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

By Dr. Asmita Chitnis

Opinions expressed by Entrepreneur contributors are their own.

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

Pexels
Representational

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.

Dr. Asmita Chitnis

Director, Symbiosis Institute of International Business

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

InCred Money Enters Retail Broking with Acquisition of Stocko

With the acquisition, InCred Money will now provide a wider array of investment options, including fixed deposits, alternative investments, equities, and derivatives, tailored for digital-first investors.

News and Trends

JIIF Invests INR 26.5 Cr in Atomic Capital's INR 350 Cr Consumer-Focused VC Fund

In FY 2024–25 alone, JIIF investors deployed over INR 60 crore into 20+ startups across sectors like fintech, healthtech, logistics, AI, and now consumer.

News and Trends

Why Most AI Startups in India Don't Succeed

9 out of 10 startups don't make it, by the end of the first year, 20 per cent fail; by the fifth year, that number jumps to 50 per cent, and by the tenth, nearly 70 per cent are gone

News and Trends

Arun Srinivas Appointed as Managing Director and Head of Meta India

Srinivas, who has been serving as Director and Head of Ads Business for Meta India since 2022, will continue to report to Sandhya Devanathan, Meta's Vice President for India and Southeast Asia.

News and Trends

Hero FinCorp Raises INR 260 Cr in Pre-IPO Round

This fundraising has led the company to reduce its fresh issue size to INR 1,840 crore from the previously planned INR 2,100 crore.