Why Small Firms Having An Understanding Of The...

Within this essay I will be discussing the possibility of small firms having an understanding of the characteristics of international business and not just only the large firms. This is because small businesses are always looked down and people have a misconception that only larger firms choose to go globally. Every business needs to have a mission and objectives and need to know what affects them environmentally and within their organisation. If they understand what is happening within the organisation, they can proceed to strategy formulation and can start planning and operate. According to the journalist of New York Times, Thomas Friedman, international businesses are a set of interrelated processes rather than a single process and call it a â€Å"flattening process†. This means that countries like China and India are able to become contributors in international business par with the richer industrialized countries. It is a commercial transaction that crosses the borders of more than two nations. In everyday life, imports, goods or services that are purchased abroad and brought into a country surround us. The same can be said about exports, where countries abroad will be using your nation’s goods and services. International business is incredibly crucial as it contains a huge and growing percentage of the world’s over-all business. It is not something that can be ignored, because almost every company; whether the size of it, is affected by international events and itsShow MoreRelatedThe Internationalization Process Of A Medium Sized Enterprise ( Smes )1729 Words   |  7 PagesIntroduction It is vital to understand the internationalization process of small to medium-sized enterprise (SMEs) for them to compete internationally. There are various international approaches that companies can adopt in the process of internationalization. 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