Before, entering into a global market, it is really important to understand few things about the market. Like the customer mind set (Like; sometimes customers can be brand oriented, some other type of customer may look for quality instead of just brand or some other may a k for the cheap products regardless of the quality etc.), available sources, transportation, political agendas, Social views on the product to be sold etc. (Michael, 2012).
Apart from these points, the new available market may lack something which become the need of the customer, by the sharp observation such needs may help a company to opt the opportunity of such problem to be solved by the products and services. One other very important thing to be considered while entering into the global market is the human resource means the labor for loading and unloading the products, labor for the production units and other type of staff like the marketing and sales staff, office and paper work staff etc. Thus, these people collectively form the Human capital, which plays an important role in the business at any platform (Eric, 2008).
There are many aspects which collectively define the human capital and its characteristics like:
The COMPETENCY of the staff in the various sectors within the company, whether it is related to marketing, sales, production staff or loading staff etc. the competency to accomplish the job in the order to achieve the goal is really important (Michael, 2012). Competency means the ability to work in the absurd conditions of the market where the dynamics are changing along with the economy. While entering into the global market, it is really important for a company to make the staff competencies for the new challenges and to sell the product without compromising the quality.
The KNOWLEDGE of the human resources regardless of the sections within an organization also plays a vital role in the global market entry, because even the smallest level labor plays an important role in the establishment of the company (Eric, 2008).
The CREATIVITY of human resources is also a very important factor because new innovative ideas and the imagination to build structure initial structure and the changes in the further according to the possible expansions of business in always an outcome of creativity (Michael, 2012). So, Human capital in a different aspect can be further defined as the aggregate of the views of human resource and customer (both) related to the economy, which attempts to catch the social, biological, cultural and psychological complexity; when such people interact by the means of explicit or economic transactions (Michael, 2012).
The interest of the Human capital in the work is really important to get established in the global market, for which it is really important to understand the mind set of the employees or available human resource in the country, where a company want to expand the business. Thus psychological, social, economic and many other types of aspects together form the mind set of an individual to perceive things around (Sullivan, 2003). Like; in countries where unemployment is high, the human resource always looks for the opportunity to work instead of asking the big amount of wages, but in the countries where available human resource is less the labors ask for higher wages and thus production and cost gets affected by such factors (Eric, 2008). Apart from this what factors motivates the human resource to reach the target must also be considered, before entering into the market (Michael, 2012).
The other important part to be considered as risk is the activities of human resource like; the collaborative activities, means the time they expend to accomplish a task (Eric, 2008). Means the collaborative meeting because it decides the work plan which is needed to be followed, phone calls, the training and instruction to the employee. Time is an important factor because of the dynamic nature of the economy and the requirement of the individuals (Sullivan, 2003).
Other activities that play an important role is; the time that a person takes in retrieving the information about the product delivery, sales, production failure as well. This information must be sent as early as possible to the main head quarters’ so that the further strategy can be followed up. Thus the time consumptions on such information play an important part in the global market (Michael, 2012).
The training of the human resource above risk should be on the top of the priority list of the company, if a company wants to enter into the global market (Sullivan, 2003).
Michael Simkovic, Risk-Based Student Loans (2012), "Who Makes It? Clark's Sector Model for US Economy 1850–2009". Retrieved 29 December 2011.
Sullivan, Arthur; Steven M. Sheffrin (2003); Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 5. ISBN 0-13-063085-3.
"Do Colleges and Universities Increase Their Region’s Human Capital?". JournalistsResource.org, retrieved June 18, 2012
Abel, Jaison R.; Deitz, Richard (2012). "Do Colleges and Universities Increase Their Region’s Human Capital?"; Journal of Economic Geography.
Smith, Adam: An Inquiry into the Nature And Causes of the Wealth of Nations Book 2 - Of the Nature, Accumulation and Employment of Stock; Published 1776.
Pigou, Arthur Cecil A Study in Public Finance, 1928, Macmillan, London, p. 29 Eric Hanushek and Ludger Woessmann: The role of cognitive skills in economic development, September 2008, Journal of Economic Literature, 46, pp. 607-668.
Rindermann, Heiner: Relevance of education and intelligence at the national level for the economic welfare of people, March 2008, Intelligence, 36, p. 127-142.
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