From both an academic and professional perspective, being exposed to businesses on a global level is an incredible opportunity. It’s one we offer at Lake Forest Graduate School of Management through our Global Focus program. Our hope for the program is to have students’ education be enriched through knowledge that can be applied to current or future organizations as well as their own endeavors. Having a global context for economics, culture, resource production and delivery of goods and/or services are extremely valuable in leadership roles.
Did you know 70 percent of the world’s purchasing power is located outside the United States? According to the U.S. Department of Commerce, due to the increase in access through improvements in trade finance and the Internet, American companies have an opportunity to drive global market share, increase profitability and gain a competitive advantage. At a time when international business practices are continuing to grow and evolve, Lake Forest Graduate School of Management (LFGSM) wants students to experience this evolution first-hand.
The business world is constantly changing with the rapid development of new market possibilities in Asia, Europe, Latin America, Africa and Australia. This demonstrates the importance for organizations to recruit and retain leaders who have developed a portfolio of international business experience.
Why does exposure to global business practice benefit business leaders and the organizations they work for? With the growth of the global middle class, export and manufacturing industries in the United States are more actively pursuing strategic expansion into new overseas markets, which invites ethnic diversity into the corporate culture and business process. In order to successfully connect your products, sales or services to foreign buyers, an executive team with global business experience is essential.
Businesses are looking for executives with more than global business awareness, they are looking for leaders who have built intercultural competencies.
Developing Intercultural Competence
When business leaders seek out opportunities to meet and engage with organizations abroad, it opens the door to a deeper understanding of unique models and approaches. Within the United States our business practices have small variations depending on the region, but in general they are fairly predictable and uniform. In the many industrialized countries abroad, business methods are impacted significantly by sociocultural and economic influences which are very unique to the region. They vary dramatically from American norms.