Reasons For Going Global On A Business Model, Funding, And Insurance Against Fluctuating Exchange Rates

828 Words Aug 8th, 2016 4 Pages
Every business will face challenges when exploring new markets even with a proven business model, funding, and insurance against fluctuating exchange rates. Nevertheless, there are several reasons that going global will lead to success as initial research reveals. With Singapore as the leading candidate with so many positive attributes, there is no guarantee to success, but persuading targeted stakeholders of the benefits will ease concerns with expansion.
Benefits such as new revenue potential and access to a larger base of customers can lead to even more investment opportunities and allows for more diversification. Diversification in itself can protect from unforeseen circumstances that effect domestically based revenue by offsetting with globally based revenue. Since Singapore boasts a highly educated population, another benefit of going global is access to a larger group of talented people that can bring in new ideas. The ability to have foreign talent is arguably an asset for the organization no matter what country they are from.
Cultural Characteristics
When going international, contact with different cultures is inevitable. Understanding how cultures are different will give our organization a new perspective on how business is done outside the United States. Information gained can only help to improve our reputation here and abroad. There are several tools available to help with learning how American culture differs from Singapore’s. Hofstede cultural classification…

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