Impact of Emerging Economies and Firms on International Business - Essay Example

? Contribution of Business History and Globalization on Today’s Business Introduction In late 1980s, there was a round table discussion concerning the history and development of business. The discussions came to a conclusion that understanding of the history of business and globalization was instrumental to the way of performing business in the current society. As such, participants agreed on the fact that, business history was supportive to managers in determining their current organization position through comparisons with the way of business in the past (Preece, Moodley, and Smith Paul, 2003). To effectively analyze the contribution of the study of history of business and globalization on the current way of conducting business, one must first understand the history of business and globalization, and how it became such an important field I the first place. Notably, the founding of the history of business can be accredited to Wallace Don ham (Eibe, 2012). Business education originated since the Second World War and it can be accredited to the United States. Many of the business schools in the United States enrolled business history in their academic programs. Europe has been accredited for producing the first work on the company history. Additionally, in India, business education can be referred back in the 1960s where the Indian institute of management was among the first to implement business history in their curriculum. This study discusses the contributions of business history and emergence of globalization on the way of performing business in the current society. With that in mind, the implication of the understanding of business and globalization will be enlisted. Importance of business history To begin with, the history of business is such an important aspect for a greater achievement in business today, through the study of the company business history the company becomes informed on the mistakes of the previous business, which allows the management to employ suitable and more efficient strategies which are quite different from the previous ones (Nathan, 2009). Notably, the company could recognize the mistakes/errors made in the previous business. A study of the business history helps one/ a company to analyze the errors made in the previous business. In the same regard, understanding of business history helps managers to regain managerial and managerial techniques. As noted, the history of business has been in the limelight for quite a long time, however it is only until recently (late 1990s) that more effective work towards the value of business history was recognized. More importantly, an understanding of the business history helps in the development of the business and the economy especially in formulation of strategies in the current rapid changing business environment. In 1996, a survey carried out by the management history division of the management Academy established, adoption of business history courses yielded a variety of benefits. Their research, formed as a basis for continued research in the contributions made by business history in today’s business. Indeed, the historical component of business on the following key points. History is an important aspect for understanding of the nature of human and his/her past endeavors, thus giving light on the present as well as future activities in a number of ways. A historical study expounds on the understanding of humanity and key lessons for human ambitions, aspirations as well as organizations. Additionally, history enhances communication skills and the ability to evaluate healthy skepticism and evidences to some opinions and propaganda (Know ells, 2008). It offers business studnts with an exerpt of development of a country economy and international economy, providing insights into the structure of industries as well as, evolution of business strategies (Gibson et al, 1999). Business history broadens business education through the focus on technology, business ethics, the corporate culture as well as government business relations. It has also been established that, business history not only provides information about organization structures but also provides key insights concerning human behavior under different influences and constraints. Current business managers, involved in challenging decision making, need to understand the influence of long term changes on the business of the company. As such, business history serves as a multidisciplinary approach concerned with the long term changes and provides a more focused practical approach (Kantrow, 1986). In addition, business history serves a supplement for management principles in the management of organizations through the provision of real examples against company principles. Historical research, being an important aspect of business history, not only provides a platform for identifying today’s business state, but also provides a guideline for securing and subsequent integration of the new information (Stearns, 2008). Additionally, it serves as a valuable tool that gives researchers, management teachers and business practitioners the ability to formulate the right questions which are asked by historians concerning academic practices in the business field (Warren, and Tweedale, 2002). Taking a case study of business in Australia, majority of the studies, teachings and research on business and management is carried out in a temporal vacuum. For sure, a management consultant employed to analyze problems within the business sector, requires knowledge on the history of the organization as well as the historical context of the environment it existed. In the same manner, a medical practitioner needs to be informed on the medical history of the patient before diagnosing an illness. Thus, it is unlikely a business management professional to claim that a look into the history is unimportant. Nevertheless, a historical perspective is widely ignored in Australian business schools. However, incorporation of a historical approach adds another dimension to research in business, more particularly, in the realm of methodology and explanations made in the business world. In this regard, majority of trained historians have worked their way into the existing business schools, providing an opportunity for further analysis the history of business. Implications of business history and globalization Globalization of the business world is a topic that has been in the in focus for quite a number of years. Like many adequately researched and debated topics in the past, deferring opinions concerning the implication of such globalization have arisen. However, the business world has been selected as a reference point due to the ever changing technology. Human resources being an important tool of business have largely been affected by the changing trends in the arena of business globalization (Insight information, 2011). Currently, businesses are overwhelmed with the large number of customers as compared with the number of the customers in the previous years. Indeed, in the early day’s public relations and human resources served as were the main drivers of business, however in today’s business the two aspects serve a different purpose. As such, human resources are requested to extend globally in order to address increasing number of customers. The business world has greatly changed due to the expanding globalization. Everything right from terminologies to hiring has greatly been affected and even the field of human resource is no different (Schaeffer, 2008). Those working in the field of human resource have been compelled to reexamine their practices. As per now, it has become popular and widely accepted for the companies use the services of internet as a way of handling human resource. Indeed, most of the multinationals and the small companies have been compelled to carry out business over the internet. More particularly, they have developed websites where there services and products can be accessed. While some people view globalization of business as a way helping developing nations, others view it as the major killer of small businesses which are incapacitated by few resources to equally compete on the global market. Though this is the situation, it cannot be negated that internet has offered an equal platform for business around the globe. In the fast changing global business world businesses have been pushed to provide a 24 hour worldwide coverage complete with professional staff that are multi-linguists (Mel and Lombardi, 2001). This sums up as the challenges which companies have to deal with handle in the dynamics of business. Thus, this has made it as a situation where only the fittest survive. Due to increased number of customers that businesses are handling on a global scale, new practices and principles have to be introduced. As such, high level computer software’s have opened the door for business to process orders as well as, receive payments without physically handling cash. Additionally, emailing and telephone lines have provided an opportunity for organizations to problems involving human relations without necessarily laying a hand on the issue. The ability of companies to stay ahead of the curve has been instrumental in avoiding serious breakdowns among human resource and relations (Marinov, and Marinova, 2012). For instance, Federal Express (FedEx), a popular delivery giant has achieved great success on the basis of globalization. For the last ten years, the company has realized a sharp increase in the number of customers due to the shifting nature of transportation; this has also led to an increase in their stock. Ideally, FedEx serves the world by circulating letters, packages and other materials across the world. Notably, the company forms a perfect example of companies that have adjusted well to the rise in globalization. In the early stages, the company transported most of their mail via trucks, but currently, they have shifted to jets for delivery of mail in different locations across the world. Fredrick Smith who was the founder of Federal Express served as the pioneer in the human resource field. In 1994, he commissioned the company website which henceforth attracted attention due to its online popularity. Following that, he provided room for customers to conduct online business. This led to the elimination of the Gap in communication as well as, the trail in paperwork. Indeed, the company Fredrick saw the need for performing an overhaul, thus providing a good opportunity for the company to take the necessary steps in serving the world in a more efficient way. This serves as an example for the changing business world. It is worthwhile to mention that for achieving true success worldwide, and then the business community has no other option but to sacrifice and adopt newer business practices. Conclusion In conclusion, understanding of the nature of business and globalization has greatly altered the way business is carried out, and more particularly the way people handle it. Indeed, business has become less personal, but still easily accessible. At the end, concerns and problems are addressed and an increasing number of individuals, who are ready to carry out business on a global economy are getting the services. References Eibe, H. S. 2012. Business Development: a market-oriented perspective. New York: John Wiley & Sons. Gibson et al, 1999. The Role of Management history in the management curriculum. Journal of Management History, 5(5), 277-285 Insight information, 2011. The global knowledge economy and its implications for markets. Retrieved on, 9th May 2013 from. http://www.skyrme.com/insights/21gke.htm Kantrow, A.1986. Why history matters to managers. Harvard Business Review, 81-88 Knowells, H. 2008. Why management and business studies need history. Retrieved on 9th May 2013 from http://worksite.econ.usyd.edu.au/knowles_history.html Nathan, N. 2009. The Importance of History for Economic Development, Annual Review of Economics, 1(1), 65-92 Preece, C., Moodley, K, and Smith Paul, 2003. Construction of business development. Birmingham: Elsevier. Print. Stearns, N. P. 2008. Why study history of business Retrieved on 9th May 2013 from http://www.historians.org/pubs/free/WhyStudyHistory.htm Schaeffer, K. R. 2008. Understanding globalization. Kansas: Row man & Littlefield publishers. Print. Marinov, M and Marinva, S. 2012. Impact of emerging economies and firms on international business. New York: Palgrave Macmillan. Print. Warren, R and Tweedale, G. 2002. Business history and ethics:  The neglected Dimension of Management Education. British Journal of Management, 13, 209-219 Mel, W and Lombardi, R. 2001. Globalization and the Discontents. Ivey Business Journal, 66(1), 68-72. Read More