The speed of information transfer and international shipping and travel has transformed the way businesses operate. Today, organizations of all kinds are impacted by international markets and function on a global scale. The shifts in manufacturing, logistics and transactions have also brought changes in what companies are looking for from the next generation of leaders.
It’s more important than ever for individuals striving for a successful career to have skills and experience at conducting business on an international level. As companies grow, they need leaders who are prepared to seek opportunities around the globe and find innovative ways to approach problems from a broader perspective.
The local is now global
Every aspect of how organizations function is now affected by developments around the world. Even small operations commonly rely upon suppliers of raw materials or manufacturers of components located overseas. With more commerce taking place online, companies are increasingly likely to work with geographically distant customers and partners.
Instant worldwide communication makes it simple to connect with people who are an ocean away to conduct transactions and gain insights. With the inexhaustible wealth of business intelligence available online, smaller organizations learn about the latest developments taking place in other nations and can modify their own products or services accordingly. In turn, companies can reach out to a global audience with marketing efforts at a relatively low cost.
Perhaps the greatest change for how companies function on a daily basis has been the ability to work remotely. Executive leadership, employees and contractors are able to stay in regular contact, even if they are traveling or living in another country. It has become routine in many workplaces to include people located in other countries in regular conferences, ensuring an international perspective is always a part of the conversation.
The skills that count in international business
Finding advantages in today’s global economy requires an advanced set of knowledge and skills. Effectively operating on this broad playing field calls for an understanding of international economics and finance. A strong familiarity with the differences between markets and their relationships puts leaders in a position to spot opportunities and make smarter calls in strategic planning.
To get the most out of those possibilities, business leaders need excellent communication and sensitivity to cultural differences. Exchanging ideas with global clients and partners can be a complex undertaking, and it’s vital to be flexible when approaching these interactions. By adapting to unfamiliar circumstances, professionals discover fresh possibilities for collaboration and become increasingly confident.
Of course, it can be a great help in international business to speak more than one language. While English has been widely used by companies around the world to communicate with one another, engaging with a partner or client in his or her own language can result in a greater connection. The ability to present ideas clearly and persuade others is essential to business success no matter where you are.
An international education
Students in online MBA courses learn the principles and skills they’ll need for international business. In fact, with the right program, they can go beyond the case studies and theoretical approaches, gaining hands-on experience working in another country. Seizing these chances to explore the realities of the global economy readies a professional to achieve meaningful results and grow their organizations in the future.
All Villanova MBA students receive an education that emphasizes the global nature of today’s economy, and they can also see what those ideas mean for themselves. Participants in an international immersion program are able to travel to a country with a developing economy, engage with another culture and seek possibilities for economic expansion. By visiting with local companies and collaborating on projects, they witness the endless possibilities that come out of working with people from different backgrounds and employing the principles of ethical business leadership.
- Top career opportunities for today’s MBAs
- Compare MBA programs: Online vs. on-ground
- Tips for tomorrow’s business leaders