Small and medium-size enterprises (SMEs) must realize that doing business internationally involves uncertainty and risk such as fluctuation in world currency exchange rates, global and regional economic and political unrest, and inconsistencies in the global supply chain. A recent survey of CEOs of SMEs revealed that 56% look forward to engaging in international business, with less than 20% considering it a threat. You should always remember that international trade is a two-way street.
Probably, some people are born traders if they possess qualities like possessing logical and objective way of thinking and spontaneity. At the same time, they should be disciplined, self-confident, and always ready to accept criticism. Trade is an occupation requiring mechanical or manual skill and everyone will definitely agree that the more skills an employee possesses, he or she will be placed in a better position. Skills, including trade skills, and experience are the vital factors that employers would like to see in an employee.
Governments around the world are making efforts to promote and help small businesses in expanding their international operations. Advances made in the field of communication, technology and transportation have changed the world into a global village. Language, once a barrier to small firms in the international arena, is no longer an issue, with the widespread acceptability of English as the global language of business. Global telecommunications have reduced the technical barriers to trade in the global village to a great extent.
Even in a slowing economy, it is easy to learn new trade skills that can either add value to existing jobs or open possibilities of career enhancement and prospects of new shift in career streams. In a world where business people are increasingly dependent on computers and other modern technologies, they are benefited from new technical skills.
SME faces a lack of resources for acquiring and understanding information, experience, managerial knowledge and inadequate planning. Despite limitations, SMEs engage in international trade with varying degrees of success. International trade activities can be risky, at times, due to regional and global political instability, climatic and other environmental uncertainties. However, SMEs will be successful only if they are able to manage the multi-faceted activities associated with globalization.
Acquiring knowledge by spending long hours together by books, blogs, magazines or on the internet will not fetch you anything until you implement it. Even if you face failure once, it doesn’t mean that it is the end. Instead, take it as a learning process for a successful future. After all, failures are the stepping stones to success!
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