Question 1

What is international business, and why is it important to learn about?

Accepted Answer

International business is the trading of goods, services, and investment across borders. With historic trade barriers between countries falling in recent decades, globalization has created enormous business opportunities by expanding access to new markets as well as new lower-cost overseas supply chains and production facilities. An understanding of international business is important for taking advantage of these emerging opportunities and leading successful companies in the 21st century.

However, the crossing of borders introduces new and often complex factors to running an international business. Business plans must consider sources of international finance as well as domestic banks, while also comparing different border tax and tariff regimes. Management must understand and weigh political and economic risks in overseas markets before committing to investments in a foreign countries. And global marketing and communications plans must be carefully attuned to cultural differences in the business world in order to avoid alienating potential suppliers and customers.

Despite the additional complexity from these and a myriad of other factors, for a growing number of companies the potential advantages of becoming an international business far outweigh the costs. In fact, for many retail and manufacturing companies that depend heavily on delivering products at the lowest cost possible, working across borders may be essential to remaining competitive.

Question 2

What kinds of careers can I have with a background in international business?

Accepted Answer

If you want to work in management at the world’s largest companies, a background in international business is likely to be essential to your success. Major businesses today simply can’t afford to ignore opportunities to tap into vast new overseas markets and low-cost supply chains to increase their competitiveness and fuel their growth. A keen understanding of how to navigate the various economic, logistic, and cultural issues involved with working across borders can thus greatly expand your own career opportunities.

According to the Bureau of Labor Statistics, management occupations earned a median annual salary of $105,660 in 2019, and chief executives took home $184,460 per year. Beyond these excellent salaries, top executives also typically receive stock options, performance bonuses, and other benefits, an indication of how highly management skills and especially international business expertise are valued.

Question 3

Can I learn about international business by taking online courses on Coursera?

Accepted Answer

Yes! Coursera lets you learn remotely about business topics, including international business topics, from top-ranked universities from all over the world. You can take individual courses and Specializations spanning multiple courses from schools like the University of Pennsylvania, the University of London, and the University of New Mexico. You can even earn credits and credentials that you can put towards a masters in business administration (MBA) degree, making learning on Coursera a great way to start your international business education or take it to the next level.

Question 4

What topics can I study that are related to international business?

Accepted Answer

Topics you can study that are related to international business include the business culture and language of a specific country. Understanding these concepts can help you avoid mistakes when communicating with business partners and customers in other countries. You could also choose to learn about religions that are practiced in other countries and environmental strategies. International trade laws could also be included in your international business studies to make sure you remain in compliance with the laws of countries where you do business. Topics you can study if you want to work in the supply chain management or logistics area of international business include how to fill out and file transportation paperwork, such as a bill of lading and freight bill.

Question 5

What types of places hire people with a background in international business?

Accepted Answer

Businesses that purchase from or sell to companies and individuals in other countries typically hire people who have international business backgrounds. These may also be companies that offer services in other countries. For some companies, the work is performed domestically based on an understanding of international trade in a given country. For example, if a company needs to have a marketing campaign that is relevant to customers in another country, that company might hire a marketing consultant who specializes in international business. Companies that outsource labor to other countries might also hire people with international business skills, and companies that manufacture products may hire people with these skills to work either domestically or abroad.

Question 6

What kind of people are best suited for roles in international business?

Accepted Answer

People who enjoy experiencing other cultures and who possess strong linguistic ability are typically best suited for international business roles. People who have strong interpersonal skills and emotional intelligence are also usually well-suited to working in this field. These skills can be helpful when dealing with coworkers from other countries as well as customers of a company that's engaging in international business and sales staff from companies in other countries. People who are resilient and who adapt easily to rapidly changing situations can also be found working in international business settings.

Question 7

What are common career paths for someone in international business?

Accepted Answer

Common career paths for someone who works in the international business field include marketing managers who create culturally sensitive marketing materials and human resource managers who manage the employment processes of workers from or in other countries. Financial analysts who work to help companies cut costs and policy analysts who help companies remain in compliance with the laws in other countries are two other potential career paths for international business professionals.

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Frequently Asked Questions about International Business

What is international business, and why is it important to learn about?‎

What kinds of careers can I have with a background in international business?‎

Can I learn about international business by taking online courses on Coursera?‎

What topics can I study that are related to international business?‎

What types of places hire people with a background in international business?‎

What kind of people are best suited for roles in international business?‎

What are common career paths for someone in international business?‎

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