Should a Small Business Go Global?

August 31, 2010

Clay

I frequently hear people say that small companies, especially entrepreneurial ventures, should not be thinking about the global market place.  After all, they’re just a local company and need to be focusing on the home market, right?

Well, maybe, but in this age of globalization not considering the opportunities of international business could very well mean the difference between growth and stagnation.

Almost half of US businesses are predicted be involved in international trade by the year 2020, and US Department of Commerce data indicates that large companies currently sell only about 4% of US exports.  That means that 96% of exports are sold by smaller companies!

International business can be an important strategic option for small businesses.  It can open many new doors for success, but the key is determining why you want to get involved in international business.

Do you want to go global to:

  • Expand customer networks?
  • Gain exposure to new ideas and technology?
  • Find new ideas for global sourcing?
  • Or, just because everyone else is doing it?

A company’s motivation for pursuing international business can be very telling and help determine the likelihood of success.  Programs that are most likely to succeed are those that are planned for the long-term, and include market research, international relationships, and logistics arrangements.

International business can contribute to long-term growth of a small business, and also can enhance competitiveness.  By buying and selling internationally, a company can gain insights on customer requirements, competitor activity, and different ways of doing business.   Companies also may acquire new technologies, ideas, and partnerships from the process.

Once a company decides to go global, commitment from the management team is the number one determining factor of success. Management can show their commitment to an international program by setting aside funding, allotting time to manage the program, and assigning personnel to perform its tasks.

Taking advantage of international opportunities now is easier then it’s ever been.  The Internet and other modern communications technologies make the buying and selling of all types of products, services, inputs, and components a viable option for many businesses of all sizes, almost anywhere in the world.

For information on how TowsonGlobal can help your business take advantage of international opportunities, check out www.towsonglobal.com.

Photo Credit: Barun Patro

Leave a Comment » | Business Analysis, Entrepreneurship, International Business Development, Small Business Development | Tagged: , , , , , , , , , , , , | Permalink
Posted by Clay Hickson

Meet our Team – Clay Hickson

March 24, 2010

Susan

“Bridging Global Markets” is not only the tagline for Towson University’s international incubator, TowsonGlobal but also Director Clay Hickson’s personal motto as he has crossed many bridges in his global travels.

This former rancher from Texas has visited many countries along the Pacific Rim, including Mainland China, Hong Kong, South Korea, Singapore, Thailand, and Japan.  He also lived and worked in Taiwan for a total of six years.  In addition to these Asian countries, Clay has visited many countries in Europe, which include Germany, Austria, Luxemburg, Belgium, Netherlands, and France.  And that’s not all—he has worked on a variety of projects all across the world.  It was my pleasure to interview this well-traveled Director about the international incubator, TowsonGlobal.

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Posted by Past Bloggers

Two Diverse New Entrepreneurial Ventures Latest to join Towson University’s Global Business Incubator

February 8, 2010

Clay

Demonstrating that the entrepreneurial spirit is alive and strong in Baltimore County, Vulcan Furniture, Inc. and Study Abroad Counselor, LLC, have become the latest companies to join TowsonGlobal, Towson University’s international incubator for startup ventures.

Vulcan Furniture, Inc. specializes in the supply and wholesale of office furniture, systems, seating, cabinets and accessories.  The company provides office furnishing solutions to architects, designers and businesses seeking an upscale image. The firm represents high-end international brand manufacturers, primarily from Asia.  Vulcan is a U.S.-incorporated affiliate of an established furniture company in Pakistan.  According to Shoaib Mastoor, CEO, his grandfather established Vulcan as a steel fabrication company in 1948 after immigrating from neighboring India.

Study Abroad Counselor, LLC, (SAC) is an online-based organization dedicated to assisting students around the world in pursuing studies outside their respective countries. Initially, the company will target smaller colleges in the Mid-Atlantic region and focus on programs in Spain. SAC’s founder Amine Faridi developed the concept for this one-stop-shop web-based business in light of his own experience of being a foreign student in Spain and in helping many other students prepare for study abroad opportunities, while realizing there was no easy way to navigate through all the information spread around the Internet.

Although these companies work within separate industries, both will bring valuable products and services to our region as well as internationally.  And, importantly, they will create new jobs and contribute to the overall economic strength of Baltimore County.

Since the mission at TowsonGlobal is to help both domestic and foreign entrepreneurial ventures learn how to compete in the global economy, we are excited to add both companies to the already diverse mix of startups here at the incubator.

View the press release here.

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Posted by Clay Hickson

The Bilingual Entrepreneur

December 2, 2009

Clay

The world we live and work in today is a much smaller place than it was even just a few years ago.  Advances in telecommunications and transportation technologies have increased international and cross-cultural interactions among people and businesses.  Each of us is impacted personally by these effects of globalization because we increasingly find that our colleagues, customers and friends come from different cultures or may even be in different countries.  This fact makes the ability to speak a second, or even a third language a great advantage in both our professional and private lives.

Recently, on Foreign Languages Day (November 18, 2009) during International Education Week, I had the opportunity to address two beginning Chinese language classes at Towson University to share some of my experiences as a bilingual businessperson.  A unique opportunity I had during my college years allowed me to learn Mandarin Chinese in a two-year, sink-or-swim total immersion environment that only whetted my appetite for learning the Chinese language and culture.  This pursuit ultimately focused my career in a way in which working in a multicultural and multilingual environment became a daily reality.

While not everyone will have the same opportunity I had to immerse themselves in another language and culture, each of us can (and should) create our own unique opportunities in this “smaller world.”  The benefits of being fluent (or even just conversant) in more than one language are numerous, including many personal, social and professional opportunities.  Opening our minds to new ways of thinking not only enriches us personally but also can help the organizations we work for (or want to work for) manage in this global environment.  The ability to manage a diverse workforce and client base makes us even more employable.

from stock.xchng by dogmadic

Businesses of all sizes need bilingual capabilities in this globally interconnected economy.  They can create a competitive advantage with bilingual owners and employees.  However, knowing another language alone will not guarantee success.  Learning the culture—customs, traditions and social norms—can be just as important in understanding a “foreign” people and business environment. With such language and cultural capabilities, organizations will be able to communicate more clearly to a broader global market.  Companies and individuals in touch with a wider variety of cultures may very well have the upper hand over the competition.

Young or old, there are many ways to gain fluency in a new language if you have the passion to learn.  Universities are expanding language offerings and language programs and software are available from a variety of sources.  You also should look outside your immediate circle to make bilingual friends to converse and learn.  If you have a real passion to learn, you should take advantage of travel opportunities, study abroad programs, volunteer programs, the Peace Corps, etc. to gain valuable language and cultural experiences.

Even though I learned the fairly challenging Chinese language, it is past time for me to learn another language… to learn Spanish.

Leave a Comment » | Education, Entrepreneurship, International Business Development, Lifelong Learning, Small Business Development, Students | Tagged: , , , , , , , | Permalink
Posted by Clay Hickson

Global Entrepreneurship Week 2009

November 16, 2009
clayIcon

Clay

From November 16 to 22, 2009, millions of young people around the world, and right here in Towson and the Baltimore region, will join a growing movement of entrepreneurial people, to generate new ideas and explore ways of doing things better. Students, educators, entrepreneurs, business leaders, non-profit leaders, government officials and many others across six continents are coming together to celebrate Global Entrepreneurship Week, an initiative to inspire young people to embrace innovation, imagination and creativity.

Global Entrepreneurship Week helps young people realize their potential as self-starters and innovators.  Through this initiative, the next generation of entrepreneurs will be inspired to take action. In doing so, they will begin to acquire the knowledge, skills and networks needed to grow innovative, sustainable enterprises that will have a positive impact on their lives, their families and communities.

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TowsonGlobal, Towson University’s international business incubator, is serving as an official partner and is supporting the mission of the movement by participating in or disseminating information on several activities during that week, such as:

  • The Bilingual Entrepreneur Lecture Series (Foreign Languages Day)—These lectures by yours truly will help focus attention on the importance of learning at least one other language and on participating in study abroad programs, which can enhance a student’s ability to do business in today’s global economy.  This event also coincides with International Education Week.
  • JA BizTown—Junior Achievement of Central Maryland will host several elementary schools for JA BizTown throughout the week of November 16-20.  JA BizTown, is an experiential economic simulation in a 10,000-square-foot replica of an American city that helps upper elementary school students prepare for and become productive citizens.

Through the many different programs and partnerships Global Entrepreneurship Week hopes to achieve four goals:

  1. Inspire young people under the age of thirty to consider entrepreneurship as a career path.
  2. Connect young people and organizations across national boundaries to discover new ideas.
  3. Mentor the next generation of talent as they pursue their dreams with inspiring support from entrepreneurs from around the world.
  4. Engage opinion leaders and policymakers on the topic of how entrepreneurship is central to a nation’s economic health and culture.

1 Comment | Education, Entrepreneurship, Events, International Business Development, Small Business Development, Students, TU Faculty & Staff | Tagged: , , , | Permalink
Posted by Clay Hickson

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