How to build a successful career in international business management
In the present digitally empowered times, ambitious organisations are becoming liberated from the confines of national borders venturing into global markets. However, simply expanding internationally is insufficient; rather, an entirely new set of skills and strategies are required to succeed in overseas markets. International business management plays a pivotal role in helping companies understand how different global economies interact and how businesses operate on a global scale.
The need for professionals who are well-versed in international business management is growing in tandem with the demand for global success. Such experts are invaluable assets to enterprises, helping them accomplish their goals and expand their global networks. The skyrocketing demand for their expertise is a testament to the immense value they bring to the table.
A rewarding career in international business management begins with a solid educational foundation in business and management principles. In addition, navigating the diverse global landscape requires the development of a global mindset and strong intercultural communication skills.
Besides education and a global mindset, constructing a network of professional contacts and remaining updated with industry trends and developments is essential. The business world evolves rapidly; thus, it is critical to adapt, be resilient and be able to thrive in complex international environments
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What is international business management?
International business management is a business domain specialisation concerning the administration of global business operations. It requires intensive knowledge and comprehension of concepts such as human resources, supply chains, marketing, finance and other business functions. This business sector requires professionals to be familiar with local markets, legal and financial landscapes, international trade regulations, cultural differences, political dynamics and economic trends.
What is the scope of international business management?
Globalisation is growing; in this context, international business management can help professionals navigate the complexities of international trade, marketing and finance. Apple Inc. was founded by Steve Jobs, Steve Wozniak and Ronald Wayne in the 1970s and is now one of the most influential international companies. Led by Steve Jobs, Apple differentiated itself from the competition through its iconic slogan, ‘Think Different’, emphasising user-friendly products, innovative design and unwavering customer loyalty. Apple continues to outshine competitors and captivate audiences around the world by deploying strategic marketing and creating a tightly integrated ecosystem.
The scope of international business management is vast, encompassing various aspects of business on a global scale. Global markets have expanded rapidly over the past decade, highlighting the need for experts in international business management. Consequently, this field provides wide-ranging opportunities for capable and deserving candidates.
Moreover, international business offers myriad prospects related to the following aspects:
Import and export of services: In international business management, the import and export of services in international business management involves different countries and entails cross-border exchange of intangible offerings such as tourism and travel, transportation and communication.
Import and export of merchandise: Import and export of merchandise involves the movement of physical products across borders and is defined as the trade of tangible goods between countries. Merchant trading comprises imports of consumer goods, industrial machinery, raw materials and agricultural products and exports of manufactured products, vehicles, electronics and other commodities. Countries import and export merchandise to meet domestic demands, access domestically unavailable resources and exploit production and cost-related comparative advantages.
Foreign investment: Foreign investment is described as the disbursement of capital, resources or assets from one country to another by individuals, companies or governments. Foreign investments may occur in diverse forms such as direct deployment of funds in foreign companies, establishment of subsidiaries or branches in foreign markets or the acquisition of assets and properties in another country. Foreign investments have a critical function in the global economy because they foster economic growth, stimulate job creation, facilitate technology transfers and promote trade between nations.
Licensing and franchising: Licensing and franchising denote business arrangements involving the transfer of intellectual property rights and the permitted use of specific trademarks, copyrights, patents or business models. Licensing indicates that the owner of the intellectual property grants another party the right to use the owned asset in exchange for licensing fees or royalties. Meanwhile, franchising is a contractual relationship where the franchisor confers upon the franchisee the right to use its established brand to operate a business and offers continuing support and guidance.
Why is international business management important?
The world has experienced unparalleled interconnectedness in recent years because of globalisation, enabling companies and businesses to extend their operations across the world. However, the increased ease of operating global businesses has also intensified competition in different sectors, which is when the importance of international business management becomes apparent.
International business management enables companies to expand their operations beyond domestic boundaries, tap into new markets and reach a larger customer base. It helps companies capitalise on opportunities and overcome challenges associated with businesses in diverse international markets.
Companies can maximise their profitability by using effective international business management strategies to identify and leverage competitive advantages, optimise pricing and cost structures and adapt products and services to satisfy the needs and preferences of global customers.
International businesses offer numerous benefits to countries and firms. Countries can obtain means of earning foreign exchange that they can then use to acquire capital goods, technology and other products from other nations. Furthermore, international business projects encourage efficient resource utilisation for countries. Nations can focus on producing goods and services efficiently and can trade their surplus with other countries, thus optimising their resource allocations and enhancing productivity. Meanwhile, firms can avail attractive profit opportunities through international business undertakings, increasing their profitability by selling goods yielding lower domestic prices in foreign markets.
In the current business landscape, globalisation has become integral for any organisation, causing increasing demand for professionals who are well-versed in international business. The Berlin School of Business and Innovation (BSBI), Germany, offers a unique three/four-year programme curriculum that combines theoretical and practical knowledge to cultivate a growth mindset. The programme nurtures next-generation business leaders capable of navigating the challenges confronting global enterprises.
This programme inculcates essential transferable skills, facilitating excellent performance in managerial positions in the dynamic global business landscape. These ‘soft skills’ are highly valued by employers, and the programme hones these abilities through effective group and team interactions, emphasising proficiencies to work autonomously and skilful time management.
Upon completing this programme, you will acquire practical expertise and a strong theoretical understanding, which will launch diverse career opportunities in areas such as consultancy, international finance, non-profit organisations and entrepreneurial ventures.
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What salary range does an international business management professional command?
According to Glassdoor, the average annual salary earned by international business management professionals in Germany ranges between €75,174 and €158,847, depending on their experience and educational qualifications.
What key challenges confront international business management professionals?
Professionals in international business management face some significant difficulties. For instance, language barriers, payroll challenges, cultural differences, supply chain issues, foreign policy issues, geopolitical and cross-border relations and the challenges of managing globally distributed teams.
What are my career possibilities after studying international business management?
International business management is a dynamic and lucrative field that offers a plethora of job opportunities. The scope of international business management is vast—numerous and diverse positions may be offered to qualified candidates, including international business consultant, investment banker, business development manager and international supply chain manager.