Advantages of a Degree in International Business - Term Paper Example

Advantages of a Degree in International Business The 21st century business world is one that no longer knows any boundaries when it comes to business deals and trades. The global market is such that knowing the business culture, practice, and traditions of neighboring countries has become a predominant part of any logical international business plan. Without a solid educational foundation related to the inner workings of international trade, it is next to impossible for any business owner to conquer the international market. That is why any person who wishes to do business these days will benefit tremendously from attending and completing a degree in International Business. This paper will serve up a plethora of information relating to the importance of an international business degree as taken from the opinion of some of the leading business schools in the world, and other academic opinions gleaned from textbooks and the like. With an increasingly global economy, it is of the utmost importance that business leaders of the future gain a clear insight into the global economic and business climates. These types of information cannot be easily gained through hands on experience. 21st century business requires students to study business on a much wider scale than ever before. With some business study institutions even offering students an opportunity to experience a year of overseas study or an international internship experience in order to create a unique business study style and experience that will be helpful to them once they formally enter the international business world. The continued growth of international business collaborations dictates that a demand for global context business aware individuals also rises. But international business majors, as they are more commonly known are still few and far between to be found. International business requires a new kind of logistics that involves cross border investments based upon cultural and ethical issues (“Why Study International Business?”). Students who major in international business will find themselves in a unique position to learn about these cultural and ethical issues in relation to the international business world, which will prove to be quite challenging to reconcile at times with their own countrys business ethics and culture. There lies the challenge for an international business major. How will one approach these business issues from various perspectives? Students who learn to master these skills will find themselves available to the highest bidder in a world business market place looking for cohesion and collegiality in the emerging workforce. International business majors will find that their course of study will be concentrated upon learning how to “serve customers in international markets, and how to take a local business global” (Schweitzer, Karen “International Business Information for Business Majors”). Graduates of this course will be well equipped to work in both the private and public sectors of society. That is why specific courses offered in this field of study include strategic planning, government relations, and policy analysis. All businesses that think of future expansion need experts who can take their local business know how to a higher level of business dealings. Local partners can, with the help of international business majors, find international counterparts whose main business functions and interests are parallel to theirs. It is up to the international business major to identify such potential partnerships and then ensure that the mergers or partnerships are flawlessly completed. The reason that international business majors are most successful at completing such objectives are based mostly on their knowledge of the combined local and international markets. This means that: 1. The local partner understands the culture of the local market. An international business takes years to acquire such knowledge if it enters a foreign market through wholly owned subsidiary, 2. The local partner can provide competent management to the venture, 3. If the host country requires local participation in the equity, wholly owned subsidiary will not help, 4. Joint venture partners offer an easy route for a foreign firm to access the local market, 5. The public image of a firm that is partially locally owned may improve its sales possibilities if the purpose of the investment is to serve the local market (Aswathappa, “International Business 4E”). Therefore, the goal of an international business major is to improve business performance in a field that already competes with others globally. The education that a person receives in international business will help expose the future business leaders to the challenges of globalization and the requirements of a global business. However, the theories and business practices required in 21st century business communities cannot be learned by simply studying about simple business administration. The new business world dictates that the businesses be run from a nation - specific comparative advantage using firm specific advantages that can evolve and be sustained through business innovation (Casson Mark “Economics of International Business : A New Research Agenda”). It is therefore safe to say that businesses that do not understand the need for sustainable business practices based upon international business requirements will find themselves failing to produce a profit or even stabilize their fledgling businesses. Only an international business major will understand that an international business plan is important to any company or corporation wishing to extend beyond the borders of its own country. Any business that requires a foreign partner in order to produce, sell, or market their goods requires someone with an international business degree to effectively run its management ship (Guterman, Allan “A Short Course in International Business Plans”). International business majors will be able to provide such companies with a competitive edge in the global business arena. Not all companies that wish to go global truly understand what the concept entails. It is the job of the international business major to help steer these companies through unfamiliar global business waters. Teaching them how to take advantage of certain international trade arenas that could help advance their global business profiles while keeping their international operating costs to a minimum (Guterman, Allan “A Short Course in International Business Plans”). The most important advantage of a student who goes into the business world armed with a degree in international business is the student, now business experts ability to work in positions across the board. From public, private, non-profit, and other business types, he will be able to function in a totally new day to day business setting that requires the finesse of an international relations student, and the diplomatic skills of an ambassador when closing all important business deals. Global business operations are not for the weak of heart or the local business minded people. There are tremendous numbers of intricacies in the field that will even open up the student to further advanced studies that will help him in navigating the complicated international business world. The global business spectrum has created a totally new business format in the 21st century. It is a new field that is slowly becoming the norm of businesses today. A person who enters into the business world without a clear understanding of how international business truly runs is setting himself up for a hard fall. It is only through the study of international business and majoring in its relevant subjects that the emerging business leaders of the future will be able to competitively compete at their respective business levels. Those who go into business armed with an international business degree will soon discover that their theoretical knowledge will fast be put into practical use in their fields of business. An International Business degree will, in the future, serve to open the doors of business and strategy planning to to those looking towards creating an international business image. Works Cited Aswathappa.International Business 4E. India:Tata McGraw Hill Education. 2010. Print. Casson, Mark. Economics of International Business: A New Research Agenda. UK: Edward Elgar Publishing. 2000. Print. Gutterman, Alan S. A Short Course in International Business Plans. 3rd Ed. California: World Trade Press. 2001. Print. Schwieitzer, Karen. “Business Majors: International Business”. businessmajors.about.com. businessmajors.about.com. 2014. Web. 7 Apr. 2014. “Why Study International Business?”. globaledge.msu.edu. globaledge.msu.edu. 2014. Web. 6 Apr. 2014. Read More