International forces are reshaping the business world, but also creating new opportunities and a more level playing field for small businesses.
When American athlete Phil Knight decided to set up a business selling high-quality running shoes in the late 1950s, he had a brilliant idea – that the company would be more competitive if the shoes were made in Japan.
This was a concept he explored in a paper he wrote while studying for his MBA at Stanford University. However, Knight’s letters to Japanese manufacturers went unanswered. He and his running coach Bill Bowerman, who became his business partner, had to start by selling shoes from an existing Japanese brand before they could arrange to manufacture their own designs.
Knight and Bowerman were ahead of their time. Manufacturing in Japan helped their company, Nike, become one of the world’s largest suppliers of athletic shoes. It took 30 years for most other companies to catch on and for outsourcing to become a common business practice.
1. More options for production
No matter what your production processes are, chances are that the same resources exist elsewhere. Find out where such services are located. How asia mobile number list are they? Could you outsource production and reshape your business? Keep in mind that there is often a trade-off between the desire for control over production and the interest in efficiency. However, outsourcing is not the only option – there are alternative forms of international economic engagement, and more will be created.
2. The chance to create new markets
The new global economy offers many opportunities for smart minds. These days, it is not usually a lack of capital that how to join the softline digital platform? people from realizing their ideas. Entrepreneurs have the power to create new markets, and often this requires very little investment.
3. Small businesses can think big
International success is no longer limited to big businesses. “Small businesses can be just as international as large ones,” says Professor Liesch. “While we still have multinational corporations, there will be more and more opportunities for small and medium-sized businesses – which is good news for local economies as they employ more people.”
4. A more level playing field
The democratising effect of the new global economy means that opportunities are not limited to those in science and technology. “While there is australia database directory to develop things, it is also about making better use of them, doing things in a different way that can give companies a competitive advantage,” explains Professor Liesch. “Similarly, developed economies are no longer the bastion of all things innovative – brilliant ideas can come from anywhere in the world.”
5. Networks are important
Networks help companies to understand the market and to be known in it. Companies need to have a good understanding of their own networks, but also of peripheral networks due to the interconnections beyond their immediate networks.
6. Culture is not a constraint
“Companies don’t have to speak the same language and do business in the same way,” says Professor Liesch. “While cultural differences are more of a barrier for consumer companies than for business-to-business sectors, any company can overcome them. Managers shouldn’t be culturally blind – but by the same token, they shouldn’t be limited by culture.”