Nowadays, business is growing more globally. In the assigned topic, we need to know the definition of International Business, understand the strategic management and entrepreneurship related to international business.
According to investopedia, international business is all of the business activities necessary for creating, shipping and selling goods and services across national borders. In the book entitled ʺChallenges and Opportunities in International Businessʺ written by Mason A. Carpenter and Sanjyot P. Dunung, according to them, international business encompasses a full range of cross-border exchanges of goods, services, or resources between two or more nations. In ordinary meaning, international business refers to buying and selling of goods and services beyond geographical limits of country. In simple words it is a business across countries.
International business is an expansion of business from your country to another country. For example, the prestigious and popular fast food chain in the Philippines, Jollibee. Jollibee is a domestic business here in Philippines, since they expands and put branches to other countries in South East Asia, Hong Kong, Middle East, North America and Italy it is now international business.
When dealing with international business, strategic management is big help to entrepreneurs to learn & adopt tools, techniques and approaches to be successful in their business. It deals with vision, mission, values, strategy formulation, selection, implementation, monitoring, review & feedback for improvement. Strategic management The body of knowledge that answers questions about the development and implementation of good strategies; mainly concerned with the determinants of firm performance. SWOT Analysis is one a simple yet effective tool used to identify strength and weakness, and assessing both opportunities exist and the threats faces in the business.
Entrepreneurship defined as the recognition of opportunities(i.e., needs, wants, problems, and challenges) and the use or creation of resources to implement innovative ideas for new, thoughtfully planned ventures. Entrepreneur is a person who engage in entrepreneurship.
Business expansion and establishing your brand on an international market is a great opportunity for any business owner, but as you are aware, it also comes with a significant risk that must be addressed. Everyone understands that no business can succeed without taking a risk, without facing or experiencing problems or losses. Challenges and failure are not reasons to stop the business; instead, as an entrepreneurs it provide motivation to start again, to be strong enough to overcome obstacles, to think of new ideas, to plan new strategies, and to organize activities in order to create a successful business.