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Global Opportunities
Section
4.1
Section
4.2
SECTION
4.1
Global Entrepreneurship
Section Objectives
Describe the role of entrepreneurship in todays multicultural, global economy. Explain why the global market is important. List current trends that provide both domestic and global opportunities for entrepreneurs.
SECTION
4.1
Global Entrepreneurship
SECTION
4.1
Global Entrepreneurship
Content Vocabulary
global economy exporting importing trade barrier tariff gross domestic product (GDP)
SECTION
4.1
Global Entrepreneurship
Entrepreneurship plays an important role in todays multicultural global society. Technological advances and changes in trade barriers have created a global economy.
global economy
SECTION
4.1
Global Entrepreneurship
International markets provide opportunities for entrepreneurs to engage in importing and exporting goods and services.
exporting importing the selling shipping goods buying and or bringing in of goods to other countries from other countries to sell
SECTION
4.1
Global Entrepreneurship
SECTION
4.1
Global Entrepreneurship
The World Trade Organization works to eliminate or lessen trade barriers and tariffs.
tariffs trade barriers a type of trade barrierentering imposed by restrictions on goods or a government as a tax on leaving a country imported or exported goods
SECTION
4.1
Global Entrepreneurship
Global Opportunities
the total value of all goods produced in a country during the year
SECTION
4.1
Global Entrepreneurship
Small businesses and entrepreneurs are going global to take advantage of the opportunities to do business with other countries.
SECTION
4.1
Global Entrepreneurship
The global market holds many opportunities for growing businesses because it is many times the size of the U.S. market.
SECTION
4.1
Global Entrepreneurship
Opportunities lie in every part of the world where customers need or want products made in the United States and from which products not found in the United States can be imported. Huge opportunities are available in Asia, Latin America, and Europe and in developing nations.
SECTION
4.2
Section Objectives
Identify the benefits and risks of international trade. Explain how to find the best international markets. Compare and contrast importing and exporting.
SECTION
4.2
SECTION
4.2
Content Vocabulary
interpreter Standard Industrial Trade Classification (SITC) codes International Business Exchange (IBEX) trade missions best prospect list
SECTION
4.2
SECTION
4.2
It is important to show respect and understanding for the cultures of the people with whom you do business. An interpreter will help ensure that your communications to others are accurate.
Chapter 4 Global Opportunities Glencoe Entrepreneurship: Building a Business
interpreter
SECTION
4.2
SECTION
4.2
International Business Exchange (IBEX) the electronic commerce system that allows businesses to find trading partners and sell products and services anywhere in the world
SECTION
4.2
A small business with products on the governments best prospect list will gain the chance to go on a trade mission.
best mission trade prospect list an a list opportunity compiled by offered the government by the U.S. of products that government andother private countries agencies want to small to purchase businesses to travel to other countries to meet with foreign agents, distributors, or potential business partners
SECTION
4.2
To be successful as an exporter of consumer products, it helps to market to countries to sell where people have enough disposable income.
disposable income
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SECTION
4.2
An entrepreneur can expand a business into a foreign market by using a trade intermediary.
trade intermediary
SECTION
4.2
Some entrepreneurs find it helpful to establish a foreign joint venture in order to gain entry into a new global market.
SECTION
4.2
An entrepreneur wishing to export goods or services to another country may employ the services of an export management company and/or a freight forwarder.
freight forwarder export management a company that arranges an organization that handles all of shipments and prepares the tasks related to exporting for a necessary exporting paperwork manufacturer
SECTION
4.2
solutions a new idea a market for the product or service the ability to handle risk and frustration good contacts in other countries
SECTION
4.2
The benefits of international trade include being able to purchase goods or services from and sell them to other countries and to manufacture in other countries. Countries with unstable governments provide a riskier form of opportunity; there are many barriers and little government support for business owners.
SECTION
4.2
The U.S. Census Bureaus Guide to Foreign Trade Statistics helps in locating sources for various trade statistics. Standard Industrial Trade Classification (SITC) codes tell what kinds of products are traded in specific countries.
SECTION
4.2
Importing is buying products from other countries to resell in your own country. Exporting is selling and shipping goods to other countries.
Global Opportunities
End of
Chapter 4
Section
4.1
Section
4.2