As business leaders and citizens of the world You have a direct impact on the world’s economy. Your actions, as well as those of your peers whether in the garage or in the boardroom, shape the future of the economy and businesses around the world. No field showcases this potential more than global business which encompasses the risks and opportunities of companies that operate beyond national borders.

A global corporation has a presence in several countries through direct sales or subsidiaries, joint ventures or partnerships and exports to international markets. It also adjusts its products and services to the cultural and social context of a particular market. Additionally, it is aware of the laws and regulations of different countries that affect its ability to do business there.

A business should be well-versed in the economics of every country. This is in addition to the political and legal aspects of conducting business. It is important to learn to utilize metrics and data to analyze a country’s economy and its competitiveness as well as potential for growth.

The key to successful expansion into a new market is to build trust with local customers. That’s why it’s essential to have a local presence in the market, like having an office or store hiring local staff and developing relationships with local suppliers and partners. Companies that establish an established local presence in the market also have an understanding of the community and local business practices, which can help them create strategies to reach their intended audience.

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