Essay on the Benefits of International Business: Understanding & Shaping Your Career

Introduction

International business is essential because it relates to any situation in which the distribution or production of goods and services crosses the borders of different countries (Abhishek, 2013, p. 38). International business is essential in promoting personal experiences and knowledge of commercial activities. Understanding international business activities is critical in shaping my career. Some of the main themes identified in international business include financial management, supply and demand, and marketing. I gained a lot of experience after interacting with entrepreneurs from different parts of the world. The contents provided in the module added a lot of information towards my analysis of the operations undertaken during the international business. Another common theme in international trade is globalization that is used to refer to any shift towards an interdependent and joined the global economy. Globalization can create more opportunities to be utilized by different people and enhance their international business. One of the exciting concepts from international business includes chain supply, global marketing, and human resources. Human resource evaluates the performances of their companies, especially those operating as multinational enterprises. Global marketing promotes interaction among people from different backgrounds; therefore, improving international relations and collaboration.

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Personal Perspectives and Presumptions on the Key Module's Topics

My perspective on the key topics from the module is based on personal experiences and the ability to effectively analyze the nature of international business operations undertaken by different companies. For example, Foreign Direct Investment (FDI) and Multinational Corporations (MNCs) help in boosting the economic status of more than one country. FDI and MNCs engage in the production of goods and services across borders. FDI and MNCs also consider business ethics during international operations; therefore, promoting unity and equality in most parts of the world (Welch et al., 2011, p. 28). According to my assumptions, market factors are the main components that determine the environment of international business.

Current Practice Related to Module's Topics

My current practice is global financial management that relates to various topics provided in the module. Global financial management involves the analysis and utilization of the critical resources for optimizing profits and reducing the risks of incurring losses during international business (Li, 2009, p. 196). Economic theory is essential in explaining the nature of production in the world based on the type of international business environment affecting the Multinational Corporations. Also, global business strategies relate to financial management because they offer appropriate interventions for improving performances and minimizing the cases of risks that might result in severe losses.

Strategies to Achieve My Plans

Strategies are established and implemented to help in achieving the plans on the international business (Morschett, Schramm-Klein, and Zentes, 2015, p. 1034). The topic of international business strategies provides approaches that support me in achieving my desired plans. The first strategy is the adoption of SWOT analysis based on the nature of the business environment. Secondly, I will develop a vision statement that focuses on the primary considerations to be undertaken to achieve the established plans. Another strategy is to create a mission statement that contains the primary objectives for achieving my plans.

Potential Areas for My Development

Some of the areas in need to apply some effort include International ethics and global marketing. SWOT analysis is appropriate in identifying and evaluating the areas of weaknesses that need to be improved. Emphasizing on the weaknesses and possible threats lead to personal development. I need to identify and assess the potential global markets to achieve my plans.

References

Abhishek, G., 2013. International Business Environment: Challenges and Changes. Research Journal of Management Sciences, 2(11), pp.34-38. Retrieved from: https://scholar.google.com/scholar?hl=en&as_sdt=0,5&qsp=6&q=international+business+environment+%22challenges+and+changes%22&qst=ib

Li, S., 2009. Risk Management for Overseas Development Projects. International Business Research, 2(3), pp.193-196. Retrieved from: https://pdfs.semanticscholar.org/c620/23d8e396c977e15160cf196dded75dd5453f.pdf

Morschett, D., Schramm-Klein, H., and Zentes, J., 2015. Strategic International Management (pp. 978-1056). Springer. Retrieved from: https://link.springer.com/book/10.1007%2F978-3-658-07884-3

Welch, C., Piekkari, R., Plakoyiannaki, E., and Paavilainen-Mantymaki, E., 2011. Theorizing from Case Studies: Towards a Pluralist Future for International Business Research. Journal of International Business Studies, 42(5), pp.740-762. Retrieved from: https://link.springer.com/article/10.1057/jibs.2010.55