As global business leaders and citizens you have a significant impact on the economy of the world. Your actions and the actions of your colleagues, whether in a garage or in the boardroom determine the future of the economy and businesses worldwide. Global business is the finest example of this dynamic, as it encompasses both the responsibility and opportunities for companies which operate across national borders.

A global business has a presence in multiple countries through direct sales or subsidiaries, joint ventures or partnerships and exports to international markets. It also adapts products and services to the specific cultural context of each market. In addition, it could be aware of laws, policies and practices in different countries that affect its ability to do business in that.

A company should be knowledgeable about the economics of every country. This is in addition to the legal and political aspects of doing business. It is important to learn to make use of data and metrics to analyze a country’s economy and its competitiveness as well as potential for growth.

Building trust with local customers is the key to the success of expanding into a new marketplace. This is why it’s crucial to establish an established presence in the local market, such as having an office or store employing local workers and developing www.terraeconomy.com/2020/09/16/global-business-and-intenrational-business-whats-the-diference relationships with local suppliers and partners. Companies that establish a local presence in the market also have a better understanding of the community and local business practices and are able to devise strategies to reach their target market.