A term that has caused great controversy throughout the world regarding financial flow and trade is globalization. Globalization is defined as the integration of the global economy. This topic has vastly taken off in the latter half of the twentieth century. A question running through many people’s minds is if globalization is a threat or an opportunity. There are many different views to consider before answering this question.
Examining different areas and cultures of the world defines the first perspective of this “buzzword.” People of various countries have different customs as well as technological advances. These people may be accustomed to a specific way of life in regards to ...view middle of the document...
This “interlinking” has enabled people to trade, buy, and sell to and from one another. Time and geography are no longer an issue because communication and transportation have and are continuing to develop. For example, because of the internet we are now able to buy and sell products globally. These products are then delivered via mail which can be shipped in less than a week. This progression in technology has been a main focal point in today’s society.
Due to the improving capability of attaining trades and finances, we are economically more efficient. People today can trade stocks and bonds over the phone and through the internet. There is no more hassle of having to visit your stockbroker in order to buy and sell stocks. Information is at our fingertips and readily accessible.
On the contrary, this accessibility is creating more competition for small businesses and entrepreneurs. The need for small businesses to fulfill the basic requirements for business success is intensified. Some of these basic requirements include effective marketing, efficiency in production, and responsiveness to the needs of customers. While new information and improved technologies can help small businesses meet these basic requirements, competition has made failure less of an option.
Entrepreneurs now need to take a closer look at whether or not they are ready to start a new company. The reality is that competition within the world of business operation is taking off and more thought needs to be considered before the establishment of a new company.
With such a demand for quick and reliable goods and services, the excellence of these goods and services may be substandard. People expect a certain quality and premium placed on items being bought and sold....