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In addition to cultural factors playing a large role in firm effectiveness, they can also influence the success of individuals on foreign assignments. As an individual business person interacting in a different culture, it is important to understand how that culture can affect your business and day-to-day activities.
Based on your evaluation in discussion one, generate 2-3 suggestions for the business person working/ traveling to the selected country on how to prepare herself/himself for conducting business in that country. Discuss each suggestion and justify their importance.
1) Learn the Language: Learning the language of a foreign country is one of the most important steps for any business person preparing to work there. Not only can it help you to effectively communicate with locals, but it can also demonstrate respect and appreciation for their culture. By doing so, you can create relationships that are more meaningful and effective for both parties, increasing your chances of success in negotiations or other interactions.
2) Understand Cultural Norms and Business Practices: It is essential to understand how different cultures do business differently before entering a new market. Knowing what kind of etiquette, communication styles, and protocol will be expected will help maintain successful professional relationships with partners and colleagues abroad. Understanding things such as acceptable dress code or meetings practices are key factors when interacting within a different culture’s environment.
3) Research Local Economic Factors: When preparing for international business travel it is critical to research local economic conditions in order to have an understanding of their impact on the marketplace you’re entering into. This includes researching inflation rates, currency exchange rates, stock markets index changes etc., which could affect potential investments made in that country or region as well as any operational costs associated with running a business there.