Growth Opportunity: is International Trade

Dr. Lucius Riccio, a professor at Columbia Business School, has put the importance of global expansion as a growth potential most succinctly:

"Innovation in logistics has enabled a period of global development and change. a period in which smaller businesses can compete with bigger ones, sometimes with the advantage of being more agile and quick to exploit opportunities."

International trade accounts for a sizeable portion of the gross domestic product in most nations. It will be worthwhile to look into this rising trend, which is the result of growing industrialization, transportation, and communication technologies, when considering choices to expand your business. You can emulate major businesses that are already taking a more global perspective. their nation's borders for expansion. Many businesses, like General Electric, Coca-Cola, and Proctor and Gamble, are starting to see a rise in their foreign revenues relative to domestic ones.

Many smaller, expanding enterprises also place an increasing amount of importance on international trading. Both business-to-business (B2B) and business-to-consumer (B2C) enterprises find it to be appealing. You have the option of becoming a buyer or a seller. You ought to consider including cashmere sweaters in your line. In order to compete in the market as a buyer, you must turn into an importer.

Through global marketplaces, you as a supplier can aim to establish markets in other developing economies. (As a buyer, you might also want to hire an Asian company to handle your manufacturing.)

You may use this as a business-to-business manufacturing operation.

With global expansion, you can increase both the size of your consumer base and your supply chain by using online conferencing and IT expertise.

This session's goals are to give you the opportunity to study the major aspects of global trade and to give you access to useful resources. Your company's global expansion will be complicated by issues with paperwork, shipping, money, legislation, communications, government rules, trade laws, licenses, and property rights. As a result, in order to completely comprehend the advantages and obstacles to international trade, you will also need to broaden your knowledge outside the area covered here.