2 basic types of business


International business

The most basic and simple meaning of international would mean the exchange of goods,
technology, capital across the international borders. It means the firm which is carried on
beyond the national borders of one’s own country. The other term for international firm can
be called globalization.

international business
international business

In order to have their companies in the international markets, business companies need to
indulge in a separate national market into one global marketspace.
Today almost most of the markets have made their way into the global market. Listed below are
the two factors which can prove their development in the global market. The elimination of
barriers across countries so as to ensure free flowing supply and demand of goods and
services. The second factor is the change in technology such as greater communication,
processing information within a limited span of time and faster means of communication which
ensures that goods are delivered immediately when required.

International firms which is carried on across the borders of one’s country can also be
defined as multinational companies (MNC).it has a worldwide approach to production, marketing
and conducting their operations across many other countries.

Some most prominent and well known examples of MNCs are MacDonald, Microsoft,
Starbucks, General Motors, KFC, Pizza hut, Dominos , Ford motor company and many more.
Just like domestic companies, international firms are a broad field which includes many
specifications. An individual personas role depends on the responsibility and industry you work
in. Most of the time their job role includes- data analytics, sales executive, logistics, customer
care service and contract negotiations.

Knowledge of entrepreneurship and strategic management will help to understand the
management of international firms to a great extent. Strategic management is the main
concept which helps the firm in a good performance.

The most basic and important strategy is the word SWOT (strength, weakness, opportunities
and threat). This helps the business firm to take stock of the organization’s weaknesses and
strengths, further to plan the action while over coming and working on its weakness. SWOT
helps you to overcome threats and opportunities and to thereby work on the conditions which
are favorable to a good firms .

Family run business
Family firms can be termed as a commercial business in which the decision making is
influenced by family members who are related to blood, adoption or marriage. Their decision
making process and willingness has an influence on the company. They are identified in the
company as having ownership or leadership.

Family run firms are considered to be the oldest form of organization that deals with
business. The vast majority of firms be it from multinational companies to small shops can
be considered as family firms, depending on the type of firms one plans to put up.
In family business three or more can be drawn from the person owning the business, family
business can also have members who are not belonging to the same family. Family member
are often involves in the operation of the firms. They usually hold the post of the manager
and look into the happening of the business in order to ensure smooth functioning of the company.

Many companies in India which were once family firms have now turned into
public companies due to higher and greater achievement in the field of business.
Family members participation in the business can help to strengthen the company because
blood relations are often considered much stronger. This factor can help the company achieve
its goal and ambition.

Often the drawback is that the owner of the firm can present different problems when the
family members have internal conflicts with each other. Sometimes the interest of the family
may no be in sink with the interest of the business firm and this factor can sometimes be

Successfully managing the interest of the business and the interest of the family members
requires each one to have a sense of commitment and character.
Often family members can benefit from having their own business as they are not under the
pressure of their senior advisors or managers. They implement their own decisions and direct
their employees about the strategies.

Some of the skills required are great communication skills, conflict resolution, insurance,
leadership qualities, planning and management development. Ownership of having a family
business will show the maturity of each family member.


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