This article is the introduction of a five-part series on the topic of Globalization: America's Leadership Challenge Ahead, the title of my new book just recently released in paperback.
Globalization is fast becoming a business imperative for survival and growth, whether you recognize it or not. This applies for solo entrepreneurs and local small businesses, as well as for large multi-national corporations. Although the latest economic reports continue to be mixed, some financial experts believe we have entered a new decade of prosperity. Paul Zane Pilzer, noted economist and trend predictor seems to think so. He's forecasting that the economy will create 10 million new millionaires by 2016. (I look forward to my name getting added to this list!). A large part of this new economic growth and prosperity is expected to be fueled by the next trillion dollar industry - the Wellness industry.
However, let's not get too far ahead of ourselves. There is still a lot of work ahead to repair the U.S. economy after a decade of economic despair, reduce our record level $14 trillion national debt, and improve our competitive position in the global economy. As an entrepreneur or small business owner, I know what you are thinking when you hear the word globalization. "I'm a small local business owner with no plans to expand internationally. So, what does globalization have to do with me?" The short answer is EVERYTHING! If you are not paying attention to the signs, you're putting your business at risk!!!
The proliferation of the Web has made the world at lot smaller and it's much easier to conduct business on a global scale today than it was just 10-20 short years ago. By making the world smaller the Web has also enabled global competition to be much more upfront and personal, and much more pervasive. The explosion of social media has accelerated this pace, allowing access to products and services, content and the competition to appear to be ubiquitous. This is particularly evident if you have an e-commerce business today.
Think of the global economy as a two-way mirror. As you peer through the glass to explore new local, regional and/or international business relationships there are hundreds if not thousands of prospective clients, suppliers and yes, competitors looking back at you with the same or similar goals in mind. Therefore, the survivability of your business, large or small, may very well hinge on your leadership ability to reevaluate, adapt and evolve your business model in real-time to meet the challenges of doing business in this highly complex global marketplace.
Consider your current clients, suppliers and partnerships for a moment. What changes are on the horizon, as a direct or indirect result of globalization that would affect these inter-dependent business relationships? Further, what course corrections do you need to make in order to stay ahead of the curve and protect your business from the onslaught of global competition? Finally, how should your business plans be altered to ensure that future growth goals become reality?
In subsequent blog articles, I'll address some of the major hurdles ahead and the steps you need to take to achieve business success in the 'New World' economy. So, stay tuned in the next few weeks for more on Globalization: America's Leadership Challenge Ahead.
COPYRIGHT 2011-12 John Carroll
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