why study international business essay

why study international business essay

The Importance of Studying International Business

1. Introduction to International Business

What the question addresses is the difference between experiential learning and formal study. Traveling abroad can, of course, be a fabulous learning experience that will present different landscapes, customs, and practices. It is impossible to minimize the value of such an experiential adventure. But the world today is much more complex than local or even regional travels can comprehend or capture. The international environment is filled with a diversity of exciting opportunities as well as equally challenging problems, such as trade wars, monetary meltdowns, military threats, environmental destruction, and poverty eradication. Despite increasing globalization, and the interconnectedness of trade, communications, and consumer markets, there is a global backlash that includes everything from anti-globalization protest and international corporate fraud to international terrorism.

Making the decision to study can be a big step for anyone. It is a challenge to leave the comfort of home or the company of familiar faces to take that step towards more education and the possibilities of a job in the future. Some of the students considering a degree in International Business may wonder about the importance of studying. They ask, “Why bother studying formal International Business?” That question is often accompanied by another, “If I really want to learn international business, can’t I just travel abroad?”

2. Benefits of Studying International Business

In an increasingly global world, studying international business can help students better understand the major economic, political, and cultural issues that a company needs to consider when conducting business in a foreign country or region. As a rule, such studies allow students to consider how a business might reflect differences among national markets and regions. Understanding the diversity within the global market helps students to become better prepared for positions with international assignments.

4) They also challenge students to further develop their critical-thinking and problem-solving skills. Students graduating with an international business degree gain the knowledge and skills needed for success in marketing and importing/exporting among other global business endeavors.

3) International business curricula help students develop an in-depth understanding of matters drawn from a variety of disciplines, including finance, banking, marketing, advertising, international management, and business law.

2) Students who study international business become more culturally sensitive and are better prepared to work in international companies or companies that are involved in business around the world.

1) Companies that understand the impact of effective international business strategy and the importance of research will be better prepared to compete in the twenty-first-century global economy.

Studying international business is important for several reasons:

3. Challenges and Opportunities in International Business

There are many opportunities for those who develop an understanding of international business. They include finding an exciting, long-lasting, well-paying, internationally oriented job (a job that is quite likely to involve travel to exciting foreign locations), exploring business and investment opportunities that arise in the rapidly changing world situation, and better understanding the changes and problems of the increasingly global community in which we live and work. Consequently, if your course is successful, you will be required and interested to make a greater proportion of personal and business decisions from an international perspective.

In all nations, firms are challenged by powerful economic, social, legal, and political forces operating in the international arena. In this course, you are made aware of the complex interaction of threatening and reassuring aspects that confront business operations in other countries and the world’s population. You are challenged to understand the significant processes that exemplify and elaborate upon the world’s multifaceted and issue-oriented relationships. In so doing, you will be better prepared to actively contribute to one of the most exciting opportunities of our time – understanding the international business community and actively participating in it. Such an understanding will also be beneficial to you, whatever career you choose.

4. Skills and Knowledge Required for Success in International Business

Employers obviously seek well-trained people to maintain their edge in the global marketplace. Good prospects for graduates with international business skills include the areas of import and export, international banking, multinational finance, management and human resources, customs brokerage, public administration, business science and related fields. Few job opportunities offer such a great variety of challenges that can come from incremental change as international business. The world of international business is faced not only with the constant possibility but also with the certainty of change – driven and enforced by the tidal power of hundreds of forces, now and in the future, shaping its nature and success. For the intrigued, ambitious, and hard-working type, the rewards can be satisfying and virtually limitless. Be actively involved in shaping your future by learning about the international environment and opportunities in international business.

Some people assume that international business is only for the elite few who possess the talent, ability, and knowledge to succeed in their ventures. This is not true. There are few categories of people who can succeed in international business – but there are no barriers to any determined person who understands and commits the effort and follow-through required for success. You can develop the abilities and skills necessary to form an international perspective by studying a wide range of subjects including foreign language, economics, and political science. Business will be equally important, including financial management, organization theory, marketing, communications, and mathematics and statistics. Then where can you put these skills and knowledge to work? What does international business involve and who is involved in it? A frequent misconception is that only huge, multinational companies engage in international business. However, this is not the case. Foreign involvement in international business can range from one-person operations to the Fortune 500, including subdivisions of large companies, partnerships, and joint ventures, as well as individual entrepreneurs and independent sponsors.

5. Conclusion: The Future of International Business

The second set of challenges confronting international business has to do with contemporary thinking on ‘not so positive sides of globalization’ that carry the risks of international business success. These risks range from the broader social challenges including the risks of growing tension between haves and have-nots in countries that are striving to harness the opportunities afforded by globalization, and in more countries moving head-on into the dynamics of nation and institution building. The tools, research, and approaches of international business contain many of the necessary insights and experience that can lead to enlightened ways forward in dealing with these boon as well as bane aspects of heightened international business activities and challenges, which confronts all the communities and individuals seeking to navigate the risks of development in multiple regions and places.

The future landscape of international business faces two major challenges. One of these challenges is about how best to directly foster the positive developmental aspects of international businesses, properly managed and strategically oriented international business activities that can contribute directly to the raising of overall levels of wealth, health, opportunity, and freedom across the many different peoples and cultures on the planet. At a time when the effects and direction of globalization are being hotly debated, the field of international business has a key role to play in finding effective ways of fostering optimism, investment, and opportunity in the different leadership roles assumed by major international business players.