RMIT International University Vietnam

BUSM 3311 – International Business

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Subject Code:
BUSM-3311 / 4626

Subject Name: International Business

Location & Campus RMIT Vietnam, HCMC / Hanoi

Class Group Number: Group 1

Student Name: Pham Le Phuong Lan

Student Number: S3836374

Your Teacher: Tzach R

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Word Count:

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Declaration and Statement of Authorship

1. I hold a soft copy of this assignment which can be produced if the original is lost/damaged.

2. This assignment is my/our original work and no part of it has been copied from any other
student’s work or from any other source except where due acknowledgement is made.

3. No part of this assignment has been written for me by any other person except where
such collaboration has been authorized by the academic/teacher concerned and as
detailed in the assignment.

4. I have not previously submitted this work for any other course/unit.

5. I give permission for my assignment to be scanned for electronic checking of plagiarism.

6. I give permission for a copy of my marked work to be retained by the Department for
review by external examiners.

I understand that:

Plagiarism is the presentation of the work, idea or creation of another person as though it is one’s
own. It is a form of cheating and is a very serious academic offence which may lead to expulsion from
the University.

Plagiarized material can be drawn from, and presented in, written, graphic and visual form, including
electronic data, and oral presentations. Plagiarism occurs when the origin of the material used is not
appropriately cited.

Enabling Plagiarism is the act of assisting or allowing another person to plagiarize or to copy one’s
work; this is not acceptable and is also subject to penalty.

Further information relating to the penalties for plagiarism, which range from a notation on your
student file to expulsion from the University, is contained in RMIT Statute 6.1 Student Discipline (see
Appendix in Student Guide or consult Turing.)

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 International Entrepreneurship

Through the interview, I get to know that starting a new business in a new environment may not
always be smooth, given the different challenges faced along the way. However, connecting with the
right people who understand the culture and regulations is the best way to keep the business going. As
a new business, there are different challenges that an individual may encounter while venturing into a
field in which an individual is not familiar. In international business, language barriers and cultural
differences may be a challenge that needs to be dealt with. Moreover, it is important to understand legal
issues in the new business to run a successful business. To run a successful business, having the best
team is paramount. Retaining the best and qualified employees with the skills needed to run a
successful business is essential to achieve the primary goal. Apart from that, it is also essential to
understand the risks involved in running the business to succeed.

Reflection on the video, running an international business requires understanding and respecting
the diversity of cultural differences that exist. Understanding the new environment's culture ensures
that an individual attracts both the employees and the clients. It is also important to consider legal
requirements and foreign laws that govern the way of doing business. An important point to note is that
different countries have different laws, and therefore this may be a significant drawback in running a
successful business venture. For instance, running a business may require an understanding of supply
chain regulations on custom laws. Understanding the regulations is essential to avoid cash flow due to
hold up shipments that await custom duty payments. Running an international business may not also be
easy when done alone and, therefore, the need for employee expertise in the same area. For instance,
having a partnership with an individual who understands the business environment better may be
essential to avoid the new business environment's drawbacks. It is also essential to have legal counsel
on labor regulations, trade lows, and taxation, among others. International business has both rewards
and risks but still offers the best opportunity to succeed. Therefore, it is important to understand legal
issues, regulations, culture, and language of the operating environment to succeed.

From my opinion, the meeting was an educative one offering guidance on how to run a
successful business venture both locally and internationally. This is an inspiration to many who would
wish to run a successful business venture after graduation. An important part of the whole meeting is
the advice given on experience. Most of the students would wish to run a successful business.
However, the expertise required to do so may be lacking, which the meeting offers insight. The

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meeting also presented the issue of connecting with the right people to help achieve the business's
objectives. Given that we may not possess all the expertise required, it is essential to hire the best and
retain them for a successful business venture.