Monopolize Job Market: Equip Yourself With the Finest International Business Skills

Monopolizing refers to having a large share of a business or a venture, wherein one is in full control of the deals and dominates the market in terms of its business share
Monopolize Job Market: Equip Yourself With the Finest International Business Skills
Image credit: Pexels
Representational

Franchise Your Business

Schedule a FREE one-on-one session with one of our Franchise Advisors today and we’ll help you start building your franchise organization.
Director, Symbiosis Institute of International Business
3 min read
Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

In today’s volatile business environment, anyone aspiring to start a business needs to look at host of important elements such as knowledge or expertise, market demand and finance and more importantly its sustainability. Every organization strives hard to have a monopoly in the market. Working on skills that can help increase a business internationally is critical. Monopolizing refers to having a large share of a business or a venture, wherein one is in full control of the deals and dominates the market in terms of its business share. In a country where the economy is driven by multiple factors including stiff competition by external business players, it is extremely difficult for entrepreneurs to succeed unless they have acute knowledge and skillset to run their businesses.

Some skills needed to launch a venture include: interpersonal influence, emotional intelligence, adaptive thinking, resilience, cross-cultural communication skills, etc. Working in an international business demands adapting to a diverse workplace with people from different cultures or backgrounds. It requires decency, respect, sensitivity, and an open mind which also helps gain exposure. One has to make an effort to learn, understand, observe and appreciate cultural differences while communicating. Lack of communication can lead to problems and cause harm to any project. Developing relationships based on trust, focusing on efforts and delivering quality could be some of the key factors while running a successful enterprise.

 

For a successful international business, just networking isn’t enough, you need to work well with people. The ability to work as a team towards a common goal requires humility, letting others share credit, and take the lead. Today, we have a VUCA business environment that is volatile, uncertain, complex, and ambiguous. One must have the confidence to react and adapt according to situations and have an out of box thinking which would help solve problems. Practically, working across different time zones and cultures involves long hours. Resilience is a key in helping you overcome risks and recover quickly assuring success in the long run.

Big international companies expect their talent to be flexible and open to changes with top-class business and technical skills. Nowadays, a great deal of focus is on spiritual quotient of an employee. The study shows that employees with good emotional and spiritual quotient are more likely to survive in the organization. Having a good emotional and spiritual quotient helps a person to tackle complex situation with calm and determined mind set. Also, it helps him/her collaborate and communicate with coworkers more effectively.

If launching a new venture and putting it on the map globally is your future dream, having an MBA degree in International Business will certainly help you in realizing the same. It will provide you with the basic skill set including good exposure to business practices in different geographies and markets. Having a good command over communication and negotiation skills, ability to understand and evaluate difficult situations certainly makes aspiring business leader a powerful asset in the world of business.

Latest on Entrepreneur