Read : How to become a Successful International Businessman?

 Understand International Business | Read : How to become a Successful International Businessman? In this blog,

we will gain some perspective about business. So let us start with the basic information about what business is?

How to start an business? & how to make it international?

The content of the blog:

What is Business?
Types of Business?
Why business is more preferable to the job?
Disadvantages of a business over a job.
How to be an international businessman?

How to be an international businesswoman?
The top 10 businesses in demand that you can start right now:

 

What is business?

A business is an organisation that deals with professional activities. It is the work done for people through people. It is the trading of goods and services on various platforms. Trading can be done for goods, services, capital, manpower, material, skills, etc. When the problem or need of society gets the attention of an entrepreneur, business gets originated.

According to b o wheeler, “Business is an institution organised and operated to provide goods and services to society under the incentive of private gain." Businesses can be profitable organisations and non-profitable organisations.

There are mainly three types of businesses.
1. Small scale businesses
2. Medium-scale businesses
3. Large scale businesses.

Small scale business:-

These are the industries in which the manufacturing, production, and rendering of services are done on a micro level or a scale. These industries make one-time investments.

Some business ideas in small scale industries:

• Candle making
• Baking
• Social media influencer
• Digital marketing agency
• Personalized gifts
• Insurance agents
• Tuition
• Counselling
• Education
• Therapist
• Spiritual helper
• Fitness trainer
• Freelancer
• Photography
• Drop shipping business
 

Local business. Medium-scale industry:-

A medium-scale industry consists of an organization that employs fewer than 250 employees. These enterprises emerge from the slow and steady growth of successful small businesses.

Some business ideas for medium scale industries are:

• Door and window manufacturing
• Furniture manufacturing
• Textile work.
 

Large scale industry

Large scale industry refers to the industries whose manufacturing, production, and rendering are done on a high capital requirement. The investment of capital and technology is supreme in large-scale industries. For example, production of the automobile, heavy machinery, iron, steel industries, cement industries, etc.

Some business ideas for large scale industries are:
• IT industry
• Textile industry
• Iron and steel industry
• Telecommunication industry
• Mills
• Manufacturing
• Production
 

Why business is more preferable to the job?

Job is nothing but where you work for others and get paid based on your skills and experience. To go for business or job is a personal choice and it may vary from person to person.

Here are some advantages of business or job:

Freedom:

You become your boss when you start your business. This responsibility comes with various opportunities. You get the freedom to plan and take decisions that will benefit your organization & maybe it is the biggest achievement to do the business in your way.

Knowledge:

Now when you are the god for your organisation it makes you insanely powerful to acquire the knowledge and required skills of various fields and experiment with everything.

Satisfaction:

When you get the privilege of working with your own rules and not being pressurised by a higher authority. You naturally grow in your field. Business comes with lots of risks but when you grow through your risks it makes you more powerful than anything else. Success comes with lots of responsibility and commitments towards your responsibility.

There are also some disadvantages of starting a business over a job:

Risk:

The risk factor while starting the business and making it up to the mark is higher as the market in today's era is highly competitive one has to have good management, employees, proper planning, and many more things.

Commitment:

The nine to five jobs has fixed time constraints, when it comes to your own business you naturally have to invest more tie to build, setup, plan, manage, track, analyse, and make changes according to but the investment in the time today can give you fruitful results in the next five years so hustle for today can make your future looks the exact way you have imagined it.

Businesses can be offline as well as online but it is the need of today's era to have an online presence for all organisations. The last two years made us aware of the importance of having an online presence for the growth of the organisation. The online business is nothing but the trading of goods and services on online platforms.

Here are some benefits of starting an online business | basics need to know while starting a business

Wide range of audience:

You can pitch your research of services to the worldwide audience with fewer efforts through the internet. It widens your reach and helps you get more clients.

No geographical limitations:

You can make your clients from the whole world without worrying about geographical boundaries.

Less cost and maintenance:

The starting or setup cost for online business is less than compared to offline business. You do need a fancy setup or office to start your business in the initial condition. Of course, you can make your own personalised office once you get a good amount of growth from your online start-up.

Marketing:

Nowadays digital marketing can help you reach TO specific audience in less time. Online marketing is a lot cheaper and preferable way nowadays as we live in the digital era. So up gradation in our strategies are also important.

Working hours:

The working house is flexible when it comes to online business but let's face it, at the beginning of any business you have to give more time as compared to the full-grown business. As in the job, working hours are fixed. But when it comes to profit business can give you huge satisfaction at the end.

Services:

Online businesses don’t have limitations of time. It can be serviced 24 × 7. It helps in the increase of sales as all the country timing is different from each other.

International business |  What is International Business ? | Importance of International Business:

International business refers to the trading of goods and services in two or more countries. International business is an important aspect of globalisation. International business deals with Multi-National Enterprises (MNEs), their governance, strategies and management, their relationship with the government, and their role in globalisation and localisation of economic activity. 

-Chris Patelis

(The head of the international business division at Leeds university business school.) 

The complete study of international business can make you master global entrepreneurship and it can impact your career on a whole different level.

 

How to be an International Businessman? or 

How to be an International Businesswoman?

The international businessman is the person who actively develops and maintains business operations in several countries at the same time.

Here are some basic tips to succeed your business at the international level:

Rules and regulations:

Whenever we start anything new we have to know the basic rules. For example, if you want to play chess, you have to know the rules of how all the elements move.

A legal procedure in all the countries may vary from each other. So it is very important to have a thorough knowledge of how things work in our own country and in the respective country where we intend to do business.

While making trading policies and legal documents you might need a translator, we will discuss this in detail later. As it is the most crucial job and one has to follow the protocols from the respective country.

Culture:

Culture plays a very important part in our life. Culture connects people around us with us. Before doing enterprise inside the respective country you need to recognise cultural differences, their manner of thinking, and their behavioural aspect. 

For a small-scale industry, it is easy to have an interpersonal connection with employees in your organisation.

It is easy to know their perspectives on your organisation and culture. But on the contrary in international business, it can be a little different and difficult than it is in our own countries but persistence can make things easy for you.

It is simple to teach our values and ethics what we want and what we stand for. We can teach everything to the employees from different countries with the help of digital platforms.

Marketing:

Marketing is defined as the pitching of your product or services to the customers, clients, partners, society at large. We do marketing in every area of our life. It is important to have the great clarity of your businesses to reach your targeted audience and communicate the benefits of your product and services.

One has to follow the 7 PS of marketing to build the marketing strategy. It includes.
Product
Price
Promotion
Place
People
Process
Physical evidence.

The marketing strategies differ from country to countries you cannot apply the same strategy you used for the USA to India and any other country.

Observation:

The person who captures the need and wants of society and tries to help them with the products or services is known as an entrepreneur. Everything starts with a problem Scientists came with the idea of light when they understood the need.

It is very important to know the exact need and wants of the customer in the respective countries where you want to start your online business. So according to their needs, you can slightly do modifications in your products to increase the sales of your goods and services.

You must have the best management skills to know the people, to communicate with people, to put your point or get more attention from people. To give them what they want these all things have to be done with observation.

Management:

According to Sir Charles Raynold, “management is the process of getting things done through the agency of the community; the functions of the management are the Handling of a community to fulfil the purposes for which it exists.”

The strongest management system can make the business run through the ladder of success. It helps to get the most from the employees, to provide more to the customers, to market things; to do everything a management system is required.

If you are a new entrepreneur who wants to start a new business or who wants to develop his business worldwide you must have good management with you.

Goal setting:

It is important to set clear intentions of what you want. The predictable goals are measurable & by analysing them every time, we can improve the result.

Communication:

Whatever your goal or vision is, it is very important to communicate it to all the employees of the organisation. Transparency in communication increases trust and bonding between the employees of the organisation.

Responsibility:

To give the best performance in the respective field a sense of ownership is a very important part. Often in groups, the shifting of responsibility takes place but it is important to match personal traits to organisational goals. A better understanding of goals is important to perform better for the organisation.

Action:

Once responsibility is distributed to all the employees of the organisation the task can be performed by the employees to achieve the result. When a person gets instructions from many sources at once his performance degrades than expected. So it is important to follow the only source of instruction better understanding of the task to give positive outcomes.

Teamwork:

“As a Cooperative process that allows ordinary people to achieve an extraordinary result” -Scarnati 2001.

Teamwork makes the achievement of goals easier than different skilled people working together to achieve the final goal. Cooperative and coordinated efforts are the key to building the best team. Teamwork is most effective than individuals working towards the same goal.

But again the difference of opinion in the team can become a problem for Organisation. In the team, it is important to work for the collective goals without focusing on the personal goal.

Appraisals:

An appraisal is an act of appraising for appreciating someone for the efforts they put into the growth of the organisation. An appraisal is the assessment of the observation about how the employee work and what are his strength or weakness. The appraisal can be monetary and non-monetary.

The basic types of Appraisal are given below:
1. Ranking appraisal
2. Grading appraisal
3. Trait-based appraisal
4. Behavioural-based appraisal
5. 360 review.

Up-gradation:

Whatever you are thinking today, you will get updated information about that thing tomorrow. You have to update yourself about whatever information you are having right now.

Updating the information is an important factor whenever you are doing international business. You have to know about the trade policies and the changes taking place in the international marketplace.

Financial documentation:

Financial statements or reports are formal records of the activities, capital, people, and entities. Financial translation is the need for doing business in different countries. Financial translation is the conversion of financial documents, statements, audios, and reports from one language to another language.

The correct translation of all the documents is needed as you will be dealing with all the things on the international level.

Regulatory practices:

As an international businessman, you have to know about the regulatory practices and the protocols in the country where you choose to do the business.

There are some rules like even if you don't plan on living there you still have to register your business at a physical address in the new country. Also, some country regulations stipulate that one of your business partners must be native.

Skills:

In addition to all the points above, if you want to start your career internationally you should have a basic understanding of the economic principle, accounting, management, policies and entrepreneurship, and leadership frameworks.

In addition to this, knowledge of the specific fields where you want to work is important. Again it is important to know the political and social differences in the respective countries.

Language:

This career involves a lot of travelling and interaction with people of different countries having different cultures. Many people learn at least five languages for their business relations.

English is the worldwide use language. If you are a beginner, you can start by learning at least one or two languages in addition to English. There are many countries where they prefer regional language over English. Also, it helps to connect with native citizens.

There are many courses where you can apply for a proper degree in international business. You can also do MBA in international business to get the specific knowledge of this course.

There are two stages for admission to this course:

1. Screening of candidates according to their entrance exam score and academic success.

2. Group discussion and personal interview to select candidates for admission.

Eligibility criteria for diploma in international business

1. The candidate must have passed 10th or 12th or should have an equivalent degree from a recognised University.

2. Proficiency in the English language.

Eligibility criteria for BBA in international business

1. 12th or diploma with minimum 50% marks from a recognised University

2. Proficiency in the English language is mandatory, commerce, maths as a subject last year.

Eligibility criteria for MBA in international business are the same as that for a regular

MBA:

1. The candidate must have a graduation degree in a stream or a recognised University with a minimum of 50% aggregate.

2. For SC/ST for other reserved category minimum marks of 45% aggregate

3. Candidates in the final year can also apply.

4. Candidates must appear and pass any of the given entrance exams : CAT/XAT/GMAT/MAT/CMAT

The top 10 businesses in demand that you can start right now:

The last 2 year was like a roller coaster ride for many of us. And many people started doing business in an online way than offline. The given business will give some information about the business which came in trends due to pandemic 2019.

Digital marketing services 

Digital marketing is the modification of traditional marketing where we use digital platforms for marketing our products and services.

Digital marketing involves search engine optimisation, social media marketing, pay-per-click marketing, Content Marketing, Email Marketing, Mobile Marketing and Marketing Analytics.

Content writing

Content writing is nothing but simply writing content for various resources like blogs, videos, podcasts, etc. it involves writing and editing web content. This niche has high importance in today's era as many people are updating to online business and all of these people can become the clients for the content writers.

Tutoring

Tutoring is the form of teaching online about a technical or nontechnical subject. Some people can take tuition for study subjects. Also, some can apply for digital marketing, public speaking, English tutors.

Education

Education also comes from teaching or receiving knowledge from someone else. Education also refers to the knowledge received through instructions from the authorities who have commands or higher degrees in the specific fields. Education can be Formal as well as Informal.

App development

App development is the creation of a program that runs on mobile for specific work. This mobile app development process typically includes the idea or the blueprint, strategy of an app, design of an app, development of an app, deployment of the project, and post-launch phases where we can test the app.

Web development

Website development is defined as the process of developing a website for the Internet or an intranet. Website development is usually writing and coding according to the needs and wants of the clients.

Dropshipping consultancy

Dropshipping is a form of retail business in which the seller accepts customer orders but does not keep good in stock. Instead, in the supply chain management, it transfers the orders and their shipment details to the manufacturer, a wholesaler, retailer, or centre, from where the shipping can be done directly to the customers. In short the seller works as the mediator and without doing inventory and maintenance he gains the profit.

Personal trainer

A personal trainer creates different kinds of programs for their clients. They motivate them and guide them also help them to achieve their desired results.

Course

A course is usually the syllabus. The course can be academic as well as non-academic. Participants may receive the certificate of completion at the end of the course assessment.

Copywriting

Copywriting is the art and science of writing that sells your product or service. Copywriting is professional advertisement writing for sale. Fluency in English is mandatory for copywriting.

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