In today’s world there are very few boundaries. The traditional limitation of distance has been overcome by advances in transportation and the galloping advances in telecommunications. You no longer need to have all your employees seated in your own building or in one of your branches. They can be anywhere in the world, and all you need is a computer and a broadband connection to work with them just as effectively as before.
This has far reaching consequences on the way business is done. One is of course that you will be competing with people all across the earth and not just from your own backyard where you have a comfortable presence. Everybody has a chance to compete and therefore only the really good will survive in the new world. Hence it is very important that businessmen think globally.
That is they should be attuned to the dynamics of world economics and makes their decisions accordingly. They should think of their labour force from across the world and also of the varied markets available across the world. They should also consider their competitors from any obscure corner of the world before making any move. Equally important is the ability to act locally using this global knowledge. In spite of market opportunities across the world, one should still aim to create a stable base in one’s own backyard.
International business is subject to many factors out of the control of individuals, such as government treaties, embargos, currency fluctuations, etc. So in order to remain safe, one must also be able to use the global nature of one’s business to improve business in one’s own area. New innovations from a different part of the world may be useful to create a new market in your own country. Therefore, always think global and act local too.