The relationship between Local Communities and Global Business is interconnected. The impact of global business on local communities is mainly influenced by globalization. Increase in emerging markets and technological changes have turned previously isolated communities into viable markets. Globalization has provided a common economic, social and cultural environment which is facilitated by technology and connectivity. Advance in technology driven by information technology has enhanced communicationand the boundaries of markets have no limits in all sectors in turn leading to consumer demand.
Local Businesshas a major impact on Global Business. For communities to preserve their local control it is necessary to participate in global competition. Macro-economic problems are solved by finding solutions for global economic problems.
Local Communities and Businesses must take advantage of global business to create regional prosperity. It has been stated that the greatest assets of any business is its concepts, competencies and connections.
Concepts- It consists of brilliant ideas and designs, formulation, products and services that create customers. Regions and communities are superior development sites for concepts because innovation is said to flourish there. Companies come into contact with new ways of thinking and find support for turning ideas into viable businesses. The competition caused by global business pushes communities to seize this opportunity.
Competencies- It is made up of makers with ability to translate ideas to applications and gain consumers. Communities and businesses can enhance production competencies by meeting highly qualified standards using highly trained workforces.
Connections- Traders and alliances among businesses thatcreate connection and more value for customers come under this asset. When local communities establish resources to link to Global Markets they can thrive as an international center.
For Local Communities to be world classthey must ensure they make goods that meet global standards. Workers ever ready to train and perform skillfully play an integral role. For local communities to sustain they must build on their skills, technology, and leadership qualities and vision.
Digital Economy has helped everyone participate in Global Business. Local communities have gone past their conventional methods and have participated in it. But however, development and stabilization of local communities comes from investments mostly private in locally based entrepreneurs.
With the fast growing digital economy Local Communities and businesses behold a successful future.