laws and regulations which play a crucial role in its economy and business environment.
The most crucial elements to familiarize with are labor standards, legal, social, and political systems, language, climate, and education, economic policy, living and environmental standards, local and corporate cultures, tariffs, markets, import and export regulations, trade agreements and non-governmental organizations (NGOs) regulations.
2. Learning about new network and communication strategies, virtual channels, and virtual culture to improve international relationships, is also an advantage.
3. Understanding the global business environment and the impact of cultural, political, legal, economic, and ethical systems on it.
4. Discovering the history and evolution of international cooperation and agreements, as well as identifying global institutions that shape and influence international business, such as:
- The World Trade Organization (WTO),
- International Monetary Fund (IMF),
- Organization for Economic Cooperation and Development (OECD),
- International Labour Organization,
- The World Bank, and many others
As well as trade blocks such as:
- NAFTA – North America,
- EU – European Union,
- ASEAN – South East Asia, and
- MERCOSUR – some countries in South America
5. Identifying international business opportunities and new business ownership concepts that could influence stakeholders decision making.
Whether you are an entrepreneur in a small firm or the CEO of an international organization, the impact of globalization requires developing a global mindset in order to have greater chances at succeeding in a globalized world.
Each day international business standards are rising as we become more and more a global marketplace.
If you want to minimize misunderstandings, maximize productivity and results by developing your global mindset. Let’s have a conversation. You can start achieving better results today! Let’s talk about how LEADINFORCE can benefit you, your team and your company.
Question: Are you developing your global mindset or becoming obsolete?