1.

Discuss the importance of international Business

International business is important because it gives domestic companies access to new
markets, potentially increasing sales and profitability. Operating internationally can also
help a company lower expenses through direct access to cheaper materials and labor.
2.Discuss the required skills to be successful in International businesss

5 skills you need for international business success

1. Communication
Whether it’s your oral, written or presentation skills, your ability to convey your ideas to
people of different functions or cultures is key to mobilising and aligning others.
2. Resilience and adaptability
Be prepared to fail and learn from your mistakes. Mistakes are inevitable, especially
when you are working across different business units, cultures, and time zones. Nurture
your ability to get back in the saddle and move on. Being adaptable to changing
circumstances is a function of what Sheehan calls “staying hungry - that undercurrent of
restlessness that keeps you constantly striving and pushing forward.”
3. Collaboration
If people like working with you and find you likeable, you get things done better.
Collaboration opens you up to understanding a diversity of dynamics and psychologies,
meaning that you not only relate better to other people, but you inevitably broaden your
own perspective - as well as your capacity to adopt new approaches to solving problems.
4. Creativity
Creativity - the famed capacity to think outside the box - is highly prized. Your capacity
to be innovative, think like an entrepreneur, reframe problems and to see opportunities
and methods for improvement will not only add value; it will help your career to evolve
over time.
5. Self-awareness
Know yourself. Figure out what you are passionate about. It is important to think about
the long-term too.

3. List 4 challenges in International business. Explain each

1. Currency rates- Currency rate fluctuation is one of the most challenging international
business problems to navigate. Monitoring exchange rates must therefore be a central part
of the strategy for all international businesses. However, global economic volatility can
make forecasting profit especially difficult, particularly when rates fluctuate at
unpredictable levels. Major fluctuations can seriously impact the balance of business
expenses and profit. For instance, if your company is paying suppliers and production
costs in U.S. dollars, but selling in markets with a weaker or more unpredictable currency,
your company could end up with a much smaller margin — or even a loss. 
 2. Communication difficulties and culture Differences- Good communication is at the heart
of effective international business strategy. However, communicating across cultures can
be a very real challenge. Effective communication with colleagues, clients, and customers
abroad is essential for success in international business. And it’s often more than just a
language barrier you need to think about — nonverbal communication can make or
break business deals too. For example, shaking hands may have different meaning in
other countries.
3. Regulation- Risks which arise from the dynamic behaviour of laws and regulations that
significantly affect the business or market are called as regulatory risks. For example, any
changes made in the compliance of taxation applicable to the particular company may
result in penalties imposed by income-tax authorities or authorities so concerned.
4. Pricing strategy- Setting the price for your products and services can present challenges
when doing business overseas and should be another major consideration of your strategy.
You must consider costs to remain competitive, while still ensuring profit. Researching
the prices of direct, local-market competitors can give you a benchmark, however, it
remains essential to ensure the math still works in your favor. For instance, the cost of
production and shipping, labor, marketing, and distribution, as well as your margin, must
be a taken into account for your business to be viable.

4.Discuss the career opportunities in International business

Most internationally oriented jobs in the business world involve marketing, sales, finance,
operations and strategic planning and are found in the United States, although some
positions might involve working abroad. Typically, businesses with overseas operations
will hire foreign nationals rather than expatriate Americans.