Global interaction – thought responses – 200 words Finance For Decision Making

Reply to two prompts in 100 words each. No sites needed, these are just thoughts on the prompts.

(Original prompt for your consideration,

Increased global interaction has been promoted by advanced technology in communication, ideas and culture, which largely encourages and facilitates international trading. Businesses go abroad in seeking better financial incentives, stronger networks, and markets of opportunities. But at the same time, the complexities in terms or risks involved in international operation are more than domestic firms. Respond to the following in a minimum of 175 words:

Discuss how to manage cultural risks and other factors related to a foreign operation of a multinational business. Is cultural, business, or political risk more challenging to overcome than one of the others? Why or why not? How should American standards influence multinational businesses? )
Prompt 1: Some issues with running a multinational business is having to deal with different time zones. If there is a meeting at a certain time where I am, it could be several hours difference in another area making it very difficult to schedule and arrange a time. Addressing different cultures can also be difficult. Different cultures have different ways to greet people and show signs of respect. While those may be considered acceptable in one culture, they may be offensive in another. It is important to always know your audience and address them in the appropriate way. In my opinion, political risks are more challenging because you can adapt and learn and understand different cultures. You can go and experience it. With political risks, everyone sees your viewpoint. Therefore, other people from different cultures may not agree with your viewpoint. If people don’t agree, they may not way to do business with you. They could also put higher tariffs on imported goods due to your political viewpoint. American standards should influence multinational businesses by being taken into consideration, but it is also important to consider all other nationalities. If you run a multinational business, it is important to look at your customers as a whole.

Prompt 2: There are a lot of cultural and structural risks when starting a business or expanding into foreign countries. Different countries have different structures and ways of doing things than we do. They might think something that is normal to say here is extremely rude. Other countries also do deals differently than we do. They have business meetings followed by business meals. They have different dress codes. To reduce the risk someone needs to be hired that is familiar with the business operations in that country. Particularly if you want the business expansion to be successful you need to business the right way in that country from the beginning. You need to have a person who knows how to hire the proper employees for their roles. Also, in other countries government may have more control over the business. They may dictate who can work there, hours of operation, or even if you are allowed to sell certain products in that country. There are products that are banned here and are allowed in other countries and vice-versa. Taxes may also be different in other countries. You will need to have people in place that know these customs for that particular country.

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