Evolution and trends in international business
International business, and international business opportunities, have existed as long as people have travelled. In fact, throughout history, much exploration of the world has been driven at least partly by business interests. Ancient transportation networks, such as the Silk Road, were opened up by traders—and the paths they carved out were fundamental in shaping relations between different civilizations, as well as their economic, cultural and even philosophical development. In many ways, business people were some of the original explorers and adventurers.
While the nature of international business has changed, this spirit of exploration and adventure, of being on the cutting edge of development, and driving progress remains even today. Finding new markets, responding to challenges and developing solutions are what move international business forward—and tend to motivate and excite the dynamic people who thrive in this environment.
I have always been interested in travel, but not just the vacation sort of travel. I wanted to use my skills to take me to new places around the world where I could work and learn about different cultures and economies.
-Katherine Arblaster, Project Manager and Consultant at Mennonite Economic Development Associates
Today's interconnected world presents no shortage of challenges and opportunities attractive to business-minded people. In fact, if you are contemplating a move into the international business arena, the greatest difficulty may be deciding which of many different possibilities excites you the most. Some of the global developments that have drawn attention, investment and top talent from business communities in recent years include:
- Emerging markets
So-called emerging markets—countries like Brazil, India and China, which are experiencing rapid economic growth and development—offer a range of opportunities for business professionals. Changing demographics, evolving regulations, expansion of technology and the high demand for skilled talent make working in these countries a great way to learn at a fast pace while making a global impact. Specific opportunities include infrastructure projects such as building roads, railways and airports, as well as commercial and residential buildings to accommodate increasingly urban populations. Agribusiness is a major area of opportunity in countries such as Bangladesh, Vietnam and Indonesia. Developing financial services to transition unbanked populations to the formal system in countries such as Nigeria also represents a major area of potential growth and opportunity. Finally, global trade and investment flows between emerging markets and developed economies offers opportunities for advisors and consulting firms facilitating trade and investment flows across borders. - Environmental concerns and opportunities
Climate change is a global problem that truly requires global solutions. Moving towards the goals set out in The Paris Agreement will draw heavily on the intersections between business, technology and economics, to find technological and policy solutions. Expertise in these areas can open doors in the private sector, government, and a range of non-governmental organizations and social enterprises across the world. The clean-tech sector is also exploding across a range of developing countries, where it simply makes good economic sense. Global markets for clean technologies, products and services have grown by 10% for the last several years, and are estimated to reach $2 trillion by 2020. - Social enterprises
One of the most exciting sub-sectors of international business that has gained momentum in the past decade is that of social enterprise—businesses that measure their success not strictly in financial terms. Social enterprises use a business approach to contribute to wider social or environmental goals. An increasing number of these organizations operate in the Global South, or so-called developing countries, contributing to poverty reduction or environmental preservation. This sector offers interesting opportunities to merge an understanding of international development with international business skills and perspectives. Social enterprises can be a great place for those who are business-minded, but driven to make a positive social impact.
“Being outside of the bounds of the international development space, working through a private tech company, there are a lot more opportunities to have more scalable programs in areas such as digital skills training. Last year Google trained over 1 million users on how to use and access the internet, and we’ll train another 2.5 million this year. Access to information transforms lives and leads to economic development.”
Monica Rucki, Strategy & Operations Manager for Sub-Saharan Africa, Google
In addition, the rapid growth in information and communications technology has profoundly affected the way that international businesses work. Remote collaboration and international teams are now the norm—meaning that you could well find yourself working "internationally" in a sense, even if you never leave your home country. Though it may seem counter-intuitive, launching an international career can start at home.
