As business leaders and global citizens you have a direct influence on the global economy. Your actions, as well as the actions of your colleagues in the garage or the boardroom will determine the future of economics and businesses globally. Global business is the most effective illustration of this dynamic as it encompasses both the potential and responsibilities of companies which operate across national boundaries.
A global company is present in a number of countries via direct sales subsidiary or joint ventures as well as exports to markets outside of its home country. It also adjusts its products and services to fit the culture of a given market. It is also likely to be familiar with the laws, policies, and practices of other countries, which affect its ability to do businesses there.
A company should be knowledgeable about the economics of each country. This is in addition to the political and legal aspects of business. It is essential to understand how to utilize data to assess the economics of a country and its competitiveness as well as growth opportunities.
Building trust with local customers is the most important factor to the success of expanding into a new marketplace. It is essential to have a presence in the local market. This could mean having a physical office or store, hiring locals and establishing relationships with local partners and suppliers. Companies that have a local presence within the market also have an understanding of local culture and local business practices and can help develop strategies to reach their intended market.