Globalization explains how people, countries, and businesses all over the globe are getting more interconnected. Factors such as media, technology, transportation, and global finance are fundamental in globalization (Lechner & Boli, 2020). According to Aman Advani, member of YEC and CEO, Co-Founder Ministry of Supply; Globalization has both benefits and challenges. Some of the implications of operating and networking in changing global business geography include; First, Public Relations, branding, and public images are the most fundamental part of most businesses. Creating public relations in a new environment poses a significant challenge in capital expenditures and significantly localizing the information required to build momentum.
Secondly, businesses constantly experience ethical business practices. The most important challenge multinational corporations (MNCs) faces is ethical business practices in areas like corruption, labor, environmental stewardship, and regulatory compliance (Lauwo, Otusanya & Bakre, 2016). Third, Regulatory and legal structure; every nation has different regulations and laws governing businesses. It is necessary for every business to learn rules and legal nature before engaging in a new market. Lastly, leadership is a significant hurdle for an organization to get effective leadership with the required skills and knowledge to handle a new geographic market. Every region globally has different strategies approaches towards culture, business networks, language, and management style.
Other challenges implications of operating and networking in a changing global business environment include; technology, infrastructure, managing international teams, inflations rates, currency exchange, and language barriers. However, globalization has tremendous benefits like a more significant growth rate (GDP), an enormous volume of trade and sales, and significant empowerment of politics and individuals by acquiring additional capital and resources.
