World is becoming smaller day by day as countries depend more and more on each other for fulfilling their needs. Globalization is becoming the norm and business environment is evolving. The dependence on each other is such that any event or mishaps at one corner of the world affects the entire world-be it the Russia-Ukraine war or the Brexit vote that even though were regional events but had global economic implications impacting businesses across the world. Therefore there is a great need to have an understanding of the International Business so as to not only tide over such incidents but also bring in profits from global markets while reducing costs. But to do this we need to understand what International business is and how the learning can be an advantage?
What is International Business?
International business involves cross-country transactions of economic resources including skills, capital, human and other resources for production of goods and services. Furthermore, it not only involves dealing with multinational enterprises (MNEs), their strategies, management & governance, but also global logistics, relationship with governments as well as local economic activity.
Advantages of studying International Business course: While there are varied advantages, we are listing few as under:
- Opportunity to work with diverse set of people: International business involves working with a diverse set of people from varied cultures, ethnicity as well as location. International business professional needs to navigate through the world that is divided basis politics, values and lifestyles etc. besides connecting with new people and exploring different places in the world.
- Opportunity to specialize: International market exposes you to varied realities that can encourage innovations, upgrades and even development of new line of product and/or service. Thus, it offers you an opportunity to gain new experiences, open your minds to new ideas and even specialize in a different area to serve that market.
- Enhanced Employability: Since there are varied profiles as well as avenues, International Business course offers wider career & job prospects to its students, basis their interests and expertise.
- Global Perspective: Studying International business will equip you with insights into the global economic and business climate along with social & cultural impact on corporates. You will be able to envision the increasing dependence of businesses, markets as well as people etc. across countries. You will be able to manage & work with teams from diverse countries, explore processes, operations and research at global level.
International business course: Students must ensure that their college offers the following:
- The course must offer competencies in Fundamentals of business management, International Business Strategy, Trade and Consultancy in Practice, International Project Management, ‘Global Consumer Insights, International Money and Finance and Sustainable Development. ​
- The curriculum must offer exposure through global internships, interaction with faculty from international academic partner universities, exchange programs, understanding of international case studies, real-time analysis of the international business problems and guest lecturers from Industry experts etc.
- The curriculum must ensure comprehensive learning of both theoretical as well as practical industry concepts.
- The college must also equip you with knowledge about global leadership styles, global logistics, cross-cultural marketing and cultural and social norms
- The college must ensure a comprehensive placement program.
