As global business leaders and citizens, you have an influence on the economy of the world. Your actions, and those of your coworkers, whether in the garage or the boardroom influence the future of economies and businesses worldwide. Global business is the finest example of this dynamic because it encompasses both the responsibility and opportunities for companies that operate outside of national borders.

A global business has a presence in many countries through direct sales as well as subsidiaries and joint ventures and exports to foreign markets. It also adapts its products and services according to the cultural context of each market. In addition, it could be aware of the laws and policies of various countries that affect its ability to conduct business there.

Alongside understanding the legal and political aspects of business, businesses must be aware of the economics of one particular country. It is essential to understand how to use data to analyze the economy of a nation and its competitiveness as well as growth opportunities.

The most important factor in success in expanding into a new market is building trust with local customers. It is essential to have an established presence in the local market. This could mean having a physical office or store, employing locals and building relationships with local suppliers and partners. Businesses with a local presence are more aware of the local culture and business practices. This will allow official statement them to come up with strategies to communicate with their audience.