Chapter 3: Global Trader Global Busines Flashcards
Navigating the pitfalls
Biggest challenges to new companies
Insufficient Finance Lack of knowledge Lack of Competent Individuals Insufficient planning over-extension It works at home, it will work anywhere Assuming the business will be done in English
Navigating the pitfalls
Biggest challenges to new : Insufficient financing
Businesses need a lot of money to start up, being in a global market adds to this developing export markets are high
Navigating the pitfalls
Biggest challenges to new companies:Lack of knowledge
Going global means taking on international responsibilities as well as domestic responsibilities.
Navigating the pitfalls
Biggest challenges to new companies: Lack of competent individuals
Small companies may have trouble finding staff that know international trade and business.
Navigating the pitfalls
Biggest challenges to new companies: insufficient planning
Marketing and financial planning provide direct, establish the means of implementation, delineate responsibilities and resource requirements, and lay the ground work for future corrective actions.
Navigating the pitfalls
Biggest challenges to new companies: other issues
○ Over extension - attempting to enter into diverse market that drains resources
○ If it works at home, it will work anywhere- sales and marketing need to be tailored to different target market. Cultural differences
-Assuming business will be done in english
Who is the entrepreneur?
Person with the vision, the team leader who is driven to achieve set goals. Person with the ability to find, involve and motivate people with similar energy, drive and dedication.
Characteristics of entrepreneur
- Vision and initiative to seek out opportunities
- Commitment to long-term goals
- Using sustainable business practices
- Improving and developing skills
- Understanding customer needs.
- Delivering total quality and best possible price
- inexhaustible energy
- Patience
Entrepreneurs as Champions
- High self-confidences
• Risk taking potential
• Persistence
• Attraction to challenges
• High level energy
• Gratiative towards leadership
• Seemingly inexhaustable drive
• Spirit of adventure
• Strong need for personal accomplishment
• Demonstrates self-reliance
• Goal-oriented
• Creative and versatile
-Positive attitude.What do you need to position your business in global marketplace?
know the process in the players
qualities of global manager
work towards transnational status
know what transnational companies do
network of supplies
internet roles
What do you need to position your business in global marketplace? : Know the process and the players
○ Conducting market research, understand customer needs and accommodating cultural differences.
-Understanding the language of international trade, documentation requirements, regulations affecting trade, workings of trade finance, insurance and transportation systems.
What do you need to position your business in global marketplace?: Qualities of Global manager
○ Vital that they have the right attributes technical knowledge and cultural skills training for the job at hand
-Creative thinking, problem solving, adaptability to new business and cultural environments and flexibility in a world of relentless change.
What do you need to position your business in global marketplace?: Work up to transnational status
Adopt commercial perspective that embraces the entire global
What do you need to position your business in global marketplace?: know what transnational companies do
Truly global organization plans and organizes without geographic bias, also recognizes the need t adapt products and market to local conditions.
What do you need to position your business in global marketplace?: network of supplies
By dealing with supply chains rather than doing all the work themselves, global companies can reap the benefits of better quality serves and lower costs, while retaining multi-skilled workforce that can respond quickly to new opportunities.
