In this current world scenario the economy has definitely changed from being a closed in home economy to a more global economy. The world boundaries are still there but in terms of conducting business and the accessibility the world has shrunk to a considerably smaller place.
For example you can make a call today to get a new laptop and the company representative that picks up the phone may be sitting in India answering your phone. He will speak to you in the accent you understand and will help you get the new deal on the laptop you are wishing to buy. If you were speaking in Spanish the call would have routed to one of the Spanish speaking countries in South America.
All this has happened considerably fast and the main reason for that to happen is the advent of advanced telecommunications and the of course the internet.
That said if you are doing business internationally or locally you should be aware about the international affairs too as that can affect your business. Years ago that was not the case as the economies were insulated from each other but it is not the case. If you are a manufacturing company in the US you will have competition from companies who are producing their goods in China. If you are a software company then you will have a large number of Indian companies competing with you for the same projects. So as a business owner you need to step out of that predefined area where you were operating initially without giving thought to what is happening to the outside world.
As an entrepreneur you need to be continuously on your toes to look out for the competition not only in your own country but also from the emerging economies. The other positive side to this is that now you have the entire world as your play ground. Earlier you had only your country as the area where you could offer your services but now you can think of opening up a business in China or even in Brazil. You can easily manage that business sitting from here in the US. You can hire professionals in those countries to manage the operations and also enjoy the low cost advantage.
The name of the game is globalization and they say that your bets bet in terms of outlook is that think global and act local
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