As business leaders and global citizens You have a direct impact on the world’s economy. Your actions, as well as those of your coworkers, whether in the boardroom or in the garage determine the future of our economies and businesses worldwide. There is no field that demonstrates this potential more than global business that encompasses the responsibilities and opportunities of companies that operate beyond national borders.
A global company has presence in many countries through direct sales as well as subsidiaries or joint ventures, and exports to foreign markets. It also adapts its products and services to the cultural context of each market. It could also be acquainted with the laws as well as policies and practices of other countries that impact its ability to conduct business there.
A company should be well-versed in the economics of each country. This is in addition to the political and legal aspects of doing business. It is essential to know how to utilize metrics and data to evaluate a country’s economic situation, its competitiveness and opportunities to grow.
Building trust with local customers is the key to the success of expanding into a new market. It is important to have a presence in the local market. This means having an office or store, employing locals and building relationships with local partners and suppliers. Companies with a local presence have a better understanding of the local culture and business practices. This can help them come up with strategies to connect with their customers.
www.terraeconomy.com/2022/01/04/global-business-and-crossborder-entrepreneurship