WHAT IS INTERNATIONAL BUSINESS?
International Business (IB) matters are among the top two or three issues on a CEOs’ strategic agenda as they consider the international environment critical to their firm’s future success. IB is about companies engaging in cross-border economic activities such as trade, and it plays a crucial role in the economy as one of the best anti-poverty, pro-growth and pro-development tools in history. However, we must recognize the existent problems in the global economy, which require a real response and leadership.
Norway is an exemplar global citizen, where leadership joins generosity and a true commitment to globalization. Leadership – being a founding member of the World Trade Organization and an influential player in the international community. Generosity – having donated many billions, Norway is one of the largest contributors in helping least-developed countries tackle their trading infrastructure constraints by building the skills and capacity necessary to trade.
BI prides itself in having world-class faculty, close links to the international business community, and a participatory teaching style. The International Business specialization combines these characteristics with a tailored programmer of electives you can handpick, an internship at a leading institution, or an exciting exchange experience.
Exchange – Experience other cultures, build an international network, and improve your communication skills as you gain an international perspective of one of the seven continents you choose to explore. Read more about exchange opportunities.
Tailored subject choice – The combination of compulsory core subjects with a broad choice of electives reflects the multidisciplinary nature of international business and the diversity of career paths you can pursue after this programmeR.
Internship – An opportunity to develop skills and experience in a new industry or functional role. Internships can help you clarify your career interests, evaluate a prospective employer and secure a full-time job offer. Read more about internship opportunities.
Advantages of International Business:
The advantages of international business are as follows
Arustic will Consume those product that it cannot Produce:
Commodities created in Bharat may be found in European country and vice-versa. This helps European country to get pleasure from those product that he cannot manufacture in his country.
The Productive Resources of the globe are utilized to the simplest Advantage of the Country:
Every country expects highest come from its resources and this cause fall in worth and higher product for consumption.
serious worth Fluctuations ar Controlled:
If the worth of any goods goes up, the products may be foreign from abroad and its worth may be brought down. see more
Shortages in Times of Famine and insufficiency may be met from Imports from alternative Countries:
Surplus manufacture may be sent bent poor countries. Food insufficiency in Bharat and Europe in typically met by surplus food-grains from the U.S.A.
Countries Economically Backward however made in Resources could Develop their Industries:
Indian folks ar gap industries with the concept of causation created product to foreign countries.
International Business Promotes Peace and Friendship:
No country but massive it’s going to be will claim to be self-sustaining. it’ll need to rely on alternative country for one thing. Free international business is crucial for goodwill, peace and to fulfill any necessities of the state.
Dis-Advantages of International Business:
The dis-advantages of international business ar as follows:
The Worst a part of Foreign or International Business is that the Destruction of house and residential Industries:
Indian industries want protection. If there’ll be no protection from the aspect of the govt., Indian industries cannot prosper.
Dependence on Foreign Business Creates Difficulties in Times of Need:
In the past, Bharat had to face nice hassle and problem in obtaining normal and easy articles like drugs and tools throughout want or throughout the war
the acute Specialization that makes a rustic rely on One or Industries is Bad
Because if at any time the trade suffers the economic lifetime of the folks would be vulnerable.
Countries that Sell Raw Materials and obtain factory-made product reciprocally are invariably Loser and can’t Improve the Country Economy:
The standard of living of the folks cannot improve. International business beneath such conditions leads a lot of to discontent and unrest than to peace and goodwill.
International Business could fully Exhaust a Country’s Natural Resources like Coal and Oil that are Irreplaceable:
These product ar exported only for the sake of earning cash and profit. however the country can need to suffer within the long-term once their supply are dried up fully.
Imports of Harmful medication and Luxuries product ruin the Health of the Nation:
For this folks blame international business that isn’t correct.
International Business contention ends up in Friction and War:
Example of this sort it the last 2 warfare. business competition typically brings strain relations between countries. Thus, it may be same that International Business isn’t unmixed blessing. however to live benefits invariably outweigh the dis-advantages. At any rate, it’s higher if it’s useful in rising the economy of the country.
You will also:
Learn how to conduct and present a real life case-analysis like a management consultant.
Develop skills in managing a diverse workforce as well as negotiating across cultures.
Practice and receive feedback on how to communicate effectively in a boardroom.
Gain knowledge about the management of finance and risk for a company operating internationally, and the emerging opportunities.
Reflect on the meaning of culture and its impact on people’s expectations and perceptions of management.
Understand what constitutes globalization, what drives it, what benefits it brings, the challenges it poses and what role trade plays in this world of ever-growing inter-dependency.
Have the opportunity to choose from over 12 elective courses ranging from Finance, to Entrepreneurship, to Persuasion and Dialogue for Leaders, to Branding.
5 kinds of International best Business
International business refers to any business activities conducted across national boundaries. There ar variety of how to internationalizing the business. Business will opt for among these 5 basic activities to start out.
Mercantilism Imports:
An honest or service brought into one country from another.
Exports: an honest or service created in one country then get marketed to alternative country.
Import-export is that the most elementary and also the largest international endeavor, and it’s typically the primary alternative once the companies conceive to expand abroad because it is that the easiest method to enter the market with a tiny low outlay of capital.
Licensing
This is one among alternative ways in which to expand the business internationally. This is that the arrangement between a firm, referred to as licensor, permits another one to use its belongings like name, copy right, patent, technology, trademark then on for a particular amount of your time. The licensor gets advantages in term of the royalty. the corporate might value more highly to sell the product underneath the licensing once the domestic production prices are too high, strict government rules, or the corporate desires to sell and manufacture standardized product all over.
Franchising
This is closely associated with licensing. This is a parent company (franchiser) offers right to a different company (franchisee) to try to to business victimization the franchiser’s name and product in a very prescribed manner. Franchising is completely different from the licensing in terms of the franchisees need to follow a lot of stricter tips. Moreover, licensing is additional concerning the makers whereas franchising is additional fashionable restaurants, hotels, and rental services. as an example, McDonald, KFC, pizza pie Hut then on.
Franchise-Business
strategic partnerships
A strategic partnership or alliance may be a positive side of the cooperation of 2 or additional firms in numerous countries are joined along for mutual gain. A venture may be a special form of strategic alliance, wherever the partners across globe conjointly found a corporation to product merchandise and services. The cooperation between the businesses permit them to share the assembly value, technologies, development, and sales networks. The resources are going to be pooled to mutual blessings and place the businesses in win-win things. as an example, Motorola and Toshiba joined a strategic partnership to develop producing processes for microprocessors.
foreign direct investment (fdi)
Foreign direct investment may be a company’s physical investment like into the building and facilities within the foreign country, and acts as a domestic business with a full scale of activity. firms follow FDI to induce advantages from cheaper labor prices, tax exemptions, and alternative privileges in this foreign country. The host country can get advantages by the introduction of recent product, services, technologies and social control skills. Also, FDI helps facilitate progressive internal policy reforms of the host country, and enhance the economic scenario. as an example, Intel, that is us based mostly company, has created the FDI in several countries in Southeast Asian.
FOREIGN DIRECT INVESTMENT EXPLAINED IN one MINUTE
Above are simply basic kind of international business, there are still many varieties that a corporation might value more highly to begin with.
There area unit variety of how for internationalization / globalization of business. these area unit referred as foreign market entry methods. every of those ways that has bound benefits and downsides. One strategy for a selected business might not be terribly appropriate for an additional business with totally different surroundings. so it’s quite common that an organization employs totally different methods for various markets. READ MORE
The different methods area unit :
Imports : Imports is outlined as product and services created by host country and purchased by parent country. it’s reverse method of Exports.
Exports : Exports is outlined as product and services created in one country then get marketed to alternative country.
Foreign Direct Investment (FDI) : Here funds area unit invested with in equity from parent country to a bunch country. made countries invest funds in growth industries and geographic areas of economic development.
business : This is involve stripped-down commitment of resources and energy on the a part of the international trafficker, area unit straightforward ways that of coming into the foreign markets. beneath international licensing, a firm in one country (the licensor) permits a firm in one country permits the firm in another country to use the property (such as patents, trademarks, copyrights, technology, technical grasp – however, promoting ability or another specific skill). The financial edges to the licensor is that the royalty fees, that the licensee pays.
business : This is giving right at a parent company (Franchiser) to a different company (Franchisee) victimization his name commercialism his merchandise, do business in an exceedingly prescribed manner and find advantage of brands of parent company.
Joint Venture : it’s a mutual agreement of 2 or additional partners across globe to jointly own the corporate to supply product and services. this may be pooling the resources to mutual benefits.
Manufacturing in Foreign Country : once an organization finds higher economy in producing in host country thanks to lower prices of materials labor or duties the producing is undertaken in host country. The native conditions in host country ought to support producing and promoting activities.
Management Contracts : The foreign country wants management experience in managing existing or a sick company this technique is employed. beneath management contract the service provided gets fees or shares within the company. The contracts is for a particular amount.
Consultancy Services
Strategic Partnerships : The positive side of 2 corporations in several countries area unit joined along. The resources area unit pooled along to supply new marketable merchandise. this may place each corporations in win-win things .
Mergers : a company Merger may be a combining of firms within which one in every of 2 or additional firms survives and works for common objectives. These area unit many kinds of mergers with a spread of filing necessities supported variety of firms merging and also the form of merger.
Counter Trades : Counter trade may be a kind of international interchange that bound exports and import transactions area unit directly joined with one another and within which imports of products area unit acquired by exports of products, rather than cash payments.
benefits of International business two. Disadvantages of International business.
12. Benefits and drawbacks of International Trade
International trade permits countries, states, brands, and businesses to shop for and sell in foreign markets. This trade diversifies the product and services that domestic customers will receive. It offers the potential for development and growth, however while not the risks of internal analysis and development.
Trade isn’t while not its issues. One country will profit greatly from it by commerce, however not mercantilism, merchandise and services. It may be accustomed undercut domestic markets by giving cheaper, however equally valuable merchandise.
There are several benefits and drawbacks of international trade to contemplate, all told its numerous forms. Here ar the key points to contemplate.
Here are the benefits of International Trade
It provides a foundation for international growth.
Companies that are concerned in commerce are able to do levels of growth that will not be doable if they solely target their domestic markets. this permits brands and businesses a chance to attain sustained revenues from a diversified portfolio clients of consumers of shoppers in many markets rather than a restricted customer base in an exceedingly single home market.
International trade improves money performance.
Brands and businesses that assert themselves in foreign trade work will increase their money performance. this permits them to reinforce the returns they deliver the goods on their investments into analysis and development. By rotating the product or services through the world market, the business life of every chance will be amplified, increasing what existing product and services will give. This profit will even be achieved if a domestic market is not any longer interested.
It spreads out the chance a whole and business should assume.
Organizations will higher shield themselves from risk due to international trade attributable to the number of diversification which will be achieved. whether or not it’s a financial ruin, just like the nice Recession of 2007-2009, or a natural disaster like cyclone Katrina, a corporation with a world presence will survive and even maintain profit while not domestic client support. A home market could also be unstable, however international trade will still let the whole and business be stable.
International trade encourages market fight.
When a whole and business competes in many markets at the same time, then it should target its fight for it to be ready to thrive. By perceptive a bigger vary of trends attributable to their larger level of world market access, brands and businesses will target quality, design, and merchandise development enhancements in order that they’ll ceaselessly improve and diversify.
Internationals exchange rates will be helpful to a businesss.
Brands and businesses committed international trade will more scale back their risk by taking advantage of financial exchange rates. If a corporation will most of its mercantilism in U.S. bucks, then mercantilism with Japan to unfold the chance of the rate of exchange between the yen and therefore the dollar will doubtless augment the profits of the corporate. constant can be same of the monetary unit or the pound to the dollar.
Revenue streams have some protection.
Although all risk can not be eliminated from internationals trade, a series of contracts, insurance, and money instrument mercantilism will facilitate to shield the revenue streams a whole and businesss is ready to develop.
It will be used as the simplest way to induce around high levels of domestic competition.
A domestic market will have many product or services that ar like what {a new|a replacement|a whole new} brand and business is attempting to supply. rather than competitory for alittle sliver of that domestic market, surfing international trade will facilitate a company target similar foreign markets wherever competition could also be abundant lower. Over time, the experiences gained within the foreign market will facilitate a company be ready to establish a stronger domestic presence further.
Here are the Disadvantages of International Trade
There’s invariably a political risk committed international trade.
If you were a whole and business that was looking forward to the TPP, then the words of Donald Trump represent a high political risk. completely different countries give their own political risks at variable levels, whereas domestic politics changes over time associated presents an current challenge. A government will modification laws in an exceedingly discriminatory fashion or produce rules that directly impact a selected organization.
There will be severe rate of exchange risks.
Many businesses target rising markets for his or her product or services as a result of it will greatly extend the life of them. This additionally means that the exchange rates in those rising markets could fluctuate wildly, creating it tough to forecast finances for budgeting functions. the worth of assets and liabilities that ar in foreign currencies creates the potential of a whole and business changing into directly less competitive nightlong, leading to steep revenue losses.
International trade additionally presents cultural complications.
Different cultures have completely different attitudes, standards, and expectations which will produce issues for a whole and business. Failing to contemplate the expectation a distinct culture could have will result in mistakes that injury the name of the whole and might be terribly expensive to rock bottom line. Any step of the sales method may produce associate offense. one thing as easy as inappropriate packaging will be enough to for good injury a brand’s name.
It’s a credit risk that has got to be specifically managed.
Many brands and businesses tend to overlook the chance of non-payment once they begin to work within the world of international trade. Credit risks will be managed by getting insurance or a letter of credit, however client finances and credit will still impact the amount of potential sales which will be received at intervals a market. while not associate understanding of the B2B and B2C credit potential of a world market, the success a whole and business will receive are hit or miss at the best.
International trade will increase the chance of proprietary data stealing.
Going into a world market with a product or service will increase the chance of another whole or business stealing proprietary data, selling ideas, or perhaps a private identity. China encompasses a name of doing this, albeit there isn’t a business presence within the native market. does one bear in mind the Obama cooked Chicken signboard from 2011?
The advantages and drawbacks of international trade will all be managed befittingly with sensible marketing research associated an understanding of foreign cultures. there’ll invariably be brands and businesses that succeed over others in any trade deal. The goal should be to judge these key points in order that a full understanding of what to expect will be obtained therefore participation levels will be properly gauged.
Really Fun Business concepts
Antiques Dealer
You can begin this business in your garage with only 1 item!
Fun Business concepts antiques dealer mini
Developing your experience is crucial for this business plan.
Start half time and build this business carefully! solely obtain things you’re assured that you just will sell comparatively quickly for an honest mark-up, and avoid obtaining cursed slow moving inventory. to essentially succeed, develop deep experience during a specialty and build a loyal client base.
Art Gallery
I see 2 routes to success during this business: 1) target artists with well- established followings that you just square measure comfy that you just will sell or 2) wrestle less well-known artists on a consignment basis, which means you don’t really obtain the painting from the creative person till the day you sell it. {this will|this will|this could|this may} be a finical business–people’s tastes will modification and a gallery that’s self-made one year can notice itself troubled enough. So, keep your overhead manageable and look forward to dynamical trends.
Bartending Service
Sign up for a bar-tending course at the local people school or class center, get a security certificate if your state needs it, and so you’re able to begin serving. sometimes the consumer can offer the booze and also the glasses, you would possibly bring a couple of compounding tools or perhaps a service cart if you wish to induce fancy. Demand for this service can run strongest on the weekends, creating it an excellent half time gig!
Boat Tours
You don’t got to own an enormous boat to require individuals on evening boat tours! you’ll be able to lease the boat, market the tours and build a business while not the overhead.
Fun-business-ideas-boat-tour
Would you prefer to drive a ship for a living? this can be your chance!
To make it additional fun, you’ll be able to obtain a couple of tiny drive-it-yourself speed boats and lead your customers round the native harbor. What may be additional fun than that!
Cake creating
I will barely “cook” a frozen dinner, however you will have the preparation skills that I lack! individuals can pay sensible cash for a extremely awful cake for special occasions. Get some nice cake photos informed your web site, promote your skills to event planners and build your clientele!
Clothing shop
My children did a chic sneaker and connected merchandise shop. this may be plenty of fun however it’s going to be tougher than you think that to create cash. 1st build fully positive your location has nice foot traffic—stand there and count heads before you sign a lease! Then develop a particular arrange for selling, and don’t be afraid to shave what isn’t moving.
Clothing Line
Yes, you’ll be able to begin your own consumer goods line with simply a couple of things, achieve success and have plenty of fun on the way! verify Ralph Lauren WHO started by merchandising some neck ties and so engineered that into a multi-billion-dollar empire. Contract out the producing that is that the very laborious a part of the work. Then target developing eye-stopping styles and talking it up with potential re-sellers, or sell the things yourself online!
Clown Service
Wouldn’t you relish creating children smile and laugh? What {a great|an excellent|a sensible} thanks to earn some good cash, particularly at kids’ birthdays and Bar and Bat mitzvahs! Business are going to be heavily centered on weekends, therefore you’ll be able to hold onto your day job as you build your patronage. I MEt an expert clown WHO told me that he charged $200 AN hour…for that value I’ll place the clown suit on right now!
Coin or monger
I cherished to gather stamps and coins after I was a child. In Boston, the dealers’ stores were all facet by facet on Bromfield street. nowadays some coin and stamp dealers still have retail locations however several others work primarily on-line. this can be an excellent business to start out part-time and so take into account going full-time soon. Or is it simply a hobby with the potential for creating plenty of money? yank President Franklin D Roosevelt would pay several pleasurable hours alone together with his stamp assortment.
“Some business concepts square measure simply plain additional fun than others!”
Coffee Bar/Tea Salon
Yes, you’ll be able to vie with the Starbucks and Dunkin Donuts of the world! but, these chains have raised the bar, therefore your low or tea should be not simply sensible, however awesome! Your ambiance higher be sensible too. Your location must be sensible additionally. Plus, you wish to be distinctive. a method to face out is to go with your world category beverages with some fabulous foods. So yes, you’ll be able to vie, however you’ve gotta be firing on all cylinders during this competitive space!
Cookie Business
Fun-Business-Ideas-Cookie-Business
To succeed, check that to differentiate your product and don’t hesitate to line premium costs.
I met Wally Amos WHO created a blockbuster success out of renowned Amos cookies, that he launched once a career as a Hollywood agent. Wally eventually lost management of his company to outside investors. However, he came back once more with still another cookie line. everybody loves a elaborate cookie and it’s a straightforward food to each differentiate and to charge a premium for.
Craft brewage tavern
A few years agone, I overheard a spoken communication {in a|during a|in AN exceedingly|in a very} athletic facility a couple of fellow WHO was designing on beginning an Irish tavern, of that there square measure on the brink of million (well virtually a million) in state capital, then again modified his mind and opened a tavern that specialize in craft beers. it had been wildly successful! additionally to being a novel plan at the time, he conjointly selected a superb location and developed a solid food menu. Unless your overhead is very low, you’re likely to wish to serve food to create a go of this business, therefore affirmative you’ll be able to be very successful–but it’s no tiny enterprise.
Creative Arts camp
You could run this as a seasonal camp throughout the summer. however I notice it’s harder to create millions of cash at seasonal businesses, therefore instead i’d 1st take into account providing an ingenious arts camp once faculty or on weekends. I recommend doing surveys to search out out what age teams of children and what specific art activities have the foremost charm.
Cupcake Business
There’s one thing magic a couple of cake that claims fun and silliness and causes you to feel good! you’ll be able to profit on it feeling and build others happy. however if you’re specializing in cupcakes, individuals expect them to be excellent! And if you wish to be remembered, they ought to be world category awesome!
Garden Center
Gardening is huge and growing. And it’s a business that’s less seemingly to maneuver completely on-line than several alternative businesses. you may begin out with a offer center, increasing over time to feature some plants to sell, and then, eventually vertically integrate along with your own plant nursery. you may conjointly expand into providing onsite services.
Gift-Basket style
Wouldn’t it’s fun to create a gift-basket overflowing with a bunch of fastidiously chosen and very enticing items? in fact, it would! you may have plenty of satisfaction producing distinctive gift baskets which will delight your customers and convey in sales!
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