What Should You Do In Globalization World?

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Jan 27 2007
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Rick Newman recently wrote about How to Compete in a Global Economy and how the global business is getting hotter each day as the world’s business slowly but surely enter the hole of globalization. American dominance in the business world is said to be fading, which I agreed looking at the emergence of new economy giants in the form of BRIC – the most distinct at this moment being China or course. But along with these BRIC giants, smaller nations around the world such as Middle East kingdoms and Vietnam are slowly putting their countries’ name on the business map.
So, what shall you do to adapt to the new era of doing business?
  1. On your traveling journey, get ready to experience and learn the other cultures – not just travel purely on business purpose. Go to cultural events, sporting events, try their local foods and understand their business-mind.
  2. Instead of thinking of retirement at the age of 55 and spend the remaining old age at your cozy home, think about traveling overseas to gain experience. Force your kids to spend some years working overseas if he/she works for you.
  3. Learn another language as it’s not too late and too difficult to master. If you’re still young, you’ll have an easier path. If you speak Chinese, you can live anywhere in Asia. Knock, knock – “Hello government of Malaysia, are you awake and realize the importance of learning Chinese?”
  4. If you’re blue-collar workers, keep on re-training your own skill-sets to keep yourself abreast with the latest demand on know-how to continue your survival.
  5. If you’re fearful of radical change in China, that’s because it’s the risk premium you’ve to pay for such an important economy powerhouse. You just can’t ignore this coming giant which was said to be able to unseat U.S. as the next biggest economy nation in the world.
  6. Some countries in the Middle East such as United Arab Emirates which has good vision for the future is a starting point for you to venture into. You know such quality country when they put great effort in their local education and think about nanotechnology and bio-fuels, compare to country such as Saudi Arabia who still think their oil fields will self-regenerate once it dry-up one day. Countries which refuse to change in the name of society contract will not move along globalization.
  7. If you’re the government who make policies you better start reduce red-tape, improve competitiveness, improve the country’s market attractiveness and retrain segments of the population.

Just because your country is the biggest economy in the world doesn’t mean that status will remain forever. Just because a country is blessed with abundance of natural resources such as tin, rubber, palm-oil, timber and oil doesn’t make you eligible to be “self preservation”. Just because you’ve been holding a top management position in a company doesn’t mean the company will not axe you comes job-cuts. So, the key to survival is to continue learning and be open to global changes.

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